a local mine going dry might incentivize exploration, which might in turn lead to even faster economic growth.
This might be true in a modern commercial banking driven economy. But in the old days, the mines running dry usually resulted in a reduction in the local economy.
Now on a very large scale you could argue that it caused empires like Rome to push and push farther, all the way to the tin mines of the British isles.
Isn't this precisely what we do have now?
You could argue, modern day West (and then unified) Germany had it, and with its dominance of the ECB the EU might have it... for now.
But many other central banks are well beyond slow and steady, Zimbabwe comes to mind, but in a way also the BOJ.
This might be true in a modern commercial banking driven economy. But in the old days, the mines running dry usually resulted in a reduction in the local economy.
Now on a very large scale you could argue that it caused empires like Rome to push and push farther, all the way to the tin mines of the British isles.
Isn't this precisely what we do have now?
You could argue, modern day West (and then unified) Germany had it, and with its dominance of the ECB the EU might have it... for now.
But many other central banks are well beyond slow and steady, Zimbabwe comes to mind, but in a way also the BOJ.