** The conversion rate of low capital cost and hiring is declining.
** Planned economy deserves another try now.
Hiring can always be stimulated by lower capital costs since what is being invested is my own asset while the burden from money's over-circulating belongs to everybody.
While, conceptually, central banks can invest and hire directly, experiments proved that central plan is not as smart as the market to know where and when to invest. All countries have since constantly bribed private employers, by providing cheap capital, to run economic cycling.
Unfortunately, central banks, in the recent 20 years, had been forced to print more money than previously needed to maintain the same employment because the employers found more interesting games for these cheap money to play, such as intangible technology in US market or empty apartments in China market.
While asset price is inflated and inequality deepened, central banks seem to have to go all the way down along QE because, for greedy capital, tightening firstly means the tightening of hiring or, even worse, the tightening of everything.
It is time to think about AI planed economy or replacing maximum employment target with universal basic income.