MMT101.ORG

Completely unacceptable and, as we know, entirely political.
bsky.app/profile/lear...

2. Its criminal negligence not to realise the potential of every citizens: people are every countries main resource. Spend money on early years support, provide high quality housing and environments, provide lifelong education, eradicate poverty. It's stupid not to.

1. Those in poverty are denied the opportunity to reach their potential; to have healthy, fulfilled, productive lives. The economy misses their creativity, their contribution. Governments, with unlimited finance - let those lives be wasted. Spend to realise that potential.

3. It's not 'a belief' it's a fact. Look up the phrase 'fiat currency' - then understand that that is how the US and the UK operate.

2. So, the issues is never 'is there enough money', the issue is always 'are there things to purchase with that money'. And when there are not enough things - trying to purchase them pushes up their price. I.e., the limit is inflation not a technical inability to issue currency.

1. I keep reading critics use the phrase 'MMTers believes that governments can just create more money' - I have to correct this. It's not a belief. For currency issuing government like the US and UK they literally can create infinite amounts of money. It's a fact not a belief.

4. There can never be no money left if you issue it yourself. It’s time to move away from prehistoric thinking about how the economy works and how the monetary system works.

3. there is just ignorance of how the monetary system works and ignorance in terms of the resulting logic of that understanding. Managing the economy should be about managing limited resources: not leaving resources unused because you think ‘there’s no money left’ to buy stuff.

2. Technically it can issue an infinite amount - but of course there needs to be things to buy in that currency. And when there are no longer enough things to buy we get inflation. It’s resources that are finite not government currency. There is no ‘black hole’ in the budget -

1. My reply to a comment about the NHS's being underfunded.

And there’s no need for this underfunding. The UK Government runs what’s called a Fiat currency - i.e. it issues the currency and it is not backed up by a physical commodity.

Bill & Warren's Excellent MMT Adventure and the 1990s Post Keynesian Thought Discussion Group Join me as I paddle in the birthing pool of Modern Monetary Theory (MMT)

Join me as I paddle in the birthing pool of Modern Monetary Theory (MMT).

tinyurl.com/bddy6xj5

Why else have citizens 'never had it so bad' since the 1980s? I'll tell you why: neoliberal economics. It's not really a branch of economics it's a branch of politics. It has resulted in greater poverty, greater inequality and a planet that will kill you.

1. The most basic building block of orthodox economics, i.e., the demand and supply curve - is false. As Steve Keen and Carmen Costeapoint out:

"Though it is no longer an active area of research by economists, the Marshallian theory of the firm is still central to introductory

Absolutely. I'll be listening. :-)

Steve Grumbine

2. We will be talking about MMT and more. With Steve you can always expect ‘more’ and he always delivers - because the man’s a force of nature. :-)

Keep well, keep busy and have a good Sunday.

Lies, lies, lies and more lies.

My MMT Top Ten (Updated): Modern Monetary Theory’s Best Ideas Explained MMT Economics: Your guide to the most powerful insights from Modern Monetary Theory.

New on MMT101: My MMT Top Ten (Updated): Modern Monetary Theory’s Best Ideas Explained
mmt101.substack.com/p/my-mmt-top...

Why else have citizens 'never had it so bad' since the 1980s? I'll tell you why: neoliberal economics. It's not really a branch of economics it's a branch of politics. It has resulted in greater poverty, greater inequality and a planet that will kill you.

4. competition does not lead to price equaling marginal cost, and the welfare loss previously attributed to monopoly is due instead to profit maximizing behavior, independent of the number of firms in an industry."
tinyurl.com/mryyp2d7

3. In this article we put one further critique: it is, quite simply, mathematically false. When the errors in the theory are corrected, nothing of substance remains: Equating marginal revenue & marginal cost does not maximize profits,

2. pedagogy in economics. It has withstood numerous criticisms over the years—of its internal consistency, it empirical relevance, its uni-dimensional description of the motives of firms, its "black box" treatment of the firm, and so on.

1. The most basic building block of orthodox economics, i.e., the demand and supply curve - is false. As Steve Keen and Carmen Costeapoint out:

"Though it is no longer an active area of research by economists, the Marshallian theory of the firm is still central to introductory

Bill & Warren's Excellent MMT Adventure and the 1990s Post Keynesian Thought Discussion Group Join me as I paddle in the birthing pool of Modern Monetary Theory (MMT)

Join me as I paddle in the birthing pool of Modern Monetary Theory (MMT).

tinyurl.com/bddy6xj5

Just wait til you find out what the BBC have been saying about Scotland ...

YouTube video by Scottish Independence Podcasts: IndyPod Extra Women's Voices - Front and Centre

In this week's podcast we chat with our guest Jacqui Jensen about the importance of having women's voices front and centre in the indy campaign - not least because support for independence is now higher among women than men. From 8pm tonight - join us in the comments! ☺️
youtu.be/sg-j3H7KUt8?...

Bill & Warren's Excellent MMT Adventure and the 1990s Post Keynesian Thought Discussion Group Join me as I paddle in the birthing pool of Modern Monetary Theory (MMT)

9.
Okun gaps show how much an economy is losing in potential output and jobs when it operates below full employment.

Read on: tinyurl.com/bddy6xj5

8.
Explanatory notes:

Harberger triangles show how much potential wealth or benefit is lost to society when markets are distorted by things like taxes, monopolies, or price controls.

7.
No. 7 – left to its own devices the private capitalist economy will generate low wages and high unemployment and large profits.

No 8 – the government can condition this outcome because it controls the issue of money which is required by the private sector. (p. 69).

6.
No. 5 – the government can never spend beyond its means as long as there is involuntary un. [unemployment]

No. 6 – the private capitalist economy pursues aims that are not in the best interests of the natural environment or the ordinary citizen.

5.
No. 4 – this has allowed governments to fool us into believing that a budget deficit means spending beyond your means. then you borrow and, of course, borrowing is financing the profligacy.