Discussion about this post

User's avatar
Paul Katona's avatar

I’m not a macro economist but this is what I have gathered from reading Stephanie Kelton and others.

In the end what we have is the ability of the market economy to produce goods and services desired by society. This depends on having the resources, infrastructure, and knowledgeable labor applying itself to the task.

We get money (a made up thing) as a means of bidding on these goods and services (real things) in this economy. We have to bid against everyone else who desires the same goods we want. If we increase the amount of money without increasing production we don’t get more goods we get higher prices.

We get more goods and services by taking care of and developing our resources, investing capital in infrastructure and research for more efficiency and capacity, increasing labor skills and applying it where needed.

Government needs to be a fair referee. It could help create a fairer, more equitable economy. I keep hoping.

Expand full comment
Alexis Kelley's avatar

Arrrrrrrrrrrrrrg … Stephanie, you, Mosler, and Robert Hockett are the most difficult reading I do each week. Also, the most thrilling. I have Dyscalculia so numbers and graphs are difficult, if not impossible, for me. When I found economic theory, via Robert, it was like reading a thriller I couldn’t put down.

MMT is so smart and simple to understand. It’s bloody frustrating that even well meaning policy makers are so thoroughly misled. Why are the chairman of the fed, sec of treasury, the damned federal reserve board, political appointees? Not sure how else one would do it but when I think of minds like Trump’s or Biden’s, for that matter, deciding who manages the economy, it’s, well … terrifyingly mind blowing.

Can’t think of it without thinking of Mosler’s stunning cars. Designed with the same elegant simplicity and logic of MMT, and would have changed the whole automobile industry when Elon Musk was still in high school. Mosler’s Consulier was shot down everywhere in media. Just like MMT and the principals that could pull us out of the quicksand that’s taking us under.

TIME FOR A BIG AD CAMPAIGN re SOC SECURITY. Something like, “Social Security – The Other Big Lie.”

Expand full comment
24 more comments...

No posts