I got this from Magpie's blog, which is by Randy Wray and is very good. It's old, from 2012, so you are probably all familiar with it, but I still thought it was worth posting.Randy says how the free market equilibrium theory, the invisible hand, is a myth. Economists did manage to work out a formula for it after 80 years of trying, but it is based on everything being perfect, like being perfectly informed, eg, advertisements are completely honest, and there is no market manipulation. Some hope there.What I found interesting is that if MMT is used to buy military equipment it would be inflationary, says Wray. Can we “afford” full employment? Yes. Can we “afford” Social Security? Yes. Can we “afford” to put wine in all the drinking fountains? Yes. The problem IS NOT, CANNOT BE about
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
Lars Pålsson Syll writes What pulls me through in this world of troubles
Mike Norman writes Escobar: The Roadblocks Ahead For The Sovereign Harmonious Multi-Nodal World — Pepe Escobar
Lars Pålsson Syll writes Best match point ever
New Economics Foundation writes The autumn budget: A step in the right direction but still falling short
Randy says how the free market equilibrium theory, the invisible hand, is a myth. Economists did manage to work out a formula for it after 80 years of trying, but it is based on everything being perfect, like being perfectly informed, eg, advertisements are completely honest, and there is no market manipulation. Some hope there.
What I found interesting is that if MMT is used to buy military equipment it would be inflationary, says Wray.
New Economic Resources
http://neweconomicperspectives.org/2012/02/mmp-blog-38-mmt-for-austrians.html