Lars P. Syll

Es gibt aber auch gute Gründe, die wachsende Beliebtheit von Privatschulen zu begrüßen. In einigen Regionen schließen Privatschulen nämlich Lücken im öffentlichen Bildungssystem. Sie mögen zudem in einigen Fällen zu mehr Vielfalt und Flexibilität im Bildungssystem beitragen. Es spricht ein weiteres Argument für sie: Sie erhöhen den Wettbewerb und zwingen damit auch öffentliche Schulen, besser zu werden. Wenn die örtliche öffentliche Schule nicht gut genug ist oder als nicht...

Is public debt — really — a burden on future generations? The real issue … is not whether it is possible to shift a burden (either in the present or in the future) from some people to other people, but whether it is possible by internal borrowing to shift a real burden from the present generation, in the sense of the present economy as a whole, onto a future generation, in the sense of the future economy as a whole … The latter is impossible because a...

Time to rewrite textbooks on money creation This article has discussed how money is created in the modern economy. Most of the money in circulation is created, not by the printing presses of the Bank of England, but by the commercial banks themselves: banks create money whenever they lend to someone in the economy or buy an asset from consumers. And in contrast to descriptions found in some textbooks, the Bank of England does not directly control the...

Tax avoidance — the elephant in the room  [embedded content]

”If you’re not chasing after miracles, what’s the point?”  [embedded content] One of my absolute favourites. Showing the importance of chasing miracles. Hallelujah!

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Liturgy of St. John Chrysostom  [embedded content] Tchaikovsky’s masterpiece. Purity and grandeur. Poetry and spiritual beauty.

Negative interest rates — a Kaleckian perspective At any one time a range of profit rates exists in the economy. That range may become more or less extensive in a boom or a recession, or move up and down with some profits cycle. However, the market forces equalising rates of profit across the economy … are weak. So that particular ‘long run’ has never been attained. The practical reality is that a range of profit rates always exists. That practical reality...

MMT critics jumping the shark I was sent two papers by Thomas Palley the other day. I have known him for decades. He continually disappoints. He has become one of those self-styled Post Keynesians who are trying to destroy the credibility of Modern Monetary Theory (MMT) for reasons that are not entirely clear … He definitely has a set on MMT and regularly recycles the same sorts of attacks, which, continue to have the same problems. In other words, he does...

Yours truly i MMT intervju Flamman (F): Först och främst, vad är MMT? Lars Pålsson Syll (LPS): I grunden är det en reaktion på sättet som pengar och hur de skapas beskrivs i den traditionella ekonomiska litteraturen. Där beskrivs pengar som något som man sparar genom att sätta in dem på banken, och som banken i sin tur kan låna ut genom att skapa krediter. Bankernas pengaskapande förutsätter alltså att privata individer sparar. Men den idén är fullständigt...