by Summary:
We’ve been hearing that a lot lately, being asked about things like the proposed US-Mexico border wall, the possibility of universal health care, and even regarding existing programs like Social Security. It’s a relevant question, to be sure, but 99 times out of 100 (or maybe 999 out of 1000), the context in which it is placed is completely wrong.I say this because the question is almost always asked regarding whether or not we have enough money. If there is one place where the economics discipline has most substantially let down the general public, it’s in explaining how the financial sector works. Long story short: money is not a scarce resource. Labor is, oil is, clean water is. Money is not. Money can be and is created with a keystroke, just as easily as I am typing these words.
Topics:
Mike Norman considers the following as important: availability of real resources, fiscal policy, Fiscal Sustainability, money creation
This could be interesting, too:
We’ve been hearing that a lot lately, being asked about things like the proposed US-Mexico border wall, the possibility of universal health care, and even regarding existing programs like Social Security. It’s a relevant question, to be sure, but 99 times out of 100 (or maybe 999 out of 1000), the context in which it is placed is completely wrong.I say this because the question is almost always asked regarding whether or not we have enough money. If there is one place where the economics discipline has most substantially let down the general public, it’s in explaining how the financial sector works. Long story short: money is not a scarce resource. Labor is, oil is, clean water is. Money is not. Money can be and is created with a keystroke, just as easily as I am typing these words.
Topics:
Mike Norman considers the following as important: availability of real resources, fiscal policy, Fiscal Sustainability, money creation
This could be interesting, too:
Nick Falvo writes Ten things to know about the 2023-24 Alberta budget
Jeremy Smith writes Settling the public sector pay disputes now – modest cost, big benefits
Jeremy Smith writes Settling the public sector pay disputes now – modest cost, big benefits
Jeremy Smith writes Settling the public sector pay disputes now – modest cost, big benefits
We’ve been hearing that a lot lately, being asked about things like the proposed US-Mexico border wall, the possibility of universal health care, and even regarding existing programs like Social Security. It’s a relevant question, to be sure, but 99 times out of 100 (or maybe 999 out of 1000), the context in which it is placed is completely wrong.
I say this because the question is almost always asked regarding whether or not we have enough money. If there is one place where the economics discipline has most substantially let down the general public, it’s in explaining how the financial sector works.
Long story short: money is not a scarce resource. Labor is, oil is, clean water is. Money is not.
Money can be and is created with a keystroke, just as easily as I am typing these words. This is true in both the public and private sectors....Forbes — Pragmatic Economics
But Can The Government Afford It?
John T. Harvey | Professor of Economics, Texas Christian University
John T. Harvey | Professor of Economics, Texas Christian University