by I am reposting the article below by Wally Mooney (with permission) which was an indirect reply to Paul Mason’s recent article. I thought it was a very lucid and well-argued piece on why Modern Monetary Theory (MMT)’s conclusions as to how money is created is factually correct and that is the case whether you are a Marxist or a Capitalist or somewhere in between. For me it also illuminated Marxist ideas (with which I have to imagine, Paul Mason presumably agrees). Must-read, IMHO.Wally Mooney has this essentially right.Opponents rightly fear the job guarantee as a step in this direction through increasing labor bargaining power by termination the buffer stock of unemployed that the ownership and managerial class uses to "discipline" workers and the central banks employs to control
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Mike Norman considers the following as important: Marxism, MMT, Wally Mooney
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I am reposting the article below by Wally Mooney (with permission) which was an indirect reply to Paul Mason’s recent article.
I thought it was a very lucid and well-argued piece on why Modern Monetary Theory (MMT)’s conclusions as to how money is created is factually correct and that is the case whether you are a Marxist or a Capitalist or somewhere in between. For me it also illuminated Marxist ideas (with which I have to imagine, Paul Mason presumably agrees).Must-read, IMHO.
Wally Mooney has this essentially right.
Opponents rightly fear the job guarantee as a step in this direction through increasing labor bargaining power by termination the buffer stock of unemployed that the ownership and managerial class uses to "discipline" workers and the central banks employs to control inflation using NAIRU (non-accelerating inflation rate of unemployment).
Aside: Peter may writes: "I was rather surprised that there was so much to agree with here – yes there are a few controversial and, for me, dubious ideas such as 'there can be no capitalist system without money' which I’d suggest should be: no proper economy without money…."
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