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Richard Murphy: Tax Research UK – Steve Keen on MMT

Summary:
Richard Murphy has some issues about tax and MMT, which my essays on MMT that I posted here asked questions about.I have posted the Steve Keen video here before, but what's really interesting about this Richard Murphy article is the comments section underneath. Many people have trouble fully getting to grips with MMT.MMT is a fantastic system for producing a fairer and wealthier society. Social democracy and capitalism can work together, strengthening both. We end up with far less suffering, a safer society, a well educated workforce producing wealth, less crime - so less money spent on crime prevention - more people in work, so the tax burden is spread more widely, less ill health - because people are happier and less stressed - and excellent infrastructure, etc.The job guarantee can get

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Richard Murphy has some issues about tax and MMT, which my essays on MMT that I posted here asked questions about.

I have posted the Steve Keen video here before, but what's really interesting about this Richard Murphy article is the comments section underneath. Many people have trouble fully getting to grips with MMT.

MMT is a fantastic system for producing a fairer and wealthier society. Social democracy and capitalism can work together, strengthening both. We end up with far less suffering, a safer society, a well educated workforce producing wealth, less crime - so less money spent on crime prevention - more people in work, so the tax burden is spread more widely, less ill health - because people are happier and less stressed - and excellent infrastructure, etc.

The job guarantee can get help people back into work, which won't be a grind but an enjoyable social, work experience, and a way of meeting new people instead of being stuck at home with nothing to do.

And the old and people with disabilities can get the help they require, and need never be lonely either.

The countryside can be managed better, with any litter being cleaned up.

Society can be a social system, not just a competitive environment.

If capitalism can't produce a greener society because the profits are too low, then the government can help out. Remember, there's no wealth without a sustainable green future. If the world dies, we all die.

Steve Keen on MMT

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I have a lot of respect for Steve Keen. His book Debunking Economics is pretty much essential reading for anyone who wants to know the flaws in neoclassical economic thinking.
Like me, Steve buys most of MMT, not because it's a dogma (in contrast to the neoclassical view)  but simply because it describes how things really are.
Like me Steve also has some reservations. Mine have been focussed on its attitude to tax (on which I may do more this weekend: it depends on the weather). Steve has focussed on MMT and the current account balance, where he thinks many's indifference is due to a US centric view.
This critically supportive podcast is worth listening to. 

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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