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MMT and Embedded Marxian Value — Peter Cooper

Summary:
Bill Mitchell has just posted the first instalment in a two-part series on Marx and MMT. I was unaware of that while preparing the body of this post, but some of what follows bears incidentally on the topic. Bill Mitchell’s series is in response to a Marxist in the audience of one of his presentations who apparently claimed Marx’s theory as proof that government, through its spending, is powerless to do anything about employment in a capitalist economy. The unfortunate phenomena of some Marxists being more neoclassical than Austrian, and some others being more Austrian than neoclassical, are not new. It is unfortunate, from a Marxist perspective, because it leads, in practice (as opposed to fanciful aspiration), at best to uselessness and at worst to policy prescriptions that are more

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Bill Mitchell has just posted the first instalment in a two-part series on Marx and MMT. I was unaware of that while preparing the body of this post, but some of what follows bears incidentally on the topic. Bill Mitchell’s series is in response to a Marxist in the audience of one of his presentations who apparently claimed Marx’s theory as proof that government, through its spending, is powerless to do anything about employment in a capitalist economy. The unfortunate phenomena of some Marxists being more neoclassical than Austrian, and some others being more Austrian than neoclassical, are not new. It is unfortunate, from a Marxist perspective, because it leads, in practice (as opposed to fanciful aspiration), at best to uselessness and at worst to policy prescriptions that are more right wing than the proposals of the right wing....
heteconomist
MMT and Embedded Marxian Value
Peter Cooper
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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