Tag Archives: GND

Richard Murphy has been working on the New Green Deal over the last decade. In the second half of this post he provides an outline that is very useful in thinking about it. Tax ResearchGrowth, MMT and the Green New Deal Richard Murphy

The House of Representatives didn’t know what hit it.The Green New Deal, introduced by Representative Alexandria Ocasio-Cortez in February, energized politicians on both sides of the political spectrum with its twin goals of carbon neutrality by 2030 and the promise of jobs for every American. It also polarized them. Critics have one main question: How the hell are we going to pay for it?As the guy responsible for the plan’s “jobs guarantee,” Andrés Bernal, 32, has a lot to answer for. And...

Good "debate." Lays important issues on the table. Short read.TRNNThe MMT Debate With Dean Baker & Randall Wray

We did this before (New Deal). We can do it again (Green New Deal). The article shows why the ND and GND are similar as responses to environmental degradation. Most have forgotten what a paroblem this became in the US in the 30s. Kevin Baker refreshes our memory. The present threat is potentially much graver and presents a greater challenge than the Great Depression did, as bad as it was. HarpersWhere Our New World Begins Kevin Bakerht Yves Smith at Naked Capitalism Several leading...

Thoughtful reflection on historical precedent. These observations are particularly useful because they point to an intellectually rigorous way in which debates over the wisdom of the Green New Deal and the usefulness of MMT might be resolved: by examining more carefully the political and economic history of the 1970s. Was the high inflation of that decade a consequence of excessive money growth, engineered by the Fed to relieve budgetary pressures—the source of the “anguish” in Burns’...

This analysis is basically right about the economics, but very wrong about the finance.The problem we face with human contributions to climate change and the levels of pollution that are unhealthy for a vast majority of people is basically economic in the sense that negative externality is being socialized. This means that in markets, goods that generate negative externality through use or in the course of their production are sold at below true cost.The result is mispricing of negative...

I haven't linked to the WaPo in some time since it is seriously compromised. Now it is paywalled, too. The New York Times and the Wall Street Journal are also on this list. The one aspect I think worth debate, which Noah Smith has previously brought up, is the issue of whether to craft a comprehensive bill that addresses all issues or to create a comprehensive proposal and craft many separate bills to address the complexity involved. This is a political issue that involves strategy....

Not MMT but worth reading. Robert Hockett is an advisor to AOC. ForbesGreen New Deal Funding: Remember Finance is a Public-Private Franchise, Not a Big Broker in the SkyRobert Hockett | Edward Cornell Professor of Law, Cornell University See also Bloomberg OpinionHow to Design a Green New Deal That Isn’t Over the Top Noah Smith

Must-read.The GND proposal that is on the table doesn't scratch the surface of what needs to be done. Global resources must be reconfigured and deployed internationally to meet this emergent challenge. The scope and scale of a design solution is mind-boggling. Tweaking around the edges is simply a foolish delay.The alternative is massive culling.VOXThis is an emergency, damn it David Roberts See also at VOXIt is absolutely time to panic about climate change Sean IllingSee alsoWorld in...

I hate to break it to the MMTers, but fuddy-duddy economists already knew this. Indeed, among free-market economists it is a standard pedagogical device to tell the audience that the government has three ways of financing its spending, namely (1) taxes, (2) borrowing, or (3) inflation. So this notion that only the MMTers perceive the possibility of the printing press as a means of “paying for” government programs is silly.  For proof, consider the following excerpt from Austrian economist...