Tag Archives: Martin Wolf

Are the faults of capitalism curable, or are they instead symptoms of a chronic disease? This is the question posed by Martin Wolf: What we increasingly seem to have…is an unstable rentier capitalism, weakened competition, feeble productivity growth, high inequality and, not coincidentally, an increasingly degraded democracy. There is much to admire in this piece. But I fear it understates the problem with capitalism.... Falling rate of profit?Stumbling and MumblingThe trouble with...

I suspect Wolf chose to get this wrong, deliberately. His narrative does not work if he noted correctly what MMT said. But his real disagreement is that whilst MMT is correct (subject to his own misconceptions) he thinks the policy implications are wrong. Nice smackdown, if a smackdown can be considered nice.Richard Murphy concludes: Wolf has conceded MMT is right. Now he needs to accept the consequences. Including that democracy by and for the people should prevail. To this I would add...

I'm not a forecaster. I do macro, and worked for Wynne Godley at the Levy, but I feel that there are too many dangers in forecasting. Wynne was also, btw, more concerned with what he called medium term scenarios, than pinpointing when a recession would take place. The obvious joke applies here. Economists have predicted 10 of the last 9 recessions. Having said that let me do the exact opposite and throw caution to the wind.So I'm going out on a limb here. Everybody thinks the recession...

We live in a dangerous time when the FT promotes a form of hardline, and deeply undemocratic monetarism. It's dangerous that some on the left have bought into Positive Money's ideas. The battle for money has begun. It is essential that it is won.  Tax Research UKThe battle for money has begun Richard Murphy