by Summary:
Using Ravel, it's easy to show that the basic argument of MMT--that government spending in excess of taxation creates money--is correct. Ravel is available from https://www.patreon.com/ravelationfor per month; Minsky is available from the same site for per month.
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Steve Keen considers the following as important:
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Using Ravel, it's easy to show that the basic argument of MMT--that government spending in excess of taxation creates money--is correct. Ravel is available from https://www.patreon.com/ravelationfor per month; Minsky is available from the same site for per month.
Topics:
Steve Keen considers the following as important:
This could be interesting, too:
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| Using Ravel, it's easy to show that the basic argument of MMT--that government spending in excess of taxation creates money--is correct. Ravel is available from https://www.patreon.com/ravelationfor $7 per month; Minsky is available from the same site for $1 per month. |
So here's a challenge for you. Double entry question.
The state receives £1000 from Mr I'm a Peasant for his old age pension. One year's NI.
What entries do you make in the accounts?
The state receives £10,000 in NI from Mr I'm middle class for his old age pension. One year's NI.
What entries do you make in the accounts?
Are you going to use the Bernie Maddoff School of accounting loved by economics professors, and civil servants, or the real numbers
What entries do you make a year later?
Another example for you, and part will be easy, part will be hard I think for you software.
You can get from the DWP, a sample, scaled to actual size of the sex, age, number of years of entitlement, pension being received, for the DWP's pension debts. ie. The inputs.
Can you calculate the liabilities? Sum (future pay out * risk free discount factor * probability of making the payment)
The life curve is easily found from the ONS.
The triple lock is harder to value in, so start with inflation only
Next can you handle joint lives?
That's the frightning number that economists ignore because they are playing fantasy economics. Garbage in, Garbage out
No problem for digital natives to comprehend and distribute before the next Election?