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Steve Keen considers the following as important:
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Topics:
Steve Keen considers the following as important:
This could be interesting, too:
Robert Vienneau writes Austrian Capital Theory And Triple-Switching In The Corn-Tractor Model
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This why I am for positive money banking and government creating money to fund full employment programs.
Ah the questions I have. First if gov adds debt endlessly it still must service interest, meaning an ever larger portion of its budget is given over to servicing the interest or the budget grows without providing services. This is effectively inflation for it; it has less for its other obligations. It is dumping an ever growing sum into the bank’s pockets. And um, exponential? Why not just print and spend it into the economy? Also it seems like chronic credit growth is a necessity here but if people/business cannot handle a (exponentiating) magnitude of loans and their larger interest payment, we get collapse.
It seems now we are ‘obligated’ to ever grow our demand for credit or else. Growth in credit can mean two things:either the pool grows on its own or its our demand for credit (debt) that grows. again existential exponentiating phenomena with no damping force.
How is this not dynamically unstable? How is this not made worse with interest and inflation, the very things the monetary system ensures to manage circulation, even though there is an alternative to those two.