You all are making way too much out of the jg.it comes down to this:
with ‘state currency’ there necessarily is, always has been, is, always will be a buffer stock policy.
Call that the mmt insight if you wish.so it comes down to ‘pick one’-
I pick ‘employed/jg/elr as it works best as a buffer stock based on any/all criteria for a buffer stock.
so yes, it’s an option. you are free to pick one of the others.
by Warren Mosler
Read it at Pragmatic Capitalism here
SS: Now I’m really confused. Randy’s article said you sided with Bill. But now you’re saying that the buffer stock of unemployed is not necessarily a key piece of the MMT puzzle?01/02/2012 at 4:44 PMwarren mosler
I believe a careful read of Bill will show he entirely agrees with me.
mmt shows how there is necessarily some kind of buffer stock at work with state, tax driven, currency.
mmt shows how using one buffer stock or another alters outcomes: http://www.moslereconomics.com/mandatory-readings/full-employment-and-price-stability/
http://moslereconomics.com/2010/10/04/exchange-rate-policy-and-full-employment/ MMT shows how the outcomes of an employed buffer stock/jg/elr serve public purpose as currently defined as full employment and price stability vs the other buffer stock choices.
And you can know all this and still select any buffer stock you want, each with its associated outcomes, which MMT also describes.
Does that help?
01/02/2012 at 4:55 PM