Highlights below were added.
These are absolutely killer lines from Warren Mosler, below, because:
1) in a growing aggregate or system, aggregate Options scale exponentially;
2) indirection & coordination are the ONLY ways to optimally explore those scaling options;
sure, that's a cost; but it's an affordable cost, and if we don't make the investment, someone else will (it's an investment we can't afford to NOT make);
3) the only thing that outdoes the exponentially scaling cost-of-coordination, is the return-on-coordination.
Coordination is really the ONLY thing that is worth investing in, yet it's the last thing most people are intellectually prepared to do! We're actively training our student-body, policy staff and even military officers to fail to scale! We survive DESPITE most of formal education, not because of it.
Thank god Warren didn't get to go to Yale or Harvard economics. He might have been "successfully" trained by the Luddites.
seems 75% still support the euro vs trusting their own leaders with their own currency.
Also, unfortunately, the non MMT world pretty much still fails to grasp
that mass unemployment is a macro problem and a manifestation of unspent income;
that the only way the output gap gets filled is by some sector spending more than its income;
and that the issuer of the currency is the only entity that isn't inherently revenue constrained when it spends.
[read more at the link given]