An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
Here's the correct link: http://slackwire.blogspot.com/2014/07/boulding-on-interest.html
My favorite passage from the link:
"The main purpose of the financial system is to separate "ownership" from "control," or administration, that is, to enable some people to own assets which they do not control, and others to control assets which they do not own. This arrangement is necessitated because there is very little, in the processes by which ownership was historically determined through inheritance and saving, to insure that those who own the resources of society are … capable of administering them."
2 comments:
Link bad.
Here's the correct link: http://slackwire.blogspot.com/2014/07/boulding-on-interest.html
My favorite passage from the link:
"The main purpose of the financial system is to separate "ownership" from "control," or administration, that is, to enable some people to own assets which they do not control, and others to control assets which they do not own. This arrangement is necessitated because there is very little, in the processes by which ownership was historically determined through inheritance and saving, to insure that those who own the resources of society are … capable of administering them."
Somewhat OT, the article also includes a link to a 30 page essay on Minsky:
http://ineteconomics.org/sites/inet.civicactions.net/files/The%20Vision%20of%20Hyman%20Minsky.pdf
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