Modern monetary theory destroys the intellectual basis for austerity but needs a more robust political economy.
Renewal — A Journal of Social Democracy
Modern money and the escape from austerity
Joe Guinan | Senior Fellow at the Democracy Collaborative at the University of Maryland and Co-Director of the Next System Project.
Modern money and the escape from austerity
Joe Guinan | Senior Fellow at the Democracy Collaborative at the University of Maryland and Co-Director of the Next System Project.
2 comments:
"Few matters of economic importance are as woefully misunderstood as modern money. It can seem a fiendishly complicated subject, even to economists. Schumpeter confessed to never having understood money to his own satisfaction, while Keynes claimed to know of only three people who really grasped it: ‘A Professor at another university; one of my students; and a rather junior clerk at the Bank of England’ (Ingham, 2004, 5). If production is capitalism’s ‘hidden abode’ (Marx, 1974, 172), then money is its secret temple. Shrouded in mystery and obfuscation, inscribed with arcane language and symbolism,..."
(I've got a headache just reading this...)
vs:
"The ohm is defined as a resistance between two points of a conductor when a constant potential difference of 1.0 volt, applied to these points, produces in the conductor a current of 1.0 ampere, the conductor not being the seat of any electromotive force."
or:
"One volt is defined as the difference in electric potential between two points of a conducting wire when an electric current of one ampere dissipates one watt of power between those points."
or:
"the ampere is a measure of the amount of electric charge passing a point in an electric circuit per unit time, with 6.241×1018 electrons (or one coulomb) per second constituting one ampere."
TIP: DROP THE USE OF THIS METONYM AS A TECHNICAL TERM....
Post a Comment