tag:blogger.com,1999:blog-2761684730989137546.post1375609235403957074..comments2024-03-29T09:32:34.853-04:00Comments on Mike Norman Economics: The paradigm is shifting – and MMT and the Green New Deal have to be understood in that context — Richard Murphymike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2761684730989137546.post-73116963318513755272019-06-07T11:41:19.510-04:002019-06-07T11:41:19.510-04:00The basis of neoclassical economics is the assumpt...<i>The basis of neoclassical economics is the assumption that leaving individuals left free to choose will result in spontaneous natural order and that "planning" will reduce both the efficiency and effectiveness of the "magic of free markets," which includes free trade and free capital flows. The basis of capitalism is that favoring capital over the other factors of production, labor (people) and land (environmental), will result in maximum growth.</i><br /><br />The basis of Austrian School analysis is that fiat money emissions (and fractional reserve loans under a quasi "gold standard") result in false, distorted and unsustainable prices and overbuilt and unsustainable capital and investment structures. Therefore, neither the boom and bust cycle nor unemployment is caused by the market but by the alleged Keynesian cures for a problem that does not otherwise exist. These new money emissions necessarily result in an immediate wealth transfer to the first recipients of the new money from people holding the existing money. <br /><br />Your endless and repeatedly failure to address this critique since 2011 demonstates that you know you cannot. <br /><br />Tis but a scratch.Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.com