June Sekera — Denial of the public non-market system, and the consequences

Public non-market production makes up a quarter to a half or more of all economic activity among advanced democratic nation-states. Yet the public economy’s ability to function on behalf of the populace as a whole is seriously imperiled in many western democracies, and particularly jeopardized in the United States. The surging influence of mainstream economics has been a prime factor in the degradation of the public domain over the last several decades – a phenomenon that James Galbraith (2008) has called “the collapse of the public governing capacity.”

Market advocates, exploiting neoclassical economic theory, have foisted market axioms and precepts onto government, intent on transforming public goods production in imitation of an idealized and idolized market model.

The ravaging of government in the interests of ideology and private profit has proceeded largely unhampered because we have no adequate theory to explain the nature and dynamics of the non-market public economy, no intellectual infrastructure to explain how its purposes and processes differ crucially from those of the market, and no effective explanatory model that shows why such differences matter substantially for democratic governance and the well-being of the populace....

The post is short and to the point.

However, I think the last sentence may be an exaggeration.

MMT does address this issue in terms of public purpose, and it is not original in doing so. John Kenneth Galbraith's career as public policy economists was all about addressing this and at one time he was listened to, and he played a policy making role in government, too. Many Post Keynesians also focused on this.

The problems are, first, the assumptions both substantive and procedural (methodological) of conventional economists, and secondly, the dominance of this approach in academic economics and also policy making circles.

Real-World Economics Review Blog
Denial of the public non-market system, and the consequences

Excerpted from June Sekera, “Missing from the mainstream: the biophysical basis of production and the public economy”, real-world economics review, issue no. 81, 30 September 2017, pp. 27-41, 

"Innovators" Catching on to MMT - Why Not Electorates and Our Elected Policy "Leaders"?

Commentary by Roger Erickson

Warren Mosler has been invited to speak at an exclusive, Swiss "estate planning for wealthy families" event.

The service inviting Warren to speak is the Fact-FamilyOffice.

If that's a medium for disseminating Situational Awareness to more citizens, then so be it! Every little bit of logic actually disseminated helps.

Looks like it's too late to attend this event on March 25 (since they wanted registrations by March 10).
Maybe the Koch brothers will be in attendance?
And wealth managers working for the 1% from Europe?

The FFO sounds like an "Italian" sourced, Swiss based service for helping families get hot money out of China and Russia! :)

LOL! It's not just God! Public Education works through strange channels as well!

Ho hum. As long as the advanced presentations leak out to the public. It's up to THEM to actually listen. We don't want crooks being the only ones seeking innovative advice, OR THE ONLY ONES DRIVING INNOVATION! Lord knows people like Warren have been trying to get the general public to listen, for ~20 years now. Why limit ourselves to Family Estate Planning? Why not Country Planning and Workforce Planning?  And the seemingly unattainable - through leadership "choice" - MacroEconomic Planning!!!

ps: You can see whom this "Crossroads" service is targeting - the peasants to be run over at said crossroads!

Fact Family Office - Chinese lang.
Fact Family Office - Russian lang.

Nonetheless, this is all good, IF there's full transparency and the presentations are also leaked to the public. We know Mosler's advice has been leaked, beforehand. Any private effort seeking better situational awareness is helpful - as long as it shares it's finding with the full group supporting all private sub-groups.

If the Koch brothers, CCCP family members, Rothchilds, Rockefellers and Russian plutocrats try to buy MMT and keep all the insights to themselves ... THEN we'll have to march in the streets. :)  Meanwhile, do we have the brains to do - at scale - what misers secretly wish to do ... before they can do unto all of us?

That race is closer than you'd think, yet only because we're been increasingly hare-brained for 80 years, sleeping at the policy controls, while Control Fraud turtles slowly creep off (again) with the keys to our dynamic wealth - right before our unseeing eyes!

Timely Situational Awareness for everyone! Indirectly, if that's what it takes to save ourselves from the Policy Protection Racket we've elected in lieu of actual policy leaders! :(