Read it at Pragmatic Capitalism
Monetary Realism
by Cullen Roche
Cullen in the comments:
1. We side with Godley on the current account issue.
2. We view the state theory and the “taxes drive money” idea as incomplete.
3. We will focus more on productivity as a compliment to consumption as opposed to mainly looking at ways to increase aggregate demand.
4. We reject the JG as a central component of understanding the modern monetary system.Should make for some interesting debate.
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