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.
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Tuesday, January 31, 2012
Leo Foresta — Physics shedding light on the crisis (Part II)
"The question of why evil and suffering exist despite the supreme benevolence is a mystery that no science, religion or other discipline has so far been able to elucidate. We just have to accept it, without departing from the fundamental hypothesis of benevolence."
As distinct from physics casting light on economics, here is a Prof. of computer science casting light on economics. He actually advocates the Abba Lerner form of stimulus, i.e. having the government / central bank machine create money and spend it into the economy in a recession (and/or cut taxes). So his idea should meet with approval from most MMTers.
"The question of why evil and suffering exist despite the supreme benevolence is a mystery that no science, religion or other discipline has so far been able to elucidate. We just have to accept it, without departing from the fundamental hypothesis of benevolence."
ReplyDeleteThis is a tough one Tom, the toughest imo.
Perhaps the ultimate "test" of subjection.
Resp,
As distinct from physics casting light on economics, here is a Prof. of computer science casting light on economics. He actually advocates the Abba Lerner form of stimulus, i.e. having the government / central bank machine create money and spend it into the economy in a recession (and/or cut taxes). So his idea should meet with approval from most MMTers.
ReplyDeletehttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=1977688
http://www.youtube.com/watch?v=yoZV5jt9puc&feature=player_embedded#!
ReplyDeletePlease let me know why Mike Norman miscalculated so badly.
Thanks,
Greg