Monday, September 30, 2013

Randy Wray — Yes We Can Afford Prosperity! Guest Post

I just received a copy of the recent newsletter of the Health Services Employees, Local 768, District Council 37, AFSCME, AFL-CIO. It contains three articles by Michael Merrill, Dean of The Harry Van Arsdale Jr Center for Labor Studies, SUNY. Michael presents a good application of MMT to support his argument that our sovereign government can, and should, do more to promote shared prosperity.
While there are a couple of things I might have stated somewhat differently, there is so much in the newsletter that is worth reading that I thought it would be good to post each of Michael’s articles as guest blogs. In the first blog he counters the nonsense that Uncle Sam is too poor to do much to dig our country out of the deep hole in which it finds itself. In the second he presents the principles of MMT, with his own twists. In the final piece, he provides a brilliant defense of public sector workers.
So with Michael’s permission, here is part 1. I also encourage everyone to take a look at the newsletter: It is a nice antidote to the hysteria in Washington that threatens to shut down our government.
Economonitor — Great Leap Forward
Yes We Can Afford Prosperity! Guest Post
L. Randall Wray | Professor of Economics, UMKC

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