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.
Unfortunately, the usual economic nostrums are so ingrained in the public mind that they seem intuitively obvious. MMT seems counter-intuitive, whereas nothing could be more transparently intelligible than that the money system is a spreadsheet system; that money is not a commodity, but a rational system of tokens, which in principle should be something akin to a public utility. Its rationality is bound up with accounting identities, but accounting is guaranteed to put the average man to sleep. It just isn't sexy, it's nerdy.
Personally, I think that what "most people" think is probably irrelevant noise. What counts is what the intelligent minority thinks. If this minority can be educated to accept correct views on the economy and on the relationship between it and the political problem of determining and fostering policies for the public good, that is all that is required. The educated minority hopefully will ultimately prevail over the general mentality. The great problem is the bad faith of the corporate interests and their influence in the mass media, the instruments of propaganda; hence the great importance of the alternative media. But it is difficult to prevail against the powers that be droning "we can't afford it," when they obviously can afford monstrous amounts to save too-big-to-fail entities and a bloated militarism.
It can be very difficult to unlearn something that is HAMMERED into your head for your entire life. Calling them morons probably isn't the best approach...
It's amazing to me how we've institutionalized our own ignorance to the point where we know a hell of a lot less than we did 80 years ago.
Unfortunately, the usual economic nostrums are so ingrained in the public mind that they seem intuitively obvious. MMT seems counter-intuitive, whereas nothing could be more transparently intelligible than that the money system is a spreadsheet system; that money is not a commodity, but a rational system of tokens, which in principle should be something akin to a public utility. Its rationality is bound up with accounting identities, but accounting is guaranteed to put the average man to sleep. It just isn't sexy, it's nerdy.
ReplyDeletePersonally, I think that what "most people" think is probably irrelevant noise. What counts is what the intelligent minority thinks. If this minority can be educated to accept correct views on the economy and on the relationship between it and the political problem of determining and fostering policies for the public good, that is all that is required. The educated minority hopefully will ultimately prevail over the general mentality. The great problem is the bad faith of the corporate interests and their influence in the mass media, the instruments of propaganda; hence the great importance of the alternative media. But it is difficult to prevail against the powers that be droning "we can't afford it," when they obviously can afford monstrous amounts to save too-big-to-fail entities and a bloated militarism.
It can be very difficult to unlearn something that is HAMMERED into your head for your entire life. Calling them morons probably isn't the best approach...
ReplyDeleteIt's amazing to me how we've institutionalized our own ignorance to the point where we know a hell of a lot less than we did 80 years ago.
If stuff is wasted, then yes there is free stuff.
ReplyDeleteDo we have the stuff?
At least we are onto stuff now and not money.