New book on Marriner Eccles. How Eccles anticipated Keynes, as had Hjalmar Schacht in running the Reichsbank. Conventional economists still have not caught up with what savvy bankers knew then, even though Keynes explained it to them, Post Keynesians elaborated on it, and MMT economists delineated the operations.
Confessions of a Supply Side Liberal
Miles Kimball | Professor of Economics and Survey Research at the University of Michigan
We consumed far less than we produced. The difficulty is that we were not sufficiently extravagant as a nation.” Marriner Eccles
ReplyDeleteEthical finance of production would be more expensive (in the short run, at least) - thus addressing overproduction - but would also spread the means to consume the new production more justly - thus addressing underconsumption too.
Lack of extravagance was/is not the problem, lack of ethical finance was/is.
Ethical finance of production would be more expensive (in the short run, at least) - thus addressing overproduction - but would also spread the means to consume the new production more justly - thus addressing underconsumption too.
ReplyDeleteCommunist poppycock.