Sunday, August 27, 2017

Lars P. Syll — Abba Lerner and functional finance


Must-read for anyone interested in MMT.

Lars P. Syll’s Blog
Abba Lerner and functional finance
Lars P. Syll | Professor, Malmo University

5 comments:

Dan Lynch said...

The greater the private fortunes the less is the incentive to add to them by saving out of current income.

That has not held up well. Greed is not based on rational thinking.

Tom Hickey said...

Huge difference. The Manning pardon did not affect Democratic Party politics.

Meanwhile, the GOP is splitting into opposing factions over "institutional racism" and perception of incipient fascism, where many lifelong Republicans are are either dissociating themselves publicly with the Trump faction and some even the GOP ("no longer my party anymore"), or they are being forced to do it in order to maintain reputational credibility.

Democrat Gary Cohen is staying in the Trump administration at the cost of huge reputational risk and he is well aware of it. He can never recover from it.

This is a huge deal, since it is a major party realignment and no one can tell now how it will shake out.

It is also affecting perceptions of the US globally and not for the good.

Bob Roddis said...

"THE ECONOMICS OF CONTROL"

Abba Lerner is a totalitarian monster.

https://www.flickr.com/photos/bob_roddis/albums/72157626353319778

The problem with "progressives" is that they assume that they will be the person barking the orders when their totalitarian plan is implemented. It's far more likely that they will be the one being barked at. Of course, to come to that realization requires a slight ability in abstract thinking.

Dan Lynch said...

@Bob, Lerner's views evolved, so he is hard to pin down. He started out as a socialist but toward the end of his career was cozying up with the Chicago school.

He is known for proposing out-of-the-envelope policy solutions.

All economies are planned and controlled, the only question is who does the planning and controlling. In the U.S., the 1% are in control and the 99% are the ones being barked at.

Andy Blatchford said...

"Abba Lerner is a totalitarian monster"

And of course an Ancap lala land there is never anyone barking orders...you couldn't make this stuff up but you do Bob. You're an idiot.