Monday, July 29, 2019

Lars P. Syll — Everything you want to now about MMT

Randy Wray video and Lars's comment about MMT's implications for the eurozone.

Lars P. Syll’s Blog
Everything you want to now about MMT
Lars P. Syll | Professor, Malmo University


Kaivey said...

Greg Palast, who got his economics degree from the Chicago School, says a professor at that school designed the Euro to destroy Europe's welfare state.

AXEC / E.K-H said...

MMT undermines democracy
Comment on Lars Syll on ‘Everything you want to know about MMT’

Lars Syll maintains: “One of the positive contributions of MMT, especially from a european point of view, is that it makes it transparently clear why the euro-experiment has been such a monumental disaster.” and “The problems ― created to a large extent by the euro ― may not only endanger our economies, but also our democracy itself.”

This is actually NOT the case for the simple reason that MMT is a scientifically failed approach just like Walrasianism, Keynesianism, Marxianism, Austrianism.#1, #2 The major approaches are mutually contradictory, axiomatically false, materially/formally inconsistent, and all got profit ― the foundational concept of the subject matter ― wrong. More specifically, the foundational MMT sectoral balances equation (I−S)+(G−T)+(X−M)=0 is provably false. The most important balance ― the profit of the business sector ― is missing. It is pretty obvious that a defective economic theory cannot explain anything.

Lars Syll is an incompetent scientist who has not realized that macroeconomics is ill-defined from Keynes onward to MMT. More specifically, he is too stupid to understand the elementary mathematics that underlies macroeconomics.#3

The macroeconomic Profit Law entails Public Deficit = Private Profit which means that the Oligarchy’s financial wealth and public debt grow in lockstep. The very characteristic of Late Capitalism is that the so-called free-market economy is on the full life support of the State. Profit is produced by the government through deficit-spending/money-creation. The Oligarchy, in turn, uses the opulent free lunches to corrupt what remains of the State’s legislative, executive, and judiciary institutions.

Clearly, the MMT policy of permanent deficit-spending/money-creation benefits the Oligarchy and not WeThePeople.#4 Lars Syll’s assertion that MMT is good for both economy and democracy is a continuation of economists’ long tradition of political fraud.#5

Egmont Kakarot-Handtke

#1 MMT: fundamentally false

#2 For the full-spectrum refutation of MMT see cross-references MMT

#3 Lars Syll ― a particularly stupid/corrupt fake scientist

#4 Is MMT good for WeThePeople or for the Oligarchy?

#5 You know you are in the political Circus Maximus when economists talk about Democracy/Liberty/Freedom