It is worth relating this to MMT, because it helps to make clear why Marx’s notion of a money commodity causes no real difficulty, either for an MMTer wishing to take Marx seriously or for a Marxist wishing to take MMT seriously.heteconomist
Marx, MMT, and a Currency’s Expression of Labor Time
Peter Cooper
5 comments:
A very important and enlightening article. Worth more comments, but no time now and for a while , so here are a few drive- bys.
It is worth relating this to MMT, because it helps to make clear why Marx’s notion of a money commodity causes no real difficulty, either for an MMTer wishing to take Marx seriously or for a Marxist wishing to take MMT seriously.
(a) Unreal, imaginary difficulties are often the most serious of all. Proven by history in this case.
(b) The definition of MMTer or Marxist used in the above sentence is pretty restrictive. In addition to our heroic MMT thinkers and Peter Cooper himself - how many such MMTers or Marxists, who are that serious, are there? Michael Roberts, likely representative of a (near) majority of those who call themselves Marxists writes a lot of turgid stuff showing complete incomprehension of Cooper's conclusion below.
Instead they follow and grossly enlarge Marx's errors or if you want, confusing infelicities of expression and language explained by Cooper et al. Not understanding it, as they do not, excluding the insights explained here, means joining the immense throng of Marxists fighting socialism. Practically all of Western Marxism at times. This led to the tremendous catastrophes of the world wars, whose education by bitter experience is fading.
A currency-issuing government’s capacity to enable production along non-commodity lines is a potential path to socialism and communism – if that is the political will and effectively expressed – and, in my view, it is the most important implication of MMT.
Absolutely right. Absolutely right. Absolutely right. (Deserves more ...)
“ production along non-commodity lines”
Not clear what he means with the figure of speech here…
“Production of Social Services “ you mean?
Govts capacity to enable production of social services ?
Like what the US commies are calling “infrastructure!” right now?
A vaccine is a commodity when the producer is seeking profit. If vaccines were developed within research programs funded by government, then released for distribution, they would be gifts.
You don't need MMT to proceed to government-funded pharmacology; you must discard the ideological veneer promoting a market for pharmaceuticals. That veneer is created by market stakeholders, and is maintained through lobbying. That is where the battle is fought.
Until the public understands what is being debated, nothing will change. The ruling class only uses academics who are willing to push ruling class narratives.
Yo the vaccines work I don’t know what you’re complaining about
Do Commies call people of color “non-whites”?
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