Language is meant to bring meaning to discourse. That means we want to use terms that convey information that is of use to us in making our way in the world. The problem is that economists have perverted that process and introduced a metaphorical language that is intended to persuade the reader/listener to accept a particular view of the world but which undermines their ability to actually understand the phenomenon in question. Marx knew long ago how language could be constructed to advance the interests of the ruling class. The mainstream economics commentary that is also used by politicians falls into this category. Terms are used that have no meaning in an elemental sense but provide support for ideological agendas. We, the public, allow that to happen because we are ignorant about the context. It becomes a vicious cycle of lies and fictions which undermine human and environmental sustainability but certainly transfer income to the top-end-of-town. A recent path setting address to the House of Commons by the new Chancellor is a classic example of this reality denial....William Mitchell — Modern Monetary Theory
British Chancellor fails the basic test – language is meant to impart meaning
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
7 comments:
"...transfer income to the top-end-of-town."
Oh, but that is merely a happy coincidence. Providence works in mysterious ways.
“ Marx knew long ago”
Marx predated Science…
“ The point is that a fiscal balance is the net result of two broad currency flows – spending and revenue. The net is a flow too. Accordingly, the idea that the ‘budget’ is a container that can have a hole in it just doesn’t make sense.”
Just goes back and forth between the Science and the Art without any notice of this alternating between the methodologies…
Then arbitrarily makes claim that the Art figurative language “doesn’t make sense!” when he doesn’t agree with the analogy…
Sad…
Rachel Reeves is an idiot.
Rachel Reeves is also a grifter.
When Stephen Harper's conservatives came to power they put forth a similar story. "We had a look at the books and they're worse than anyone imagined."
What’s funny is you’re being invaded by unskilled parasitic violent impulsive illegal aliens which is in real terms degrading your alll’s quality of life meanwhile your biggest complaint is this arcane technocratic misunderstanding around monetary systems…
😂😂😂
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