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Thanks Philip. With no economic training before MMT (thankfully) I wasn't very clear on everything mainstream students are taught and how they try to make sense of it.
Peter Martin: In one of my comments, I said that I believe it would be desirable for all nations to run trade balances (exports equals imports). I didn't say that it is always best for a nation to import more goods than it exports even though imports are immediate benefits to a nation and exports are immediate costs. T
For a while now I have been thinking, hopefully still from a MMT perspective, that there is a bit more to the question of persistent trade deficits than is normally allowed for in MMT discussions. Phil, and others, put it that these are Ok because otherwise we "must give up more useful stuff to the ROW (exports, which
Re: Haldane's commentary - the famous Upton Sinclair quote, which I am sure all here are familar with, applies.
"The discussion is too technical for this audience and I might write a separate blog post about it in an attempt to make the discussion accessible." Please, do it.
The Post WW2 period also delivered major gains in prosperity and declining prosperity because should be The Post WW2 period also delivered major gains in prosperity and declining poverty because
Aggregate demand stimulation cannot overcome the hard constraints imposed by resource depletion. Keynesian demand stimulation generates inflation in a world in which physical inputs (energy, minerals, land, wate) are binding. Physical limitations were beginning to appear as early as '76. Exceeding natural resource limi
Zid: Some people will say that if people enjoy economic rents, that's their good luck. If that's what some people believe is an acceptable and justifiable outcome of loosely regulated markets, they are entitled to that opinion. But they can't then say that organising a nation around unfettered markets is the best way f
Zid: To realise the capital gain of appreciating assets, you have to sell them. But you don't want to hang on to the money you receive for long because it's non-interest- and non-income-bearing. If the super-rich aren't quite ready to buy their fifth mansion or 100-foot yacht, they almost immediately purchase a differe
@Philip Lawn True. I didn't mean to say net exports are positive but that capitalists have interests beyond nation. Can't it be said they just like money? There are billionaires with massive amounts of wealth, and it's a good thing they don't try to spend it on anything real (mostly).
Zid: Profits are not benefits enjoyed by capitalists until the capitalists give up their profits to obtain useful goods (I.e., spend the profits). Profits have no use value, only exchange value. A billion dollars left in your bank account all your life unspent and accruing interest is of no benefit to you. I point this
Alan Dunn: I can play that game. If Australia stopped importing and the former trade partners can’t sell to Australia what they desire to sell to Australia do you still think people are better off if the situation escalates into a miliary conflict ? What's your point? That war is bad? My point is that exports are costs
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