Julio said... "The big problem I have with MMT is that it does not make clear -- to me at least -- the fact that there is *no* way -- absolutely *no* way in this universe -- in which "bond" creation can make a society blow past its ceiling path."
is this a joke Julio? "MMters" say this all the time. It's in fact the whole premise of their position that real resources are the major constraint we face and money can't change that. they especially make this point. If this is the best you got, I'm not impressed. They've said it over and over again but I'll just extract one quote from the last few months: " As long as the real resources (labor, raw materials, factory capacity) are available, the financial resources (money) can always be there. This can be done without causing inflation as long as the additional spending does not outstrip the economy’s capacity to produce." http://neweconomicperspectives.org/2013/05/the-laymans-case-against-austerity.html -- -Nathan Tankus ----------------------------------------------------------------------------------------------------------------------------------------------- _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
