Visions Of A Freer Future
I want to extend our prior discussion of how MMTer conflate accounting with economics to the subject of whether governments create money out of thin air whenever they spend. MMTers will tell you The accounting proves this is the case . So lets see the slight of hand they re doing here to understand why they are [ ]
Let s break down another major MMT fallacy. The claim here is that government deficits necessarily make the private sector richer. You may even see some of them go further and claim that the private sector cannot save at all without government deficits. First as a review, whenever anyone borrows the lender receives an asset (in [ ]
The left has their own theory of the origin money courtesy of the late David Graeber. You might wonder why there is a need for a new account of the origin. Allow Erald Kolasi at RealProgressives to explain it to you: Why do economists care about the history of barter and money in the first [ ]
If you scroll through the last few blog posts on this page I ve spent some time tearing down MMT fallacies. This time I m going to tackle another one, or at least a Post-Keynesian fallacy that has been adopted by MMTers ― the view that banks are not, in fact, financial intermediaries, but instead can just [ ]
Recently, I wrote a blog post critically analyzing the MMT perspective on public finance. While most MMT activists on Twitter have avoided addressing any of the points raised in the article, one individual responded today, referring to my very lightweight blog post and citing an upcoming peer-reviewed article that allegedly demonstrates how real-world public finance [ ]
Watching SpaceX catch a booster the size of a skyscraper with the launch tower today was incredibly inspiring. The pace of innovation is breathtaking and hopefully we ll get to see Moon and Mars landings in our lifetime. As I was watching it I was thinking about Elon s current feud with the FAA over Starship launches. [ ]
Spend any time on X, and you ll encounter the bizarre world of MMT activists. Modern Monetary Theory purports to be a new and modern take on monetary economics, though universally, its espoused by left-wing activists who crave a massive increase in government spending. The point they are ultimately trying to make is that government spending [ ]
The new Argentine president Javier Milei calls himself an anarcho-capitalist, but not a lot of people know what that is. You might hear people make reference to privatized police or things like this, but the actual crux of anarcho-capitalism goes much deeper. In fact the fundamental claim isn t so much anarchic or capitalistic as much [ ]
It s very common in conservative or libertarian circles to hear the phrase politics is downstream from culture . The idea is that culture is what drives major changes to our politics. This implies that if one wishes to change government one must first change the culture. This view has a lot of appeal to conservatives. It [ ]
If the left wing in the United States is looking for someone to blame for Roe v Wade being overturned they can start by looking at themselves. Over the years their views on abortion have morphed from the relatively moderate safe, legal, and rare of the 90 s to the morally grotesque shout your abortion today. [ ]