mmt: Modern monetary theory. An economic idea based around the notion that the state, as money creators and tax setters, have the power to both enable full employment and prevent excessive inflation.

That two collectives treat one another as enemies can be an objective fact available to and known by outsiders.
But, the reciprocal decision to treat another collective being an enemy can only be taken by the parties themselves, plus they alone can understand it.

The more open the economy to trade, the lower may be the multiplier.
The multiplier is larger the smaller may be the tax rate .
Note the two areas that lie between the Aggregate Demand Function and the 45-degree line.
Zone A is characterised by planned expenditure being higher than expected demand and hence actual output and income.
Firms have supplied insufficient output and generated less national income than would be in keeping with actual planned expenditure.

Subscribe To Pragmatic Capitalism

For example, an imported raw material shock means that a nation’s real income that is available for distribution to domestic claimants is leaner.
This can not be inflationary unless it triggers an on-going distributional conflict as domestic claimants make an effort to pass the real loss onto one another.
Explain why a fiat currency is valued and is acceptable in domestic transactions.
Recognise the distinction between fixed and floating exchange rate regimes and their significance for the conduct of macroeconomic policy.
Understand how IOUs are manufactured and extinguished.

Overseers are required to ensure at least the very least work effort.
Technological advance is commonly slow—both because slaves have little incentive or opportunity to innovate, and because more technical

It is fair to state the less people in the JG the greater inflation (although we don’t know how much and I don’t claim to know.) Plus the pool of JG workers will need longer to move to exhaustion.
Both unemployment and inflation are high-level abstractions of social reality, not parts of the same machine that has to, somehow be linked.
All this is far different then your Fed or BoE announcing that “full employment” is 5% because thats what our NAIRU model says.
Instead you say utterly stupid things like ‘your models require millions of people in destitution’.

• Real GDP growth Real Gross Domestic Product may be the measure of actual production of goods and services throughout the market over the course of a particular period.
• So in the short-run, costs might rise as overtime premiums are paid because the firm decides whether the increase in demand is permanent or transitory.
• So that’s how we get some money for doing the index.
• Frictional unemployment is considered to be always a short-term phenomenon and section of the normal functioning of the labour market.

It will be more accurate to state that private sector net worth is the equity that supports the domestic economy and government debt can, at times, serve as a good insurance and liquidity instrument that supports that equity.
Government debt is, within the scope of the “global financial system”, an asset and liability that nets to zero.
They generally depict this relationship by way of a three sector model of the economy which depicts the government’s liabilities because the private sector’s assets.

Interest Income Impact, Making Up Unspent Incomeclose

Should we then tell aspiring academics from subordinated groups, yes, you have some claim to equal opportunity here, but not to what the academic (heteronormative, white etc.) men have?
Yes, you’re discriminated against — women disproportionally carry the burdens of care in society and could suffer workplace discrimination — but don’t desire to become an academic Mandarin until we’ve gotten rid of the professoriate.
And it turns out a certain stylized image of mercantile balance of power could be taken to be some such source.
I was sincerely shocked when I read Stigler’s essay.
This shock is, in part, because I intend to understand Chicago economics as opposed to the state-centric eugenics tendency they loath in Keynes .
And, in part, because I understand them as heirs to the cosmopolitan and anti-racist tendencies evident in the founders of neoliberalism–many of them outspokenly antiracist .
Second, and undeniably racist, he makes gross generalizations without any evidence about the psychological disposition of a complete population (“on average).

The important point is that households usually clear accounts through the use of liabilities issued by those higher in the debt pyramid – usually financial institutions.
At the next layer we have non-bank financial institutions, which in turn clear accounts using the banks whose liabilities are higher in the pyramid.
Banks use government liabilities for net clearing.
Finally, the government reaches the most notable of the pyramid – with no liabilities higher than its nonconvertible IOUs.

Mayo Clinic Educator’s Central

And what I’m trying to find is the individuals who say, actually, that is really interesting.
And we have to seriously obtain the people together who is able to do something about it.
And we’re all fighting the old battles and attempting to struggle with the Silicon Valley behemoth.
I saw reason survey that most young people don’t trust capitalism.
Yeah, I guess the final thing I’d say just to type of sum up the ultimate message is that you know, creators, but also ordinary people are getting choked, that we’re sharing less and significantly less than the value that’s that’s created by our work.
And that’s happening because we’ve got these increasingly powerful corporations, creating choke points that allow them to extract a lot more than their fair share.

It’s blending things in between, it’s the continuum among, this is the secret sauce.
So I don’t buy that we immediately just have to head to command and control.
Although in crisis, what we learned from COVID is what happened is the world’s government goes would go to command and control, right?
If climate is a crisis, if, if environmental depletion is a crisis, we would be utilizing the very system of free market thinking, to push us into a state where the only option will likely be command and control.
But you want to do it in a way that creates an economy for several for children and for for future.
I also kind of reject the the narrative of economic freedom, right?
And rather than freedom from tyranny, right, freedom from the impacts of, of environmentally friendly costs of a growing system, freedom from the social inequalities, of something that’s intended for making the billionaire class even richer.