Re:WTF Happened in 1971? (2019)
by notahacker on Monday November 23, 2020 @02:09PM
(#25190407)
In between the extremes of 'hard money' enthusiasts arguing that the amount of money an economy needs to grow automagically happens to coincide with levels of worldwide gold mining and MMTers (and 1950s Keynesians) arguing it coincides with whatever the government needs to spend is basically the entire field of economics and the mechanism the money supply actually operates based on (which is central banks looking at numbers to ensure the supply of and demand for credit are in balance)
Re:WTF Happened in 1971? (2019)
by justinzollars on Monday November 23, 2020 @01:47PM
(#25190123)
MMT promises money for nothing and the debt for free. The idea isn't modern - its just debasement with a new name. As old as humanity.
Re:WTF Happened in 1971? (2019)
by CarelessExpert on Monday November 23, 2020 @01:59PM
(#25190272)
Well, that's twice, now, that you've caricatured ideas you don't agree with, choosing to knock down straw men instead of engaging in a genuine discussion, and that means there's little point in continuing.
Have a nice day!
This is clearly a straw man.
MMT provides an alternative theoretical basis that might explain the apparent disconnect between money supply and inflation:
https://www.investopedia.com/modern-monetary-theory-mmt-4588...
> According to MMT, the only limit the government has when it comes to spending is the availability of real resources, like workers, construction supplies etc. When government spending, meaning the amount of money introduced into the economy, is too great with respect to the resources available, that's when inflation can surge if decision makers are not careful.