The introductory video on economics is out on my YouTube channel this morning:
The big point is a simple one. If economics is about the allocation of scarce resources then we have t know what is scarce. And my point is a simple one. Economics has treated money and financial capital as scarce. But it isn't the real constraint in the economy. The planet is the real scarce resource - and so are we.
Economics has asked the wrong questions I hope to ask better ones.
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https://www.theguardian.com/commentisfree/2020/jul/05/pandemic-orthodox-economics-covid-19
You’re not on your own this morning asking these questions, which is good.
Very good article from a good economist and notice guy who really gets it
But note the Guardian Pick a comment from Davethewrapper who clearly hasn’t got a clue how the UK’s fiat monetary system works being stuck in the Gold Standard Rules Era like most voters! There’s an MMT comment reply to his which gets 15 upticks which is encouraging but the Guardian despite its pretence to be a progressive newspaper is profoundly backward and right-wing on the one issue that dramatically affects the quality of many people’s lives.
Great to have this. I really look forward to the others.
Please note the breathing mark is missing on οἰκονομία
Sorry!
Sorry, you might be using modern Greek, not Ancient Greek!
If I am honest, I did not add that….it will do!
Good morning Richard.
The volume seems a bit on the low side even when my phone is on max volume.
Thanks.
I’ll pass that on….
I am a big fan of Richard Wolff. Not sure how he is on MMT but here he shows just how catastrophic the pursuit of profit is to most aspects of our lives.
https://youtu.be/dzSYZcvuqR0
Wolff has talked about MMT a little and sees its value for explaining how a capitalist economy actually works but as a Marxist criticises it for not really talking about the kind of radical change he’d like to see.
If that is his view, I find it a bit puzzling!
Just about finished Stephanie Kelton’s ‘The Deficit Myth’. Being on the left, find some of the issues discussed and the remedies inherent in addressing them to be quite radical!
Might not be radical Marxist philosophy of worker revolution and overthrowing capitalism. Supporting policies to redistribute wealth, the reintroduction of trade-union activity and collective bargaining are a few examples!
These may be the highest hurdles we have to get over in convincing the electorate there is a better way. It’s not the likes of me who started work in the early sixties in an industry with a ‘strong’ union needing convincing.
It is those who have endured what Kelton calls ‘the democracy deficit. Conditioned over 40 years since the Reagan/Thatcher heralded private sector as saviour. Things have got worse, not better and no government ‘seems’ able, or willing to change it regardless of which elected!
Boris may be going the right way to convince people
Trump too
Richard
Subscribed recently, finding them really useful. I am currently watching Stephanie Keltons The Deficit Myth. I know you are on the same page as her regarding MMT. Nice shirt by the way!
Thanks
Wow! This is good stuff. Easy to digest and not preachy! Even a Guardian journalist is going to be able to understand once the series has been assembled!
No aim to be preachy
The aim is to simply unfold ideas, one at a time
I really like this. Specifically for the contrast between not running out of money (or Warren Mosler’s metaphor of goals, or runs, or strokes in golf for that matter – I know about the last, because I run up lots!); and the scarcity of real resources, and also the limits of well-being (of both planet and people). It is the real resources, not the non-existent beans being counted for score-keeping purposes that determines the functionality of economics for government. This is very strong and effective I think.
Thanks
Technical note. Your audio is coming out of the left channel only. This may partly explain a previous comment on it being low level. (I’m a video editor by trade.)
Great to see you doing these videos. Keep at it.
Thanks
I have passed all feedback to Mark who edits this
Richard
Yep.. both videos so far was about to comment
Also recommend pulling back with camera.. get some upper torso involved
Brilliant start Richard. Very promising.
Keep up the good work.
Good start Richard – I like it. I’m sure many people will benefit from your videos and blogs.
Neil.