This event is tomorrow. It was going to be a discussion but due to illness of other participants, it's now a Q&A with me on MMT. Feel free to join. There is a register button at the bottom.
Most of it will be questions and answers. I'll do an introduction, but I feel answering questions much the best way to address issues.
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Modern Monetary Theory
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Possibly wrong place to post this…
But, what is likely to have happened if MMT had been used/considered during the Thatcher era – i.e. where might we have been post 1979?
To my mind it would be a useful exercise in plotting out what might have been as a way of validating where we should be heading now.
Might you expand?
Richard, I am thinking of an exercise in what could have been done at the time had Thatcher not had the ‘household budget’ focus but realised that money could be created.
Thinking about the position she inherited, what could have been the effect of policies that allowed money creation. This could include a job guarantee for the miners and other end of life industries, retraining, thinking about the ongoing effects of inflation, the value of £ (exchange rates).
It could look at the effects of not selling of nationalised industries, but perhaps another form of ownership. Basically anything that could have been done at the time informed by the knowledge of MMT. I am not thinking of some sort of Utopia but more of a series of choices that a fair minded person could countenance at that time and with the knowledge they might have had. In that sense ignore what Thatcher was like, but accept some human fallibility.
I realise that this could be a mammoth task, but in my mind it would help to answer how MMT would/could have operated to put the country into a much better state.
What I am looking for is a model that can help inform the ‘what might have been’ as well as informing the current thinking process. I think it could help with acceptance of MMT today to look at a very different set of circumstances.
Apologies if I am not being clear – do email me if this is something you might consider further.
Hi
I certainly would not have the time to do this
I also think applying this to the present and the Green New Deal would be more useful
But that’s a personal perspective, of course
Richard
understood
and thanks for replying.