This paragraph is in William Beveridge's 1944 report on full employment, admittedly from the 1960 edition:
I have highlighted key sentences, but those in between are fairly key too. This is modern monetary theory, written in 1944.
The references to the financing of the war clearly references Keynes' work on that issue, without saying so - and it is right.
However, the fact that the other paragraphs so clearly put forward the straightforward view that government is not a household and that the money for full employment can always be found by any government that has an economy not enjoying it is vital.
I suggest that Labour should take note.
The SNP should too.
Great work by Malcolm Reavell in Modern Money Scotland to find this.
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