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It is easy to throw stones at someone whose ideas you don't like. More difficult is to provide a better solution than they offer. Would one suggest that the US Mainstream Economics explanations of money are superior? Paul Krugman tried that - with rather unimpressive results.

 To me mainstream explanations are an incoherent and bumbling collection of 'just so' stories: 'loanable funds', 'crowding out', etc. Neo-Classical Economics considers money creation to be exogenous to the economy. Lucky miners dig out the gold and the US Mint turns it into money. But that tied growth of the money supply to new gold discoveries, which was far from what the economy actually needed. And that became obsolete with the end of the gold standard.

Instead of providing a theory of money Mainstream Economists just provide an excuse for the government doing nothing so it will not get in the way of private enterprise, which has again run amok. Let the looting continue.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Apr 29th, 2021 at 04:11:23 PM EST
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