I do have to point out that MMT does not claim "that a government can... ." It says that inflation is the only indicator of 'too much money', at which point government would be required to run a budget surplus (less spending/increased taxes). [Good luck with that, eh?]

One key to less domestic inflation in the U.S., however it might be measured, has been the importation of the same items made less expensively in China, etc. Those lower prices are now the baseline for the economy. Whether those prices can remain low is, I think, the big question; the answer will depend on the (political) decisions of China's regime.


resulting in civilization

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It’s all right there in Chapter 4 of Genesis. Adam and Eve have been booted from Eden. They had violated the only prohibition God had given them: do not eat of the fruit if the Tree of Knowledge of good and evil.

For some reason, that last part always gets left out. Their/our Original Sin was to presume to know right and wrong, good and evil.

Such knowledge necessarily precedes judging. Judging is for God, not us.

But, you say, we can’t have civilization without having some system of justice, and that means defining right and wrong…


the existing economy

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A ‘crime against humanity’ is an intentional injustice perpetrated by people in power in a society against a group of people, such as an ethnic group, or a religious group, or an entire nation — or all people on the planet. A crime against humanity is usually associated with acts of physical violence, but it can be any kind of serious ongoing injustice.

An unjust political process or an unjust economy is a crime against humanity. Any authoritarian political regime is a crime against humanity.

The existing economy is a crime against humanity. There are, at the…


a problem for the economy as well as a problem for justice

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Many people will undoubtedly recoil at the suggestion that there could be any such thing as too much money. Yet, an excess of money is the most fundamental problem of the existing economy. It is both a problem of economics — the functioning of the economy as a system — and a problem of justice.

As a problem for the economy, excess money is both a macro-level issue and a micro-level issue. It is a problem of justice at both levels.

Anyone who doubts that too much money…


Capacity and Truth/Knowledge; Capacity and Freedom; Capacity and ‘Social Justice’

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The other day I was writing about truth, knowledge, and justice. It dawned on me that there is a relationship between ‘capacity’ and all of those.

Specifically, I was writing about people having the capacity to accept or reject any proffered ‘truth’ or ‘knowledge’. More than once I caught myself thinking “freedom” in place of “capacity.” Voila! To have the ‘capacity to’ is to have the ‘freedom to’ — or at least, without the former the latter is irrelevant (to oneself). Since in this nation (the U.S.) …


In an article published in The Bad Influence in Medium, Alexander Bird asks, “Who Is Responsible For The absence of Absolute Truth In Modern Days?” (sic). In answer, he writes, “Because of Kurt Gödel, Nietzsche, and Spinoza.”

In a Response I wrote the following:

“I would say that the emergence of “relativism” (as used in this article) is the acknowledgment of the reality of human existence: ultimately, people have the capacity to accept as truth and knowledge whatever they choose. Personality, theology, and ideology have been vehicles for asserting authority over people’s minds. …


for (primarily) economists: a monetary model to change everything

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Introduction

Including QE (and prescriptive MMT), within the central bank/central government monetary paradigm no fundamental change in practice (or theory) for supplying an economy with money has emerged since money’s ties to metals were severed. A fully exogenous (demographically determined) supply of currency represents such a change.

Monetary integrity follows from closing the monetary loop. The existing economy becomes fully self-regulating with no unemployment, poverty, taxes, or public debt (the last two being contingent on total government spending not exceeding its current per capita level). Sustainability is enhanced. …


as my Daddy would say, “That’s all they are to it.”

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Torture — being confined and subjected to actual torture — would have to be the penultimate experience of being subject to the arbitrary will of any other person(s). I believe torturing another person is worse than murder.

People can be tortured physically or psychologically. The experience of being tortured, either way, is itself torture of a psychological kind.

Being “subject to the arbitrary will” of any other person(s) was John Locke’s definition of injustice. In my 68 years of life I have read a lot of philosophy. …


rescuing their goal of a more just society from economic power

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The founders of this nation were intent on establishing a more just society. At the time, that meant one with a more just form of government. Today, ‘a more just society’ must take the economy into account.

The single biggest difference between the U.S. of today and this nation at its founding is that capitalism did not yet exist at that time.

[Mention of that most loaded term pretty much requires anyone using it to stop to say what that person means by it. For me, ‘capitalism’ is neither…


that the election was “stolen”

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Trump, Giuliani, Powell, Wood and others have insisted publicly that they have evidence — piles of evidence, tons of evidence, mountains of evidence — that prove that the election was stolen from Trump. So where is it? As far as I am aware, not one single scrap of evidence has been shown to anyone anywhere.

Stephen Yearwood

unaffiliated, non-ideological, unpaid, academically trained philosopher and political economist

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