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C Adams
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@ Blissex "ignoring the money metric means that you want someone else to pay." Not sure I follow. If payment is made via money then that is not ignoring the money metric, i.e. money as a measure of value. Do we want someone to do the project and is someone willing and able to do it? If, yes, then money is not (or at least does not need to be) the constraint. It is a mechanism to facilitate the project. If we want universal healthcare, money is not the constraint, the constraint is the ability of society to train and sustain (feed and house) the required expertise.
Toggle Commented May 19, 2018 on On neoliberalism at Stumbling and Mumbling
@Blissex "There have been a few books arguing that "the market", being omniscient, all powerful, and just in judging everybody and giving them exactly what they deserve, has replaced God...." But the market is the creation of man. It has no power, no judgement, other than that bestowed on it by us. My problem with neoliberalism is the belief that decisions can be made on the basis of a money metric whereas we know that money is not necessarily a good measure of value.
Toggle Commented May 17, 2018 on On neoliberalism at Stumbling and Mumbling
I agree with your points here and would add that equality of power = democracy without bias towards particular interest groups. Also I would not read much into the Heritage Foundation's freedom index as it gives a higher spend and tax score to the small state of say Afghanistan than the better organised larger state of the countries like Sweden.
Toggle Commented Jun 22, 2017 on Free markets need equality at Stumbling and Mumbling
@nicholas: The evidence is that QE has not worked. You can flood the market with cheap money but if there are no borrowers in the private sector it just sits there. The government is the borrower of last resort. It worked for Roosevelt and could work again as long as you invest in something with long term sustainability.
Toggle Commented May 31, 2017 on Unsayable truths at Stumbling and Mumbling
@nicholas: both Wren-Lewis and Chris should be advocating that the Bank of England adopts a more expansionary monetary policy. But they don't. In their defence, I believe they have been pretty clear that interest rates are at the zero lower bound and so monetary policy is out of amo. The problem is not money supply, the problem is no borrowers. See Richard Koo https://www.youtube.com/watch?v=8YTyJzmiHGk
Toggle Commented May 31, 2017 on Unsayable truths at Stumbling and Mumbling
@Jim Income share of the 1% rose dramatically during the Blair era. This is an instability that is not sustainable. The end game is either an economic or political crisis, and we saw both. Economists like to talk about equilibrium but without redistribution there is no stable equilibrium.
Toggle Commented May 18, 2017 on Top taxes & growth at Stumbling and Mumbling
@derrida derider: On point 2 are you talking top 10% or 1%? How do you explain falling income share of 1% and high growth between '45 and '75?
Toggle Commented May 18, 2017 on Top taxes & growth at Stumbling and Mumbling
Re: MMT fears. Compare an overshoot on government spending (fiscal policy mismanagement), to overshoot on bank lending (monetary policy mismanagement): Do economies recover more quickly from inflation or a private debt overhang? What are distributional effects? Does fiscal mismanagement mainly hurt the rich, whereas monetary mismanagement followed by austerity mainly hurt the poor? What are the longer term implications for inequality, economic and political stability? Are the answers more a question of political choice then economic certainties?
Toggle Commented May 11, 2017 on The "fully costed" fallacy at Stumbling and Mumbling
Would it be better to say that John Landon-Lane and Peter Robertson find that similar countries with similar policies have similar growth rates? To suggest that government policy does not have a dramatic effect on growth is crazy. Take North and South Korea. Also small changes can have a big impact over the longer term. I would argue that government policy is very significant.
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Mar 10, 2017