well... georgism is sort of orthogonal to capitalism and socialism. You could have a georgist tax regime in both capitalist and socialist utopia.
But... yes... it would be great if enough people knew about Henry George and Georgism that the Gallup people thought it was worthwhile to put it on a survey.
And allow me to bemoan the current state of affairs where the definitions of capitalism and socialism used by most Americans are defined by tribal communities whose (sub)social order depends on the in-crowd toeing a particular party line with respect to whom is allowed to extract rent, set prices, rent and tax rates. Which is to say, if you're comfortably making seven figures on your constellation of payday loan offices, you probably a fan of the status quo.
For my right-wing nut-job friends, remember, there are "socialist" countries like Sweden, Denmark and (arguably) Canada which are perfectly pleasant. Venezuela and Cuba's problems aren't due to their "socialist" nature, but to wide-spread corruption and oligarchy. Keynes (and even Marx) had interesting things to say, though doctrinaire adoption of political and economic philosophy from previous centuries is not likely a good idea.
For my left-wing pinko friends, remember, not all "capitalism" is regressive. Even places like Sweden, Denmark and Canada have a form of capitalism despite being mildly constrained by collective action. Hayak had interesting things to say, though doctrinaire adoption of political and economic philosophy from previous centuries is not likely a good idea.
I can't say too much that Richard Murphy hasn't said already.
Here's his latest video: <a href="https://youtu.be/mKWfEQlcDoU" rel="nofollow">https://youtu.be/mKWfEQlcDoU
I encourage everyone to read about it if you're a person who absorbs info via text better.
Here's the Wikipedia entry: <a href="https://en.wikipedia.org/wiki/Modern_Monetary_Theory" rel="nofollow">https://en.wikipedia.org/wiki/Modern_Monetary_Theory
It's worth a read. I wish there was a single volume "MMT for Dummies," but to get the full read on it, you currently have to read a bunch of different texts. I like the Wikipedia article because they include some of the critiques as well as the supporting arguments.
My take on economics is there are few theories that are universally applicable. Keynes is applicable to some situations as is Hayak and even E. F. Schumacher. The hard part is figuring out which theory is good for which situation (and how to tell if your assumption about applicability was wrong.)
What I find surprising about modern Americans is they really want to elect someone who has all the answers. FDR was somewhat famous for f*king up a couple times and changing course when the data didn't match the theory. We're so tribal these days we refuse to admit that even good leaders can get it wrong once and again and having an honest discussion about why the error occurred and how they're going to fix it might lead to better outcomes.
I am reminded of J. R. "Bob" Dobbs' quote "Act like a dumbsh*t and they'll treat you like an equal." Perhaps I should run for office on the platform of "I'm probably as dumb as you are, which makes me smarter than my opponents."
It's kind of too bad MMT came out during a long period of low inflation when a lot of people who should know better expected that to continue indefinitely. So then MMT sounds like "spend more money indefinitely".
Now that inflation is high and MMT says "increase taxes / reduce spending", it sounds far more reasonable.
> Now that inflation is high and MMT says "increase taxes / reduce spending", it sounds far more reasonable.
I don’t think the people that were appalled at loose “fiscal”—more specifically targeted—policy from Congress as a substitute for loose “monetary” policy from the Fed (under the MMT model that the real constraint on “fiscal” policy are its monetary effects rather than fiscal balance) would be any happier with tight “fiscal” policy substituting for tight “monetary” policy from the Fed.
I don’t think they would be happy for the “who pays the bill” when tightening is needed to be one members of Congress have to defend to their constituents anymore than they want “where does stimulus go” to be.
They may like selective appeals to constraints to avoid discussing the specific merits of spending proposals they don’t like, and dislike losing the myth of fiscal constraints, but they still don't want to subject the distributional impact of m monetary tightening to real policy debate.
adverbly · · focus · HN ↗
OhMeadhbh · · focus · HN ↗
But... yes... it would be great if enough people knew about Henry George and Georgism that the Gallup people thought it was worthwhile to put it on a survey.
And allow me to bemoan the current state of affairs where the definitions of capitalism and socialism used by most Americans are defined by tribal communities whose (sub)social order depends on the in-crowd toeing a particular party line with respect to whom is allowed to extract rent, set prices, rent and tax rates. Which is to say, if you're comfortably making seven figures on your constellation of payday loan offices, you probably a fan of the status quo.
For my right-wing nut-job friends, remember, there are "socialist" countries like Sweden, Denmark and (arguably) Canada which are perfectly pleasant. Venezuela and Cuba's problems aren't due to their "socialist" nature, but to wide-spread corruption and oligarchy. Keynes (and even Marx) had interesting things to say, though doctrinaire adoption of political and economic philosophy from previous centuries is not likely a good idea.
For my left-wing pinko friends, remember, not all "capitalism" is regressive. Even places like Sweden, Denmark and Canada have a form of capitalism despite being mildly constrained by collective action. Hayak had interesting things to say, though doctrinaire adoption of political and economic philosophy from previous centuries is not likely a good idea.
Stop me before I mention Modern Monetary Theory.
adverbly · · focus · HN ↗
Au contraire! Please continue!
OhMeadhbh · · focus · HN ↗
Here's his latest video: <a href="https://youtu.be/mKWfEQlcDoU" rel="nofollow">https://youtu.be/mKWfEQlcDoU
I encourage everyone to read about it if you're a person who absorbs info via text better.
Here's the Wikipedia entry: <a href="https://en.wikipedia.org/wiki/Modern_Monetary_Theory" rel="nofollow">https://en.wikipedia.org/wiki/Modern_Monetary_Theory
It's worth a read. I wish there was a single volume "MMT for Dummies," but to get the full read on it, you currently have to read a bunch of different texts. I like the Wikipedia article because they include some of the critiques as well as the supporting arguments.
My take on economics is there are few theories that are universally applicable. Keynes is applicable to some situations as is Hayak and even E. F. Schumacher. The hard part is figuring out which theory is good for which situation (and how to tell if your assumption about applicability was wrong.)
What I find surprising about modern Americans is they really want to elect someone who has all the answers. FDR was somewhat famous for f*king up a couple times and changing course when the data didn't match the theory. We're so tribal these days we refuse to admit that even good leaders can get it wrong once and again and having an honest discussion about why the error occurred and how they're going to fix it might lead to better outcomes.
I am reminded of J. R. "Bob" Dobbs' quote "Act like a dumbsh*t and they'll treat you like an equal." Perhaps I should run for office on the platform of "I'm probably as dumb as you are, which makes me smarter than my opponents."
card_zero · · focus · HN ↗
OhMeadhbh · · focus · HN ↗
adverbly · · focus · HN ↗
Got my vote!
bryanlarsen · · focus · HN ↗
Now that inflation is high and MMT says "increase taxes / reduce spending", it sounds far more reasonable.
dragonwriter · · focus · HN ↗
I don’t think the people that were appalled at loose “fiscal”—more specifically targeted—policy from Congress as a substitute for loose “monetary” policy from the Fed (under the MMT model that the real constraint on “fiscal” policy are its monetary effects rather than fiscal balance) would be any happier with tight “fiscal” policy substituting for tight “monetary” policy from the Fed.
I don’t think they would be happy for the “who pays the bill” when tightening is needed to be one members of Congress have to defend to their constituents anymore than they want “where does stimulus go” to be.
They may like selective appeals to constraints to avoid discussing the specific merits of spending proposals they don’t like, and dislike losing the myth of fiscal constraints, but they still don't want to subject the distributional impact of m monetary tightening to real policy debate.