Definition of money, and other thoughts on The Deficit Myth by Stephanie Kelton
Author Archive for: masaccio
About Ed Walker
Notre Dame undergrad (math); JD, Indiana University at Bloomington; 1st Lieutenant, US Army.; private practice in corporate and securities law; Assistant AG in Tennessee for consumer protection and securities; Blue Sky Securities Commissioner, Tennessee; private practice, bankruptcy and corporate law.
I have had a lifelong interest in economics. For most of my career, that interest was practical, focused on the problems in front of me. Lately I have been more interested in economics as a theory, especially its impact on the lives of people like those I met in my bankruptcy practice, and on the politics of money in the US. I also enjoy reading philosophers, starting in college and steadily expanding my reading ever since. I wrote at FireDogLake for a number of years.
Generally, I think the problem facing the US is the dominance of neoliberal discourse. I think it clouds the vision, and limits the kinds of problems that can be identified and solved. For example, the existence and danger of climate change can easily be identified in a scientific discussion. However, the problem does not fit the neoliberal discourse because science insists that the pursuit of individual and corporate self-interest will lead to devastation. In neoliberal discourse, the pursuit of self-interest always leads to Eden.
The neoliberal project has two prongs. One is the police function of crushing dissent and alternative views. The police function is provided by government agencies and private and institutional actors. The counterpart is the economic system , which is operated by government and by private and institutional actors. Some of these actors operate in both spheres. I focus on the second prong.
MMT recognizes the danger of inflation and explains how we can cope.
Federal expenditures are not constrained by the ability of the government to tax and borrow.
Stephanie Kelton’s new book lays the foundations for an economics for progressives.
The human voice as instrument and part of the spectacle.
Financial support for people and businesses crushed by the Covid-19 lockdowns won’t cause inflation.
Government response to the Covid-19 pandemic demonstrates the class structure in the US.
Neoliberal capitalism made this crisis worse.
Old posts and new books.
Infrastructure makes sense. Tax cuts don’t.