First the speaker said ‘don’t think about the world in terms of money’…the talk that Murphy described as the ‘rediscovery’ of Wealth of Nations bit…that the most important thing are the real goods and services that actually make people richer. Forget about the money…
But then later on, the speaker contradicts herself when pooh poohing ‘deficit hawks’…that when governments run large deficits it’s a good thing because on the ‘other side’ of the ledger, the population is better off because of the ‘larger financial assets’ they hold.
So which is it? We’re stupid because we’re treating money as an asset with a cost, or, are we stupid because we’re not treating money as an asset?
Biggest contradiction in the MMT Ted talk:
First the speaker said ‘don’t think about the world in terms of money’…the talk that Murphy described as the ‘rediscovery’ of Wealth of Nations bit…that the most important thing are the real goods and services that actually make people richer. Forget about the money…
But then later on, the speaker contradicts herself when pooh poohing ‘deficit hawks’…that when governments run large deficits it’s a good thing because on the ‘other side’ of the ledger, the population is better off because of the ‘larger financial assets’ they hold.
So which is it? We’re stupid because we’re treating money as an asset with a cost, or, are we stupid because we’re not treating money as an asset?
MMT is an internally contradictory mess.