50/ I told you, inflation is much harder to grok than I thought, because it’s much less well-defined than they say it is. It seems economists don’t actually know what it is, they just know some of its shapes. Unfortunately, the current Norwegian shape is not the stereotypical one. And the Norwegian central bank only has one hammer and it was made for the stereotypical case.
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Patricia Aas (patricia@social.vivaldi.net)'s status on Thursday, 04-Jul-2024 06:11:43 JST Patricia Aas
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Patricia Aas (patricia@social.vivaldi.net)'s status on Thursday, 04-Jul-2024 06:11:43 JST Patricia Aas
51/ Ok, I’m still on the inflation chapter (but getting towards the end, I promise), and I think I get at least one of the major changes MMT wants to do: To manage the economy through fiscal policy: spending more/less and increasing/lowering taxes, instead of through monetary policy: raising/lowering interest rates.
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