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   Kim Spence-Jones 🇬🇧😷 (kimsj@mastodon.social)'s status on Saturday, 30-Nov-2024 19:32:29 JST Kim Spence-Jones 🇬🇧😷

   in reply to

   • Oxymetheus
   • Emeritus Prof Christopher May

   @ChrisMayLA6 @Oxymetheus
   A great read! The only sentence I disagree with is “In the financial economy, it is a zero-sum game, where the winner takes the losers’ money.” That’s not totally true. The financial economy has to make a profit, and it does so by extracting some of the profit from the real economy. It is in fact largely parasitical. Yes, some services such as insurance and currency hedging are worth paying for, but many are not, and in fact do great damage.

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     Emeritus Prof Christopher May (chrismayla6@zirk.us)'s status on Saturday, 30-Nov-2024 19:32:31 JST Emeritus Prof Christopher May

     • Oxymetheus

     'The reason we’re in crisis is not because policymakers have been ignoring the advice of orthodox economists, but because they have been following it'...

     If you're intrigued by Modern Monetary Theory (MMT), then Dougald Lamont's blog post exploring why MMT is descriptive of the contemporary economy, not a prescription for its reform, will be worth reading (although it might take you a while to work your way through it).

     #economics #MMT

     h/t @Oxymetheus

     https://dougaldlamont.substack.com/p/if-mmt-is-wrong-why-is-it-so-much

     Rich Felker repeated this.