Stephanie Kelton - How can we afford the future? 

How did I miss this? I would approach this more as an engineering project than as a series of smaller economic analyses. Then one can use optimization theory to prioritize and sequence tasks to avoid inflation by evening out workforce tasks and material procurement. This approach also identifies unintended consequences and conflicting objectives.

@1:11:50 do _not_ tax corporations that are engaging in harmful activities. Tax imposed legitimises their activity, and they pass off the cost to consumers and shareholders. Just fine them the heck out of existence.

Before I comment on what Professor Kelton has said here, I must admit that I have not had the opportunity to read much from her beyond her views on the use of monetary growth as a means of stimulating debt-free economic production. What I would find useful is her views on the cause or causes of the very regular land market cycles that characterize the periods of boom to bust experienced by every society in which private ownership of land and natural resources is permitted. The economics has always seemed quite straightforward to me, based on my own formal and later studies of economic theory. Every parcel or tract of land has some potential annual rental value (i.e., what someone or some entity would be willing to bid to acquire exclusive control over a location). This rental value is based on real and perceived advantages of one location in comparison to other locations. Some of us have been arguing for a long time that this value rightfully belongs to the community or society, that the failure to capture this value to pay for public goods and services amounts to a redistribution of wealth from producers to non-producer rentier interests. The real world consequences are in multiple senses damaging. Hoarding of land natural resources is rewarded and encouraged. Huge amounts of land is held idle for years or decades, so that the supply of land available for development is artificially constrained. Land rents climb as a result, and these speculation-created rental values are capitalized into higher and higher prices. Land price inflation then makes its way throughout the economy. About every 18 years the stress of the increased costs of leasing or purchasing land causes the economy to stall, freeze and crash. The last freeze occurred in 2008. If the cycle repeats as expected, the next crash will hit us in 2026. And, given the tremendous increases in land prices that have occurred since 2010, the depth and duration of this next crash is certain to be worse than the last one. In the wake of the last crash, the U.S. government injected trillions of new dollars into the property markets, and the Federal Reserve dropped interest rates to the lowest levels in seventy-five years. This did not prevent millions of people from defaulting on their mortgage loans and become homeless. What it did do was re-ignite the credit-fueled, speculation-driven investment in land and real estate. How should the Federal government respond? Without the right sort of reform of our public revenue system, reforms that capture rents and unburden earned income flows and tangible assets from taxation, then, as Stephanie Kelton says, "we are in a real trap."

Re growth and degrowth. How much of our current growth is focused on making money manufacturing wasteful harmful products? My main concern in that regard is plastics. We have alternatives such as hemp which also can also help conserve forests and that in turn maintains CO2 sequestration.

@55:00 if it is the government bidding workers away from the private sector causing the inflation this is _good._ Inflation is not a single type of process. If it comes from base demand, _not_ from price gouging, by raising the wage floor, so the real wage is improved, then the inflation only hurts those who have hoarded money and are not working. This of course need not ever hurt pensioners, because their pension payments can always be adjusted to the standard decent living income level. Firms that cannot afford to match the government Job Guarantee wage floor will find themselves out of business, but since the government injects more currency when it runs a JG and higher wage floor, those businesses face consumers with more disposable income, so if they cannot afford to pay their employees a decent wage they aught not be in the wage slavery business. If they do close down, they too have the Job Guarantee as a backstop, their claim on the State.

It is clear we cannot afford the future with the ideas of Kelton in practice.

There is no independent measure that is offered by Kelton in her MMt that actually or accurately measures capacity. Unused capacity exists all the time in every field of human endeavor because machinery that was previously the most efficient later becomes less efficient than new machinery that can produce at a lower cost (lower price) or produces a superior product that supplants the older machinery. Even fashions and styles change and older products are no longer desired by the would be purchasers so the older means of production is no longer in maximum capacity yet still may be workable. It is thus under capacity. Therefore it is impossible that 'under capacity' can be determined with any accuracy.

Irony? Stephanie is one of the richest Economist from United States. According to our analysis, Wikipedia, Forbes & Business Insider, Stephanie Kelton's net worth $5 Million. (Last Update: January 13, 2024) Ms. Kelton has pockets loaded with capitalist dollars while she champions socialism for profit. Socialism is a political and economic system wherein property and resources are owned in common or by the state. MMT is socialism with a fresh coat of paint. We are players in an international finance game board and there are dire consequences to printing.

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Completely ivory Tower stuff. The world does not work as she described. It is not a Star Trek episode.

Im having a hard time not thinking im about to be fed a lot of bs after the first 5 minutes.

Kelton lies about money creation and the lies are clearly evident to a person with financial competence since they are revealed by examination of the the mathematics of past Budgets. The government does NOT issue money. It borrows money. Kelton says if we have the real resources and the technological knowhow as Keynes said anything we can actually do we can afford" then says "we being the currency issuer". NO that is a really good example of her confusion of terms and concepts. The reality is what you can presently do is already determined . Kelton ignores this fact and the other fact that the "we" is not the currency issuer since nobody just issue the currency. All of the money today is fiat credit money created from banks lending to a borrower including the money borrowed by government. The government does NOT issue money !!

To simple minds like Kelton everything is simple - Until they tray to do it and it fails dismally because they have a simple minded approach to things that are more complicated that they don't understand but are deluded enough to believe they do without any evidence demonstrating having done.