Steve Keen on the MMT Trade Mantra: imports are benefits, exports are costs

Theory, Practice, Ethics, and Accounting

by Serban V.C. Enache

In a post on his Patreon, Steve Keen explains why he doesn’t agree with the ‘exports are costs, imports are benefits’ point of view, expressed by many adepts of Modern Monetary Theory. I will summarize the two views below and then offer my own two cents on the matter. Continue reading “Steve Keen on the MMT Trade Mantra: imports are benefits, exports are costs”

Stoll Revisited, Why Transhumanism Is Still Utopian

And why technological progress alone does not lead to a better life

by Diego Ramiro Lattes

Technological reactionaries and progressives

Some people have always had a hatred of all things new, romanticizing a “glorious past” and often ignoring that the changes since those times have not been entirely for the worst. We can argue from dawn to dusk then back to dawn all about how there is still inequality and economic injustice in the technological world – but just as much could be said about the pre-technological era of kings and emperors. Yet these people blame progress for social decay, how technology has disconnected people from “the land” and its supposed virtues – that urban society is worse than the glorified agricultural realms of old. Continue reading “Stoll Revisited, Why Transhumanism Is Still Utopian”

Monetary Policy Doesn’t Drive the Economy

by Derek McDaniel

To manage a currency, there are two primary tools: fiscal policy and monetary policy. Fiscal policy is all the spending done by the political authority (The Treasury), while monetary policy (setting the price for borrowing liquidity) is conducted by a so-called independent body (The Central Bank). Continue reading “Monetary Policy Doesn’t Drive the Economy”

Neoliberalism 4: Waiting For Thatcher

by Mike Goodman

In the beginning . . .

This installment begins with the 1947 conference and The Mont Pelerin Society’s inauguration completed (see “Neoliberalism 3” in this series), with agreement made that it be a think tank and have a duty to promote intellectual promotion of the ideas of freedom. One key point to bear in mind is that all participants were unanimously against the ideas of Keynes and against Communism, as well as any form of collective government. Continue reading “Neoliberalism 4: Waiting For Thatcher”