heteconomist

If we can do it, we can afford it.

Most national governments today are currency issuers.

I have been reading about the Soviet revolution, and it is striking how little the behavior of the West has changed.

In reaction to MMT statements that government spending must occur before taxes can be paid, it is sometimes noted that a household could pay taxes by borrowing from a bank that subsequently obtains reserves from the central bank.

This post concerns ten recent Marxist claims about MMT and one about Kalecki (a forerunner, in certain respects, of MMT).

In recent exchanges on Marx and MMT, one question has concerned the capacity of government spending to encourage private investment and promote employment.

For both Marx and MMTers, money is a social relationship.

For Marx, a currency’s representation of the labor performed in commodity production is indirect, mediated through a ‘money commodity’.

MMT does not presuppose a particular theory of value.

It is suggested in an earlier post that the presence of complex labor affects value creation in Marx’s theory, including at the aggregate level.