Opportunity Cost and MMT
Debunking Economics - the podcast
Capitalism Hasn't Been Defined by Scarcity
Economics profession is built on this idea of scarcity, which means that there has to be a considered decision about what you do with money. The rich get everything and the poor get close, not close to nothing, but far less than the theory says they'll get. But fundamentally, it's excess that defines capitalism. What we should really be saying is, is this an excess one we can sustain? I would actually turn that all around completely and say that with modern monetary theory understanding of how the government creates money then the question is: How do you do that wisely given the constraints in which we actually live?
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