Money, economy, why no one knows anything…. MMT adjacent

Doug Lamont goes on a rant.

What is happening today, as a series of unexpected events and crises have unfolded, is that people have been unable to cope in an emergency - especially an extended one. It drives people around the bend. Uncertainty means fear eats away at hope and reason.

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Neoliberal / Neoclassical ideas.

These fundamentally libertarian ideas - which include assumptions and mathematical models of different parts of the economy, claim to describe how the mechanics of the economy work. They don’t.

The fundamental assumption that neoclassical / neoliberal economics gets wrong is related to the creation of new money in an economy.