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@economics-that-works #SteveKeen #mmt #economics
File this under the heading economics is not even a dismal science, because mainstream economics isn’t even science. Economics could actually be a rigorous discipline, if orthodoxy can be kicked out.
“ In contrast to its attitude to private debt, which it ignores, mainstream economics obsesses about government debt. But this volte-face doesn't besmirch its record of being 100% wrong.”
https://profstevekeen.substack.com/p/its-a-mixed-credit-fiat-world-e3f
@GhostOnTheHalfShell Really enjoying this write-up.
The charts and the discussion of them remind me of the Bank of England publishing a report on something similar.
McLeay, Michael, Amar Radia, and Ryland Thomas. “Money Creation in the Modern Economy.” Bank of England Quarterly Bulletin 54, no. 1 (2014): 14–27. https://ideas.repec.org/a/boe/qbullt/0128.html.
