From Bloomberg to Positive Money nobody seems really to get it right

Bloomberg has offered  another piece on Modern Monetary Theory (MMT). This one is more complimentary and quite reasonably compares MMT with the seventeenth century scrip issue of Massachusetts, which they claim rather dubiously I’d have thought, to be the “first fiat currency in the Western World”. Personally I’d have thought that honour should go to… Read more

Modern Monetary Theory is logically inconsistent with a Job Guarantee

There is an interesting piece (which I was alerted to by Graham) from the Gower Initiative for Modern Money Studies about Universal Basic Income (UBI). The Gower Initiative, being ‘Modern Monetary Theory’ (MMT) advocates, believe of course, in the advantages of the Job Guarantee (JG), but whilst, whichever your preference, there is much to agree… Read more

Supporting the NHS

We are told that 6% of NHS health staff are EU nationals and the NHS has 100,000 staff positions unfilled. Yet according to the Medical Schools Council the government determines the number of medical school places available each year. For England that is 7,500. Each medical school is allowed to recruit a maximum of 7.5%… Read more

Saving energy and GDP

A recent article in ‘Carbon Brief’ bemoans the well known paradox of energy having to decline whilst all the while GDP is supposed to increase. The writers have developed the UK MAcroeconometric Resource COnsumption (MARCO-UK) model: As they indicate, the major novelty in MARCO-UK is that it includes a thermodynamic representation of energy flows through… Read more