Cory Doctorow explained modern monetary theory to me last year while we were in my kitchen. It changed my attitude towards balanced budgets and national deficits. If you would like to read Cory's explanation of modern monetary theory, he wrote it on his website today.
If governments are the source of money, then they don't tax us in order to spend. They spend (which puts money into the economy) and then tax back.
If the government runs a "balanced budget" that means it's taxing as much money of out existence as it is spending into existence, leaving behind no money for the rest of us to save or spend. Balanced budgets starve the private sector of the money it needs to operate.
He also recommends this podcast interview with Stephanie Kelton, author of The Deficit Myth:
Modern Monetary Theory (MMT) (previously) is an alternative to neoclassical economics that holds that sovereign states that issue their own currency can't default on debts denominated in that currency (if you are the sole source of Canadian dollars and all your debts are in Canadian dollars, you can always pay those debts), and that deficit […]
Robert Skidelsky is an eccentric British economist: trained at Oxford, author of a definitive three-volume biography of Keynes, a Lord who sat with the Tories as their economics critic during the Blair regime, who now sits as an independent who is aligned with Labour's left wing. Back in September, Yale University Press published Skidelsky's latest […]
On November 11, the Edgeryders nonprofit assocation is bringing me to Brussels for a day-long event called The Science Fiction Economics Lab, where I'll be jointly keynoting with Edgeryders economist Alberto Cottica, a lifelong science fiction fan, about radical futuristic economic ideas for a more cooperative, sustainable future.
Everybody's got a story. Unfortunately, not everybody has the tools to tell that story the right way. That's especially true for someone looking to produce their first screenplay. Just as with any type of writing, penning a script for the screen has a set of rules all its own. Understanding that structure, as well as […]
Even as the world takes tentative steps toward reopening against the ebbs and flows of COVID-19, movie theaters remain in a netherworld limbo. High-profile film releases continue shuffling as theater chains, studios and filmgoers grapple with the fact that an enclosed theater may not be a safe place to be for some time to come. […]
The year 2020 has basically kicked down that door and dragged us all into the Zoom age, whether we like it or not. And now that we're basically inviting our boss, co-workers and other business associates into our homes via video, we've unwittingly stumbled into all kinds of new potential for embarrassment. Like when you're […]