Wednesday, 17 February 2016
Economics: a fatuous exercise in re-inventing the wheel.
In the early 1930s Keynes said that one way out of a recession would be for the state to print money and spend it (and/or cut taxes).
Roll forward almost a century, and there’s a great “new” idea in the air called “QE for the people”. It consists of – wait for it – having the state print money and spend it!
To be more accurate, it’s not so much professional economists who back QE for the people, as AMATEURS (like me). In addition to me, there’s MMTers, who in effect back QE for the people (though they don’t call it that). And half the supporters of MMT are amateurs.
Plus there’s Positive Money which is staffed almost exclusively by amateurs. You really have to wonder what so called “professional” economists have been doing for the last century, don’t you?