John Doyle
Aug 22, 2017 · 1 min read

There is already a theory describing a new economics. It is “Modern Monetary Mechanics” [by the Federal Reserve Bank of Chicago] and MMT by everyone else. It is “ a lens through which macroeconomics as it really is can be understood” Prof Bill Mitchell.

MMT describes how the economy is defined by the resources available for purchase. So it dovetails well with this article, which goes into most detail on resource limits and how we cannot grow forever. MMT describes the economy as bound by its use of resources. So, for example, unemployment says that available resources are not being utilised and that we skirt deflation by poor policies enacted by governments, usually neo-liberal ones.

While we cannot avoid the end of this techno-industrial dynasty, now in terminal decadent decline, we can at least get the economy to function more suitably for the many who are missing out now.

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    John Doyle

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