Krugman discovers the obvious

Krugman discovers the obvious

A philosophical truth, as I see it, is a truth that is obvious once you think about it but has been obscured by overwrought theory.

Paul Krugman has discovered a philosophical truth.

Here it is. There is no operational difference between:

(a) the state spending, selling bonds to ‘fund’ its spending, and then buying back the bonds, and

(b) the state spending and not issuing the bonds in the first place.

This is a point economists outside the mainstream have been making for years (see this post).

It’s obvious when you think about it. Suppose I give you $100. Then I ‘borrow’ back the $100. Then I buy back the debt from you, for $100.

Or suppose I just give you the $100.

It’s the same result…..

See on mainstreami jaoks mõistatus enamasti, et kuidas siis keskpanga “rahatrükk” inflatsiooni ei põhjusta. See ei ole mingi rahatrükk tegelikult. MMT on toonitanud seda, et rahatrükk on kullastandardi aegne mõiste ja ükski operatsioon ei ole kuigi lähedane rahatrükile. Valitsuse liigne defitsiitne kulutamine põhjustab küll inflatsiooni. Tegemist on tegelikult üsna lihtsa loogikaveaga mainstream mõtlemises. Empiirilised andmed on seni olnud nagu hane selga vesi peavoolu teooriale.

Keskpank ei kontrolli raha kogust süsteemis, see on endogeenne, intressid on eksogeensed, aga mitte kuidagi ei saa mainstream teoreetikuid seda mõistma. Vitsur ja Ross kirjutavad kapitali madalast nõudlusest seoses negatiivsete intressidega.

Aga Krugman on nende aastatega tohutult MMT-le lähenenud:

It doesn’t take fancy analysis to make this point — just an acknowledgement that in financial terms, at least, the central bank is part of the government. The Fed, for example, remits the interest it earns on government debt to the government proper, keeping only that amount it needs for operations. So for the purpose of our analysis right now, we can use the term “the government” to include the central bank.

Ta ei ole veel kohale jõudnud muidugi ja lõpetab likviidsuslõksu jutuga. Mingit likviidsuslõksu ei ole ujuvkursiga süsteemis. Aamen.  :)

About Kristjan

Defitsiidi terrorismi vastase pataljoni eriüksuslane (finantsignorantsuse vastu võitlemise osakond). Treening: MMT, postkeinsism, Tartu Ülikool Majandusteadus
This entry was posted in English, Estonian. Bookmark the permalink.

Lisa kommentaar

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Muuda )

Twitter picture

You are commenting using your Twitter account. Log Out / Muuda )

Facebook photo

You are commenting using your Facebook account. Log Out / Muuda )

Google+ photo

You are commenting using your Google+ account. Log Out / Muuda )

Connecting to %s