Krugman-ek gurpila birdeskubritu du[1].
Orain dela urte bete Krugman-ek argudiatu zuen berak, ez Minsky-k, benetan ulertu zuela bankugintza.
Krugman-en ustez, bankuek ezin dituzte gordailuak sortu aire hutsetik zeren beraiek erreserbak behar baitituzte konpentsaziorako.
Hona hemen Wray-ren erantzuna:
“I hope Paul Krugman will move on to a 21st century understanding of banking.”
Izan ere, askoz hobea eta sakonagoa da Minsky Krugman baino[2]: Minsky-k askotan esan duen moduan, edozeinek sortu dezake dirua (“anyone can create money”), baina afera hauxe da, alegia, diru hori onartua izatea (but “the problem lies in getting it accepted”).
Wray-k honela laburbiltzen du Minsky-k diruaz eta bankugintzaz askotan azpimarratu duena[3]:
- “a capitalist economy is a financial system;
- neoclassical economics is not useful because it denies that the financial system matters;
- the financial structure has become much more fragile;
- this fragility makes it likely that stagnation or even a deep depression is possible;
- a stagnant capitalist economy will not promote capital development;
- however, this can be avoided by apt reform of the financial structure in conjunction with apt use of fiscal powers of the government.”
