John Kenneth Galbraith




Azken liburua: The Economics of Innocent Fraud (2004an argitaratua):

Warren Mosler eta J. K. Galbraith: ikus

James K. Galbraith-ek, John-en semeak, dionez (Foreword to W. Mosler’s book):

Warren Mosler is a rare bird. A self-taught economist who is not a crank. A successful investor who is not a blowhard. A business person with a talent for teaching. A financier with a true commitment to the public good.”


Warren’s gift is transparent lucidity. He thinks things through as simply as he can. (And he puts a lot of work into this – true simplicity is hard.) He favors the familiar metaphor, and the homely example. You can explain his reasoning to most children (at least, to mine), to any college student, and to any player in the financial markets. Only economists, with their powerful loyalty to fixed ideas, have trouble with it. Politicians, of course, often do understand, but rarely feel free to speak their own minds.”

Now comes Warren Mosler with a small book, setting out his reasoning on seven key issues. These relate to government deficits and debt, to the relation between public deficits and private savings, to that between savings and investment, to Social Security and to the trade deficit. Warren calls them “Seven Deadly Innocent Frauds” – taking up a phrase coined by my father as the title of his last book. Galbraith-the-elder would have been pleased.”

The common thread tying these themes together is simplicity itself. It’s that modern money is a spreadsheet! It works by computer! When government spends or lends, it does so by adding numbers to private bank accounts. When it taxes, it marks those same accounts down. When it borrows, it shifts funds from a demand deposit (called a reserve account) to savings (called a securities account). And that for practical purposes is all there is. The money government spends doesn’t come from anywhere, and it doesn’t cost anything to produce. The government therefore cannot run out.


Aspaldian zertxobait egin nuen Galbraith-ez: Ia guztientzako ekonomi gidaliburua, UEU, 1988:

(PDF-ko bertsioa deskargatu daiteke dohainik.)

Galbraith-ekin Montrealen hasitako bideak markatu nau, erabat.

Orain ildoa zehatzagoa da DTM-ko autorearekin, eta batez ere W. Mosler-ekin.

Bideak merezi du (Machado revisited and updated).

Iruzkinak (2)

Utzi erantzuna

Zure e-posta helbidea ez da argitaratuko. Beharrezko eremuak * markatuta daude