Hasierarako, ikus Warren Mosler eta Steve Keen-en arteko eztabaida
trade deficits my only real point of disagreement with #MMT Perhaps in third world countries there is an opportunity cost of exporting stuff they could use at home to improve living standards, but no opportunity cost of Germans exporting cars. Exporting surplus. Ditto NZ dairy
Exactly. It’s a naive micro issue which only applies at the macro level at full capacity. Irrelevant and invalid foundation for macro theorizing.
The impact of German export obsession *and failing to spend the resulting savings* is the destruction of Greece, Spain and Portugal. Never analyse states in a currency area. That is a category mistake. The savings are the vice, not the exports. International paradox of thrift
It’s been the impact of the EU failing to sufficiently increase the 3% deficit limit that caused those problems.
2018 mai. 22
It doesn’t matter if Aggregate Demand is imported or created domestically, what matters is for the country in question to HAVE a manufacturing base & a skilled workforce to make use of it.
Much of manufacturing lost today is a cheap international commodity of no strategic value that goes to regions where workers can survive on the fewest calories? And can be/is “replaced” with far higher value output?
2018 mai. 22