International Trade and MMT

I have now re-read Chapter 8 of Reclaiming the State and this is what I think they say on International Trade, I plan to simplify it further. I have tried not to insert the anti-arguments, but I am not sure that I agree that “Sudden Stops” can only happen to poor countries. Also if the MMT people are right, then while the fiscal surplus/deficit is not a constraint on macro-economic policy, I am still to be convinced that the balance of trade isn’t! Also MMTers argue that the World Bank/International Monetary Fund/WTO will need to be refactored with new goals based on facilitating trade & development and ensuring that Trade can be financed. If collective/political action is required to ensure that international trade works, why not the EU as the first port of call. Anyway, here’s my notes. … Continue reading “International Trade and MMT”

BBC Funding

I have taken an interest in the BBC’s financial balance of trade on Intellectual Property. Their annual report can be found here … while the National Audit Office undertook a landscape review on their commercial services.  The annual report is a typical haven’t we done well and getting the answers to the questions I am asking is very hard, almost as if they’re hiding it. Here are some notes. Continue reading “BBC Funding”

Stability & Growth Pact

Do the EU treaties inhibit a Labour Government? Much of the debate focuses on industrial policy. Could a Labour Government nationalise an industry? (Yes!) Can it subsidise companies? (Not if this inhibits European companies from entering a market.) Could a Labour Government introduce a minimum wage? (Yes!).  A more interesting question is around Macro-economic policy. Here are my notes on the Stability & Growth Pact (SGP). Continue reading “Stability & Growth Pact”

Fragment on machines

I think I’ll try and get to grip with this, but Marx is very hard read. I am also particularly interested in his views on General Intellect, it seems he agrees that software should be free, but then he also thought that workers should run the state. The fragment on machines is part of the Grundrisse. Here are my notes: Continue reading “Fragment on machines”

Modern Monetary Theory

I wrote about this on my blog, in an article called Modern Monetary Theory and returned to it over the last couple of hours. While I attributed it to Bill Mitchell, the papers I quoted and subsequent google searches point to L. Randall Wray and others. Wray’s book, Understanding Modern Money: The Key to Full Employment and Price Stability is dated 1998.  Continue reading “Modern Monetary Theory”

UK Immigration

I was thinking about the Brexit vote and the way that Immigration came to dominate the debate; there were a couple of factually based articles which examined the numbers, and some economic analysis which argues that like a deficit, immigration is a good thing. Anyway, despite the fact that evidence is of no use in a post truth environment, I decided to have a look at the figures. It’s also a good opportunity to repeat Luke Sorba’s joke, that Socialists treat immigration as the Victorians did sex, we know it happens but don’t want to talk about it. Here are my notes. The number of economic migrants coming to the UK from the EU over the last 5 years is under 30,000 p.a. Given the amount of noise made by the outers,  I was expecting the numbers to be much higher. Is this really accurate i.e. have I made a mistake? I’d be grateful for any comments. (It looks like my numbers are 10% of others, so I need to check this out.) When I say, I’d be grateful for comments, I’d be grateful for comments on my methods. Continue reading “UK Immigration”