Comments URL: https://news.ycombinator.com/item?id=49911529

Points: 7

# Comments: 7

The result is what you would expect. Here's the article from the AEI, which I'm surprised waded into the mess as they're partially responsible for the confusion. Maybe they're gloating?

https://www.aei.org/commentary/obamacare-vs-affordable-care-...

And an interesting investigation into the origin of the quote at https://quoteinvestigator.com/2017/11/30/salary/

Here's his latest video: https://youtu.be/mKWfEQlcDoU

I encourage everyone to read about it if you're a person who absorbs info via text better.

Here's the Wikipedia entry: https://en.wikipedia.org/wiki/Modern_Monetary_Theory

It's worth a read. I wish there was a single volume "MMT for Dummies," but to get the full read on it, you currently have to read a bunch of different texts. I like the Wikipedia article because they include some of the critiques as well as the supporting arguments.

My take on economics is there are few theories that are universally applicable. Keynes is applicable to some situations as is Hayak and even E. F. Schumacher. The hard part is figuring out which theory is good for which situation (and how to tell if your assumption about applicability was wrong.)

What I find surprising about modern Americans is they really want to elect someone who has all the answers. FDR was somewhat famous for f*king up a couple times and changing course when the data didn't match the theory. We're so tribal these days we refuse to admit that even good leaders can get it wrong once and again and having an honest discussion about why the error occurred and how they're going to fix it might lead to better outcomes.

I am reminded of J. R. "Bob" Dobbs' quote "Act like a dumbsh*t and they'll treat you like an equal." Perhaps I should run for office on the platform of "I'm probably as dumb as you are, which makes me smarter than my opponents."

I believe this, which I supposed makes me a Graeberite. Graeberian? Graeberista?

But... yes... it would be great if enough people knew about Henry George and Georgism that the Gallup people thought it was worthwhile to put it on a survey.

And allow me to bemoan the current state of affairs where the definitions of capitalism and socialism used by most Americans are defined by tribal communities whose (sub)social order depends on the in-crowd toeing a particular party line with respect to whom is allowed to extract rent, set prices, rent and tax rates. Which is to say, if you're comfortably making seven figures on your constellation of payday loan offices, you probably a fan of the status quo.

For my right-wing nut-job friends, remember, there are "socialist" countries like Sweden, Denmark and (arguably) Canada which are perfectly pleasant. Venezuela and Cuba's problems aren't due to their "socialist" nature, but to wide-spread corruption and oligarchy. Keynes (and even Marx) had interesting things to say, though doctrinaire adoption of political and economic philosophy from previous centuries is not likely a good idea.

For my left-wing pinko friends, remember, not all "capitalism" is regressive. Even places like Sweden, Denmark and Canada have a form of capitalism despite being mildly constrained by collective action. Hayak had interesting things to say, though doctrinaire adoption of political and economic philosophy from previous centuries is not likely a good idea.

Stop me before I mention Modern Monetary Theory.

Which is to say, not all art is comfortable, but not all things that are not comfortable are art.

It's perfectly fine for art to be comfortable. Stop gate-keeping.

Which is to say... yes... I would probably use Argon2id if I could, but I can't (I mean... not in all projects) so fixing this bug is appreciated.