PP: “Lay accounts of MMT hammer the point that taxation is unnecessary since the state can “simply” create money. It may be possible but not simple, so it’s worth being precise on how much money the state can create and what the economic effect will be.”
Me: What it requires is to throw off the remaining stench of general equilibrium by no longer claiming that “automatic stabilizers” will come into play in monetary mechanics.
Even the traditional concept of free market economics is inaccurate. The economy is in a continual state of total individual income scarcity in ratio to total costs and so prices that is not controlled on the lower bound by costs nor the upper bound of price which by definition means it is in a continual state of chaos that Finance and its monopolistic paradigm of Debt Only attempts to smother into “equilibrium”.
What economics requires is rational and wise policies that create boundaries at economically significant and effective places hence bringing actual order to it and resolving its chronic problems of income scarcity and inflation with a resulting dynamically free flowing and ethical higher disequilibrium.
Me: These are all excellent observations comparing and contrasting an economics primarily based on profit or primarily on love. As the natural philosophical concept and experience of love IN ACTION is grace-graciousness and the relevant economic aspect and application of grace in a monetary economy is gifting, I suggest we contemplate that fact and the many aspects of that concept. Nations, cultures and civilizations follow and express their underlying philosophies, ethics and zeitgeists. Self actualizing a concept or a paradigm simply takes mental effort and follow through.