forgot last sentence.....but clearly, economic growth is mandatory, otherwise simple population growth will lead to depression
On Fri, Jan 11, 2019 at 8:29 AM John Case <email@example.com> wrote:
This argument from Blanchard's research: As long as the growth rate --- presumably a rate larger than simple population growth -- exceeds debt interest rate, borrowing (for a large country with its own currency) is a low cost proposition.My interest is primarily in how socialists might manage the capitalist sectors of a mixed economy to maintain both sustainable growth, productivity and higher standards of living. I know some would prefer to dismiss 'capitalism' by decree. But commodities -- and capitalism -- will not be denied as long as there are scarce values produced for exchange.The difficulties in measuring labor productivity in services and intangibles may make the 'GDP' numbers too error-ridden to rely upon. But, clearly, GRBlanchard on public debt and interest rates; also: thanks, MMTers!
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