I’ve been reading a bit about Modern Monetary Theory lately, and one argument I’ve seen a few times is that inflation and taxation are merely methods to transfer goods from the “private sphere” to the “public sphere.”
It’s worth noting that this argument misses a major economic point, so I’m going to break down the mistake that the MMTers are skirting around in an attempt to hide the damage of what they’re trying to encourage.
My notes in PDF format can be found here.
The video is available on Odysee and BitChute.
References:
1) Pareto optimality
https://mises.org/mises-wire/rothbardian-welfare-economics
2) Mises’s Calculation Problem
https://mises.org/library/book/economic-calculation-socialist-commonwealth
3) Hayek’s Knowledge Problem
https://mises.org/mises-wire/socialism-calculation-problem-not-knowledge-problem
4) Public Choice Theory
https://mises.org/mises-daily/can-governments-function-markets-austrian-insights-public-choice-theory