{"id":537,"date":"2024-07-03T22:09:01","date_gmt":"2024-07-04T04:09:01","guid":{"rendered":"https:\/\/marginalnonhermit.com\/?p=537"},"modified":"2024-07-03T22:09:01","modified_gmt":"2024-07-04T04:09:01","slug":"mmt-fatal-flaws-why-feed-an-inferior-machine","status":"publish","type":"post","link":"https:\/\/marginalnonhermit.com\/?p=537","title":{"rendered":"MMT Fatal Flaws: Why Feed an Inferior Machine?"},"content":{"rendered":"\n<iframe id=\"odysee-iframe\" style=\"width:100%; aspect-ratio:16 \/ 9;\" src=\"https:\/\/odysee.com\/$\/embed\/@MarginalNonHermit:3\/mmt-fatal-flaws-why-feed-an-inferior-machine:d?r=8gvoByECHNgc2BfQ5o91oxf89bpi1Ui4\" allowfullscreen><\/iframe>\n\n\n\n<p class=\"\">I&#8217;ve been reading a bit about Modern Monetary Theory lately, and one argument I&#8217;ve seen a few times is that inflation and taxation are merely methods to transfer goods from the &#8220;private sphere&#8221; to the &#8220;public sphere.&#8221;<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"\">It&#8217;s worth noting that this argument misses a major economic point, so I&#8217;m going to break down the mistake that the MMTers are skirting around in an attempt to hide the damage of what they&#8217;re trying to encourage.<\/p>\n\n\n\n<p class=\"\">My notes in PDF format can be found <a href=\"https:\/\/marginalnonhermit.com\/wp-content\/uploads\/2024\/07\/mmt-fatal-flaws-1-inferior-machine.pdf\">here<\/a>.<\/p>\n\n\n\n<p class=\"\">The video is available on <a href=\"https:\/\/odysee.com\/@MarginalNonHermit:3\/mmt-fatal-flaws-why-feed-an-inferior-machine:d?r=8gvoByECHNgc2BfQ5o91oxf89bpi1Ui4\">Odysee<\/a> and <a href=\"https:\/\/old.bitchute.com\/video\/hZM4033rmbT7\/\">BitChute<\/a>.<\/p>\n\n\n\n<p class=\"\">References:<br>1) Pareto optimality<br><a href=\"https:\/\/mises.org\/mises-wire\/rothbardian-welfare-economics\">https:\/\/mises.org\/mises-wire\/rothbardian-welfare-economics<\/a><\/p>\n\n\n\n<p class=\"\">2) Mises&#8217;s Calculation Problem<br><a href=\"https:\/\/mises.org\/library\/book\/economic-calculation-socialist-commonwealth\">https:\/\/mises.org\/library\/book\/economic-calculation-socialist-commonwealth<\/a><\/p>\n\n\n\n<p class=\"\">3) Hayek&#8217;s Knowledge Problem<br><a href=\"https:\/\/mises.org\/mises-wire\/socialism-calculation-problem-not-knowledge-problem\">https:\/\/mises.org\/mises-wire\/socialism-calculation-problem-not-knowledge-problem<\/a><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-econlib wp-block-embed-econlib\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"iRKBetlps5\"><a href=\"https:\/\/www.econlib.org\/library\/Essays\/hykKnw.html\">&#8220;The Use of Knowledge in Society&#8221;<\/a><\/blockquote><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;&#8220;The Use of Knowledge in Society&#8221;&#8221; &#8212; Econlib\" src=\"https:\/\/www.econlib.org\/library\/Essays\/hykKnw.html\/embed\/#?secret=svUcbEpIlu#?secret=iRKBetlps5\" data-secret=\"iRKBetlps5\" width=\"580\" height=\"327\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"\">4) Public Choice Theory<br><a href=\"https:\/\/mises.org\/mises-daily\/can-governments-function-markets-austrian-insights-public-choice-theory\">https:\/\/mises.org\/mises-daily\/can-governments-function-markets-austrian-insights-public-choice-theory<\/a><\/p>\n\n\n\n<p class=\"\"><a href=\"https:\/\/mises.org\/library\/book\/bureaucracy\">https:\/\/mises.org\/library\/book\/bureaucracy<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>I&#8217;ve been reading a bit about Modern Monetary Theory lately, and one argument I&#8217;ve seen a few times is that inflation and taxation are merely methods to transfer goods from the &#8220;private sphere&#8221; to the &#8220;public sphere.&#8221;<\/p>\n","protected":false},"author":1,"featured_media":499,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,4,2],"tags":[130,37,63,118,65,72],"class_list":["post-537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","category-political","category-video-link","tag-austrian-economics","tag-economics","tag-fiat-money","tag-modern-monetary-theory","tag-money","tag-politics"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/marginalnonhermit.com\/wp-content\/uploads\/2023\/12\/dollars.jpg?fit=800%2C529&ssl=1","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/posts\/537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=537"}],"version-history":[{"count":1,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/posts\/537\/revisions"}],"predecessor-version":[{"id":539,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/posts\/537\/revisions\/539"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/media\/499"}],"wp:attachment":[{"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}