I just finished watching the “debate.”  What really stood out to me is the simplicity (in the pejorative sense) of Moore’s thought.  In advancing the old supply-side arguments, he notes that production is paramount; that obviously consumption requires production.  That is surely true.  But what he fails to say is equally true.  Production requires consumption.  Within the capitalistic order, the stuff has to be sold in order to generate profits and the consumers must work to make the stuff.  We can avoid this gnarly “chicken or egg problem” by approaching the problem in general equilibrium terms.  Ladle on adequate mathematics and one might even forget what’s at stake whilst deriving first-order conditions.  Leontieff’s idiots savant  come to mind.

That will however only mask the miasma.  We must ultimately confront the issue of which matters more.  Moore clearly exalts the producer (capitalist class); giving a nod to the need to protect the “old  people” whilst we release the producers from impound in these perilous times.  Randy’s focus is ultimately all about the worker/consumer (and the fate of civilization/planet).  Profits vs. people in stark contrast on this May day.  Schumacher comes to mind.  (I read it when it came out, perhaps making me one of those folks Moore deems worthy of special protection even though I am not old enough to have witnessed the failure of the new deal.)

I am well aware this is not news to any of you but it gives me a way to wish you all a happy May Day.

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On Fri, May 1, 2020 at 11:16 AM Wray, Randall <[log in to unmask]> wrote:

Job Guarantee for New Zealand: https://www.rnz.co.nz/news/covid-19/415421/cat-maclennan-post-covid-19-job-guarantee-scheme-a-bold-solution

I debated Steve Moore, Trump's man to reopen the economy. It was fun and surreal. 

You can view the video here: https://twitter.com/linuxie/status/1254035219004481541?s=20. No help for blue states; let them all go bankrupt; open up the Red states and let everyone in the blue states go green with envy. The New Deal was a failure. Lots of other stuff you didn't know.

As an antidote to crazy, Pavlina spoke with the New Yorker on how to reopen the economy:


L. Randall Wray
Senior Scholar, Levy Economics Institute

Professor of Economics, Bard College

Emeritus Professor, University of Missouri-Kansas City

Co-editor Journal of Post Keynesian Economics
ISSN 0160-3477 (Print), 1557-7821 (Online)


Recent Books:

A Great Leap Forward: Heterodox Economic Policy for the 21st Century; Randall Wray; Paperback ISBN: 9780128193808; Academic Press; Published Date: 22nd January 2020; https://www.elsevier.com/books/a-great-leap-forward/wray/978-0-12-819380-8


Macroeconomics; Author(s): William Mitchell, L. Randall Wray, Martin Watts; Red Globe Press, Macmillan International; February 2019; https://www.macmillanihe.com/page/detail/Macroeconomics/?K=9781137610669.


Why Minsky Matters: An Introduction to the work of a maverick economist, Princeton University Presshttp://press.princeton.edu/titles/10575.html


Modern Money Theory: a primer on macroeconomics for sovereign monetary systems, Palgrave Macmillan http://www.palgrave.com/page/detail/modern-money-theory-l-randall-wray/?isb=9781137539908 


Please make note of my new email address as I will be transitioning all email to:

Brian Eggleston, Ph.D.
Department of Economics
Augustana University
Sioux Falls, SD 57197

Expose yourself to your deepest fear; after that, fear has no power and the fear of freedom shrinks and vanishes.  You are free.      Jim Morrison (The Doors)

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