Initially written in response to question: A government funds its own expenditure by taxing its population. Suppose, instead, it relied solely on money newly created by the central bank? What would be the advantages and/or disadvantages? The notion that governments rely on the tax revenues derived from individuals and businesses and thus cannot simply “print more money” to solve any issues they might face … Continue reading What MMT Can Do For Us
Although Britain had defeated the Axis Powers in the Second World War, the country was falling from its status as the world’s sole economic heavyweight. 1945 was the second consecutive year that GDP per capita had fallen. Influenced by economists like William Beveridge and John Maynard Keynes, British economic policy operated under the guidance of the “Post-War Consensus”. From the end of the Second World … Continue reading The Effects of Nationalisation on the British Coal Industry
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