This is fun:
Had an email conversation with Prof Stephanie Kelton in the USA yesterday. She is a leading modern monetary theorist and currently Chief Economist on the U.S. Senate Budget Committee whilst on leave from her position as Associate Professor in the Department of Economics at the University of Missouri-Kansas City.
A Bernie Sanders appointment. Bit like Ritchie and Corbyn actually. But still:
During the email exchange Stephanie, when discussing the problem of explaining who pays for government investment, offered a quip I thought worth sharing:
The problem … is that they all think money grows on rich people
That was, I admit, a laugh out loud moment. But that’s because it is so true.
So, money doesn’t grow on rich people then. Glad we’ve got Piketty sorted out then. For of course his thesis is that being rich means that more money just accumulates to those already rich and that this is a disaster for society about which something must be done. And if that’s not true then those things don’t need to be done then, do they?