NorthOfNorth wrote on Nov 23
rd, 2021 at 5:48am:
The Marxist, 'From each according to his ability, to each according to his needs', could have been lifted from the bible.
Correct; but the 2nd part of that famous phrase needs modification, to take account of the role of
incentive and greed in the productivity of individuals. In other words, equality of outcome is not desirable, to maximize productivity; "need" must be modified by reward, meaning that some will have greater access to discretionary spending than others, owing to greater contribution.
Now the
value of the particular contribution is up for debate, and this is where the Job Guarantee of MMT comes in: there is no special contribution made by the CEO of Colacola who is flogging diabetes and obesity (ie junk consumerism) than the worker conscientiously tending a public garden. In fact the latter adds to the community's amenity, while the former destroys the community' health.
Quote:Until the 'realpolitik' of human nature is applied to it.
Sure, to each according to his needs, and when members of a privileged power elite decide that a government-purchased Maserati and holiday homes are in accordance with their needs?
How do they pay for privileging the elites? By 'economising' on the basic needs of the masses.
As was a common joke in eastern Europe, 'They pretend to pay us and we pretend to work'.
Correct, and addressed above.
Given the acceptance of the current 'invisible hand' market economy, established in most of the world since the collapse of the USSR, MMT offers a way to balance
public sector outcomes, on behalf of 'common prosperity'; with
private sector outcomes, on behalf of private greed and personal enrichment.