freediver wrote on Jan 22
nd, 2022 at 3:42pm:
People with assets getting richer when asset prices rise is entirely natural. My apologies, I didn't think this would come across as inscrutable.
It's only 'natural' in the present evil monetary system, which results in billionaires doubling their wealth while they are asleep. (Nice 'work' if you can get it....).
Any increase in the wealth of billionaires - which is gained when the recipient is asleep - should be taxed at 90%, as Oxfam advises.
Yet MMT offers an alternative solution to the current evil system which forces government to tax or borrow from greedy individuals who don't want to pay taxes (ie all of us, whether paupers or billionaires, which is the Left's dilemma).
Meanwhile RW 'individual sovereignty' ideologues are supremely indifferent: "let them eat cake". No increased taxes on the wealthy allowed.
[Louis XVI was advised by one of his more enlightened economic advisors to increase taxes on the aristocracy, but he was swayed by his more self-interested economic advisors.... which resulted in all of them, including the King, losing their heads.....]
Quote:It is a meaningless distinction. Like saying that prices reflect where the demand curve lies rather than where the supply curve lies.
Which is not a meaningless distinction.
I could design a planned, functioning economy, without recourse to money at all, and yet provide for individual incentive, to implement "from each according to ability", to each according to creative contribution (....slight change in the 2nd part of Marx's formulation).
Which all goes to show
resource availability is the limiting factor, not resource demand limited by price.
Quote: Not sure why you still seem incapable of comprehending this point.
Addressed above. Your assumption of correct
price determination in free markets, as the necessity for prosperous development, is based on obsolete classical economics.