Dev.SN

Adapting Monopoly to Understand Modern Money

posted by Dopefish on Saturday March 01 2014, @10:30AM   
from the pass-go-and-collect-$200 dept.

buswolley writes:

"Is the United States or the EU really too poor to afford to build the things each needs to maintain prosperous nations? Modern Monetary Theory (MMT) posits that America is not too poor in real resources to do the things it needs to do, and now proponents of the theory have adapted the rules of the classic board game Monopoly to demonstrate their case. For those that do not know what modern monetary theory is about, a suitable primer on the topic might be Warren Mosler's Seven Deadly Innocent Frauds of Economy Policy or Diagrams and Dollars, either as a book on Amazon or on-line for free at NewEconomicsPerspectives.org.

While the Modern Monetary Theory perspective tends to elicit disbelief and even rage, I think it is important for any scientist and geek to weigh the evidence carefully, and by doing so understand better about how and why money is created and destroyed."

• Taken to its logical end MMT seems to advocate... (Score: 1) by EQ on Saturday March 01 2014, @05:45PM

  by EQ (1716) on Saturday March 01 2014, @05:45PM (#9244)

  Massive printing of fiat currency, and massive complex detailed and intrusive regulation. The movie Brazil ring a bell? Reduction ad absurdum. It's an extremely bad end state that follows from the fundamentals of theory taken to their ends. What goes unanswered: how is wealth created and what impact does unfettered regulation have on it, especially inventiveness and the freedom to innovate that is at the root of it, and the root of progress. MMT seems allow, even encourage, massively regulated complex government intrusion with no regard to human freedom. Is there a concise and clear explanation to address these issues?