承前*1
Ann Pettifor “Bring back Keynes” http://www.guardian.co.uk/commentisfree/2008/sep/30/wallstreet.marketturmoil
重要なのは、
ということなのだろう。
Flawed monetary policies are turning a crisis into a catastrophe. They must be challenged. Keynes's cool, rational voice on monetary theory and monetary policy must once again be heeded. Central banks must once again take control over all rates - short and long, safe and risky.But a system-wide fix would go further. It would challenge the orthodoxy that unemployment helps keep wages low and is a good thing; and that wage rises are always inflationary. It is this orthodoxy that has caused wages and other forms of compensation to fall as a share of GDP in all OECD countries over the past three decades. This fall in compensation has forced people to supplement incomes by borrowing more.
Creating jobs and raising incomes as a share of GDP is vital if we want people to repay debts, salvage banks and return to the high street. If we fail to adopt such system-wide fixes, and if we persist with economic orthodoxy, then look forward to a prolonged period of global economic failure.
ただ、
という箇所が面白かった。
(…) The most damaging is orthodox monetary policy. This is based on the assumption that money is a commodity, and that its "price" - the rate of interest - must be set by supply and demand for money in private markets for capital - just as the price of oil is set by supply and demand for oil.This is a nonsense. We do not dig capital out of the ground, nor does it grow on trees. Money is man-made. Interest rates are a social construct. And as such, unlike oil or soya beans, "there are no intrinsic reasons for the scarcity of capital", as Keynes argued in the General Theory. Because there is no reason for the scarcity of capital, there is no reason for the price of capital to be high.
See also http://d.hatena.ne.jp/sumita-m/20080313/1205405684 http://d.hatena.ne.jp/sumita-m/20080315/1205590836
