Einstein said in connection with Special Relativity Theory, Everything is relative. Lonergan said, The analysis is purely relational. In, normative Monetary Field Theory all flows of products and payments are connected in a purely-relational, unitary system.
How many socioeconomic problems are primarily cultural problems, with leaders throwing more and more money in vain at what are basically problems of culture and its ethos? A president or prime minister or chancellor must not confuse cultural problems with economic problems. A vast educational effort is called for.
A Must-Read: Fred Lawrence, “Money, Institutions, And The Human Good”: An Ordered Perspective Distinguishing Social and Monetary Values.
when a limited liability company has served its day, it goes to bankruptcy court; but when bureaucrats take over power, they intend to stay. … when the pressure of terrorism is needed to oil the wheels of enterprise, then the immediate effect is either an explosion or else servile degeneracy. (CWL 15, Editors’ Introduction xxxiv)
All payments are made to people, whether as unemployed individuals, entrepreneurs, rentiers, productive workers in a unit of enterprise, or workers providing government or other services. Only people have bank accounts, whether personal or virtual by dint of participation in an organization. Ice cream does not have a bank account. Payment for ice cream is a final payment to the retail unit of enterprise, whose owner and employees have finally assumed the previous initial payments to humans working prior to them in the supply chain. We don’t pay clothes for themselves; ultimately we pay all the people in the chain of supply of clothes. All payments are made to people, whether directly or indirectly. It’s all Smith to Jones, and in what income bracket are Smith and Jones? And how does the money further circulate in the double-circuited, credit-centered system of monetary flows?
On the technology front, is the advance of technology outstripping the supply of human competence?
Speaking in proper grammar, with a few seldom-used words thrown in for good measure, may make one appear intelligent, educated, even honest. But much of the content may be utter falsehood. The real issue, then, is truth.
Incentives to able-bodied people to not work must be replaced by incentives to work. What if the social cost of a higher rate of employment exceeds the social benefit? What if higher employment is a slowly-ascending logarithmic function while the associated cost is a rapidly-ascending exponential function, which will cause the swindle of rampant inflation?
There are two ways to conquer and enslave a nation … One is by sword, another is by debt. (John Adams, 1826)