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    题名: MMT or Public Enterprises: A Solution for Economic Sustainability
    作者: 林其昂
    Lin, Brian
    贡献者: 財政系
    日期: 2022-01
    上传时间: 2022-07-28 09:09:40 (UTC+8)
    摘要: Modern Monetary Theory (MMT) has increasingly attracted public attention for instrumentally resolving economic instabilities and financial crises in the US. According to MMT, modern governments actually finance their spending primarily through the creation of high-powered money rather than from the proceeds of taxation and bond sales. According to MMT advocates, it is essential to take a fundamentally different vision of government finance and fiscal policy for the determination of money supply. Although MMT has stimulated interesting analyses and public discussions, this article argues that the policy recommendation drawn from MMT cannot meet the policy targets of sustainable employment and growth. In this regard, this article uses several practical cases including a hypothetical tax-free society to show the institutional rigidities of MMT. Like the concept and creation of money, public enterprises are not new in modern history. Unfortunately, public enterprises have been widely treated inefficient institutions and become obsolete in advanced economies. This article shows that public enterprises, socio-economic organizations wholly or partly owned by the local or central government, are a pragmatic antidote for existing economic crises. That is, people have the right to work at public enterprises for meeting their individual and common interests. The re-consideration of public enterprises into original institutional analysis, if successful, is more a timely creation of advanced institutions for sustaining worldwide economies than a politico-economic phenomenon like the MMT spotlight. Economic crises have frequently led many small and medium-sized businesses going bankrupt. This article also shows that, during hard times of major crises, it would be far better for a country to adopt a decisive policy of nationalizing private companies with financial difficulties instead of issuing more money for the unemployed.
    關聯: ASSA 2022 Annual Meeting, ASSA
    数据类型: conference
    显示于类别:[財政學系] 會議論文

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