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#economics #mark-wardsworth
The main power of billionaires (even if they don't know it yet, and if rich people are reading this, then yep) is the ability to spend their billions on real resources and cause inflation. Then govt has to cut spending/raise taxes to stop it
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Mark Wadsworth: Modern Monetary Theory and Land Value Tax
tary taxation.' So we get the equation Govt spending = local saving + net imports (foreigners saving) + tax. Now we can argue over who gets compulsory taxation and who gets voluntary taxation. But it has nothing to do with public services. <span>The main power of billionaires (even if they don't know it yet, and if rich people are reading this, then yep) is the ability to spend their billions on real resources and cause inflation. Then govt has to cut spending/raise taxes to stop it. Once you see things from the MMT point of view it is very clear. For example in developing countries capital controls won't be all that is needed. The govt needs to ban imports of lux


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