lee wrote on Oct 6
th, 2025 at 3:52pm:
thegreatdivide wrote on Oct 6
th, 2025 at 11:32am:
Neoclassical orthodoxy requires government to tax the private sector, and or borrow from the private sector when taxes don't raise sufficient money to fund government spending.
And MMT has overcome this how?
MMT provides the necessary understanding re money creation in the fiat-currency era (sadly lacking among the general public), and exposes the Neoclassical error which requires the c-i government to tax or borrow from the private sector - an error which is the direct cause of the current widespread democratic dysfunction.
eg today Macron's chosen PM resigned after a few days in the job, because the French parliament can't agree on how to deal with France's debt.
And of course the US government is currently shut down because the Repubs want lower spending and lower taxes, while the Dems want to extend Obama's health care subsidies to millions of low income Americans.
So, will you open your eyes regarding money creation - as the Catholic Church was forced to do re the earth's place in the universe, 4 centuries(!) after Galileo exposed the reality.
Will Neoclassical economists hang on to their delusions for so long, causing widespread political and economic chaos in national and global governance?
Hopefully the public - seeing and experiencing increasing democratic dysfunction - will soon move beyond Neoclassical orthodoxy, just as the public did faced with the Church's geo-centric religious orthodoxy.
Quote:So all these houses and cheap prices because they are broke and still homeless.
Crippled brain lee: the private sector developers (eg - spectaculary - Evergrande) went broke because the 'housing as investment' ideology was based on a
private- credit-fueled ponzi scheme like the US 'subprime' housing crisis.
China of course should have instituted "socialist" principles and housed everyone in good housing, funded by the State, avoiding the private sector's 'housing as investment' (get rich quick) delusion which is currently ravaging Oz.
Quote:The market slipped by 0.7% and the "boom" is over?
Yes, the boom is over: China is currently trying to sell long dated bonds to encourage investment by local authorities to finish thousands of half-completed houses left after the collapse of the big private housing developers. The effects of the housing downturn are being felt in the steel industry, and stabilzing the industry is proving to be slow process, as the Neoclassical-informed PBofC is trying to reduce local government debt.
Quote:So no numbers, just blind faith.
Dummy lee: the unknowable speed of tech advance (eg, will nuclear fusion be available some time before 2050?) will determine the numbers going forward, but the direction is clear.
Quote:Oh now it is per capita consumption, the Chinese go to, to pretend they are not a part of the problem and don't need to do anything yet
Ideologically crippled brain lee: China is already increasing renewables at the fastest rate of any nation, while dealing with the extra time required (decades) to construct grid-scale storage capacity (cf building solar/wind farms), while the tech is changing (eg 'flow' versus lithium ion battery tech, for grid-scale storage).
Meanwhile it's you and Nats in Oz who are bleating about "climate fraud", inplying no need for Oz to do anything...
Quote:Nope it is your failure to acknowledge even greater storage.
Ideologically blind, dumb lee: you demand the numbers, while China is getting on with the job of creating storage capacity amid continuously advancing tech eg small and large nuclear, and new long-distance transmission and grid scale battery storage. The numbers will change as 2050, the Paris-agreed date, approaches.
Btw, China has just increased the efficiency of solar panels:
(google)
China's solar industry has significantly advanced solar panel efficiency through ongoing research and the introduction of new technologies like Heterojunction Interdigitated Back Contact (HIBC) and perovskite tandem cells. Leading Chinese firms such as LONGi have broken world efficiency records for both silicon and perovskite tandem cells, demonstrating increased conversion efficiencies that are poised to make Chinese solar products more competitive globally and contribute to global carbon reduction goals.
Key developments in solar panel efficiency in China:
Record-Breaking Efficiency: In April 2025, LONGi set a world record for silicon solar cell efficiency at 27.81% with their HIBC technology and unveiled the Hi-MO 9 solar module with 24.8% efficiency Quote:How does dust affect the turbines?
Don't you know? Chinese engineers will be the first to answer that question, since other countries haven't built wind turbines in windy deserts yet (and btw China just commissioned the world's largest off-shore turbine - they are global leaders in wind, solar and battery tech).