Modern Monetary Theory
In this space I will discuss various aspects of how Economic Systems function from the point of view of Particle Physics.
As a "warm-up" I include a Scientific American article written by Dr. Bruce M. Boghosian a professor of mathematics at Tufts University, which motivated me to send the following (rather enigmatic) Letter To The Editor:
Regarding Page 70: The Inescapable Casino by Bruce M. Boghosian
Economics: A Human Construct
In the realm of particle physics each vertex conserves energy and momentum to the point that off shell particles exist only for a time consistent with Heisenberg's Uncertainty Principle. While they impose very real consequences we will never extricate them from their virtual realm.
Economic transactions, however, need not be fair and balanced. In the grand scheme of things government spending (monetary creation) is fundamentally decoupled from government taxing (monetary annihilation). Economic activity unlike particle processes are not subject to physical constraints. During my seventy years of life I have seen how this artificial environment allows for much evil as well as for much virtue.
Dr. Boghosian writes "Given how complicated real economics are, we find it gratifying (that this analysis) describes the actual wealth distributions of multiple nations with unprecedented precision and accuracy." I, for one, am a bit surprised "that a simple analytical approach developed
by physicists and mathematicians" revealed so very much about economics.
I would like to "second" Dr. Boghosian's final paragraph: We of the cognoscenti need to pressure our policy makers to create a fair and equitable economic system. Economics cannot be used to justify the subjugation of the many to benefit the few. There is no compelling reason to allow the unfettered concentration of wealth to the detriment of life, liberty, and the pursuit of happiness.
Dr. Robert I. Price, retired University of Nebraska, Kearney
AKA: Rip, 2052 Bradbury Street, Medford Oregon, 97504