Universal default insurance on marketed firm level securities

Avoid the pit falls emergent in savings and loan deposits in the 1980s Regulate market rates

Emergent convergence is Elmer Fuddish .....too much of the time

.....The latest set of Bugs never gets shot let alone killed

The paradigm of agency now supreme

The age of mechanism Was sublated by the age of agency Probably by 1980 If not sooner But the macro school of new classical Quickly assumed away its increase in realism aka degree of accuracy of model simulation By setting up single rep agency Which is not even simply instantaneous Convergence of agent info to a common pool That turned macro dynamics into Meta statics with random real " shocks"

The guardians of market socialism will be different of necessity from the frost giants of gosplan

Granular data on shortage and overage including resolution time estimates

Macro managers need to consider optimal employment as a discovery process

Pushing the envelope With a mark up price cap Would use physical shortages as The measured index We know systemic shortages Are not optimal But we have yet to investigate The zone edge where firm level viewed shortage and overage are in some fluxuating value ratio Are both common simultaneously To discover what macro combo is optimal Or even how to form such an index

Different economic class pov's mean different optimal rates of employment

Full has lots of meanings Sustainability is the usual Tacit qualifier But sustain ability measures come with Tacit Institutional preservations NAIRU was developed To guide employment policy Along lines considered capitalist corporate Best long run outcomes So much so At one point We saw " derived" metrics of over employment That ran as high as 15% unemployment In recovering Spain

Keynes on flex wage v flex "money policy"

"there is no means of securing uniform wage reductions for every class of labour. The result can only be brought about by a series of gradual, irregular changes, justifiable on no criterion of social justice or economic expediency, and probably completed only after wasteful and disastrous struggles, where those in the weakest bargaining position will suffer relatively to the rest. A change in the quantity of money, on the other hand, is already within the power of most governments by open-market policy or analogous measures. Having regard to human nature and our institutions, it can only be a foolish person who would prefer a flexible wage policy to a flexible money policy, unless he can point to advantages from the former which are not obtainable from the latter. Moreover, other things being equal, a method which it is comparatively easy to apply should be deemed preferable to a method which is probably so difficult as to be impracticable"

Contradictions between the liberal state and democracy

18th century formulation Benign despotism A despotic state party Is it incompatible with De facto Liberal values Mandate of the people ?

Pay boards and unions

Pay boards are state agencies insuring equal pay for equal work Unions are wage earners Self created organizations To struggle with Firm level management

Use it or lose it : part (n + 1 )

Pay it forward or backward That's firm autonomy Or build or hire or train Use all your surplus Or your accounts will be swept By the state Why Because all surplus value Like all surplus product is a social product Autonomy is about use choices not accumulation choices Those are the exclusive function of the state As guardian of the social surplus Under socialism and the mission to exappropriated the private exappropriations

It's now 1993 why isn't stiglitz calling for the same macro as Vickrey

Hey he's at the CEA in fact he becomes chief Why no counter attack on the new keynesian Paradigm ? And the pro corporate profiteer NAIRU doctrine ?

The other MMT : MODERN MICRO THEORY AKA AKERLOFF STIGLITZ MICRO

Lerner markets for equal work equal pay reducing wage dispersion by job category

How could a meta market for wage setting markets be built To gradually squeeze out wage dispersion While raise wage rates over time for each job type Goal a system that over time tended To uniformly Equalize .... system wide wage rates.... for Identical task bundles ............. ..... . A set of tasks may vary in proportions And task unit based rates look daunting The point would be to charge a fee for non equal rates for equal work Transparency is done qua non Of course But an equal pay board would set The categories and monitor compliance Imagine a warrant not to comply Would have a cost to employers Of course paying above norms would be rewarded Each off setting the other in total Hence the warrant exchange Much like exports dictating the size of imports

Corporate sector CO ordination markets aka Lerner markets

Price changes Employment changes Investment changes Etc etc All fall under Greenwald stiglitz paradigm of firm level externalities And thus Lerner markets

Hicks v kalecki

Comes down to them two Hicks lays a path to Corporate Capitalist hegemony Kalecki to job class liberation Social democracy as a practical political m9vement Essentially chose the easier non class struggle path Hicks That leads on to samuelson And his opposite FRIEDMAN