2 Notice the dynamics in the parable when a new president comes in and mandates a higher minimum wage. This leads to higher capitalist nominal profit, even in real terms over the long term.
4 An interesting reference in this area is Mark Blyth, Great Transformations: Economic Ideas and Institutional Change in the Twentieth Century (Cambridge: Cambridge University Press, 2002).
5 For the United States, see Stephanie Kelton, “Paul Krugman Asked Me about Modern Monetary Theory. Here Are 4 Answers,” Bloomberg Opinion, March 1, 2019.
6 See Manon Boujou et al., “Democratizing Europe: By Taxation or by Debt?,” Social Europe, February 11, 2019, and Stuart Holland, “Where the ‘Piketty Plan’ Is Mistaken,” Social Europe, February 28, 2019.
7 Philip Pilkington, “Taxation, Government Spending, the National Debt and MMT,” Fixing the Economists (blog), August 18, 2014.
10 Lerner, “Functional Finance.”