THERE’S ONLY ONE WAY FOR MMT TO HANDLE INFLATION

Let’s accept that government does have a role in spending productively, and that taxes don’t fund government.

Let’s understand that taxes add enormously to prices.

Let see that land prices are pathological, land having no cost of production.

It follows, therefore, that taxing land prices away instead of taxing labour and capital will abolish both consumer price inflation and the inflation of ‘asset prices’.

MMT require the public capture of ground rent/’LVT’ as it cannot be passed on in prices.

This combination abolishes rent-grabbing parasitism: it allows the national surplus product/net income to be distributed equally to all as a citizens’ dividend.

Ground rent and citizens’ dividend are different sides of the same coin.

This trinity is rarely acknowledged, but we do need VIMMLBUTT for the ‘post-industrial’ financialisation of the economy to be repaired.