Don’t get me wrong I am really encouraged that Mr. Moffatt took it upon himself to echo what we should all know by now: debt is not the story behind the Euro crisis. And as Mike rightly points out the … Continue reading
Category Archives: MMT
Pilkington hits a home run
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You should go read it in full I am just going to skip to the money shot: It’s columns like this that demonstrate how technocratic (and anti-democratic) neoclassical economists actually are. They say they like freedom and all that – … Continue reading
Is Canada the ultimate MMT playground?
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Unlike other jurisdictions Canada has a sovereign currency and a central bank that is explicitly allowed to buy both federal and provincial debt. It is all right here in Article 18 of the Bank of Canada Act. 18. The Bank may … Continue reading
Trying to get burned at the stake: heretical Easter edition
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Me, I like heretics. Sure hanging out with heretics and being a heretic is fraught with danger: a certain tendency towards a merely reactionary or contrarian stance, a pension for wasting time by reinventing the wheel and merely convincing yourself … Continue reading
Might this Time be Different? Modern Monetary Controversy and the Cambridge Capital Controversy
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The Post Game Analysis at Heteconomist motivated this post because they argued that: … at root the current discussion may ultimately go all the way back to the capital debates. The New Keynesian view, at least implicitly, seems to be … Continue reading
Summary notes on the monetary front
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A reasonable attempt to clarify what was accomplished via Mike Norman Economics Edward Harrison — Endogenous or exogenous money? I think the real difference between what Nick Rowe is saying and what people like Scott Fullwiler and Steve Keen are saying is that Nick … Continue reading
Not a Mensch: Krugman edition
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This is Krugman’s best effort at setting the record straight: Um, we fail undergrads for such low levels of integrity and high levels of obfuscation. Now when I read Krugman, I will have to check all his sources particularly when … Continue reading
Hubris leads to incompetence: the Rowe & Krugman edition
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Well a strange lull has fallen on the battle field this evening as the respective sides dig in and at least one side licks its wounds. The last salvo in the battle was launched by Nick Rowe. Unfortunately he simply … Continue reading
White hot MMT battles with monetarists: why it matters
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Late last night, I wrote a post about why I thought MMT would win the battle but lose the war with the monetarists. Why do I call them “monetarists” because what this whole argument really boils down to is the … Continue reading
Why Modern Monetary Theory is No Country for Old Men
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Modern Monetary Theory (MMT) has a had its official coming out party over the last few months. Orthodox luminaries from Paul Krugman to Nick Rowe through to their prison wives such as Stephen Williamson have been generating one faux engagement … Continue reading