Thinking about it – it is nothing short of astounding that three scholars almost single-handedly (triple-handedly?) eventually upended the massive “Great Vampire Squid” (to steal Taibbi's line) that is neoclassical economics in our universities, central banks, and government.
Category: Economics
How the euro illustrates an important point on the origins of “money”
This simple fact in no way contradicts chartalism nor credit-concepts of money. It augments them
Commodity exchange units-of-account almost certainly predate 3500 BC temple state-money. Neoclassical Econ is still nonsense.
It is not only perfectly possible for there to be a role for early exchange for understanding the origins of currency systems. It is almost surely necessary.
A (Very) Oblique History of MMT (Wray, Institutional Econ, & other ramblings): Part I
As MMT has “taken off” its founders and others have begun to preserve and reflect on its history (1). That history will be well covered as it will prove to be central to (genuine) macroeconomic history one day. Leaving that to others, I enjoy thinking about subtle influences, intellectual links and lineages, that go less … Continue reading A (Very) Oblique History of MMT (Wray, Institutional Econ, & other ramblings): Part I
Do Economists Dream of Electric Gödel Machines?
"Show me your model [’s non-banal output useful for policy, prediction, or at least understanding the real world better than verbal/visual methods; granted toy models are useful for teaching some classroom concepts] !!!" It is well known that mainstream DSGE economic modeling is hopelessly flawed (e.g., here, here, here [discussed here], here, here, here, here, here, … Continue reading Do Economists Dream of Electric Gödel Machines?
Airplane crashes aren’t “hyperlandings”: Notes on Zimbabwe
“IF THERE IS FIRST NO COLLAPSE IN PRODUCTION, NO ELITE MINORITY, AND/OR NO FOREIGN DENOMINATED DEBT, YOU GET NO HYPERINFLATION. JUST SOME OTHER TYPE OF TRANSITION OR STATE FAILURE.”
Economic articles, links to hard to find PDFs etc.
[Under construction 🚧 ] Mosler, Forstater 1999, A General Analytical Framework for the Analysis of Currencies and Other Commodities (copy from book, awkward format but with diagrams)
1000 Castaways, MMT & Ecological Economics: A Review by Prof. Phil Lawn
"Having read your book, I would include it in that short list of books. If your book is read by a lot of people, it will do a great service."
The “barter story” is about the ABSENCE of barter. Clarifying an earlier post.
the very purpose of the "barter story" is precisely to explain why barter cannot lead to the kinds of population and social changes we know happened in ancient societies. That something else necessarily had to happen.
AUSTERITY IN A TIME OF PLENTY: The “domestic default” boogeyman = More bad statistics from Reinhart & Rogoff
According to Reinhart and Rogoff the danger is both outright (de jure default) and de facto default from inflation and financial repression. However, like their discredited “growth” paper, the “default” argument is also based the on the improper use of statistics.
