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

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.

Kelton Shouldn’t Have Ceded This Point To Noah

(Re: Just When Should We Start Worrying About Deficits?) Kelton: "Deficits...can be too big." Why did Kelton so easily cede this point to Noah? "Deficits" (tax:savings ratio) do not realistically matter unless a government were to make insane fiscal policy choices. She lets Noah frame the discussion in a neoliberal fantasyland and thus loses the … Continue reading Kelton Shouldn’t Have Ceded This Point To Noah