Wednesday , November 6 2024
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Tom Hickey — Hiatus continues

Summary:
Still occupied.Now that MMT has gone viral, it's impossible to keep up anyway. I haven't had time to look at the feeds but have been keeping abreast as much as possible through Twitter.MMT seems to be moving past the stage of being attacked to the stage where at least from of those in opposition are becoming reconciled to the changing conditions that have led to MMT being picked up by the left and gaining prominence in the media. The narrative is changing noticeably.Significantly, Brad DeLong has thrown in the towel. See A Clinton-era centrist Democrat explains why it’s time to give democratic socialists a chance — “The baton rightly passes to our colleagues on our left.” by Zack Beauchamp at Vox. And Powell Trashed MMT, But Wall Street Sees Room for U.S. to Try It by Liz McCormick at

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Still occupied.

Now that MMT has gone viral, it's impossible to keep up anyway. I haven't had time to look at the feeds but have been keeping abreast as much as possible through Twitter.

MMT seems to be moving past the stage of being attacked to the stage where at least from of those in opposition are becoming reconciled to the changing conditions that have led to MMT being picked up by the left and gaining prominence in the media. The narrative is changing noticeably.

Significantly, Brad DeLong has thrown in the towel. See A Clinton-era centrist Democrat explains why it’s time to give democratic socialists a chance — “The baton rightly passes to our colleagues on our left.” by Zack Beauchamp at Vox. And Powell Trashed MMT, But Wall Street Sees Room for U.S. to Try It by Liz McCormick at Bloomberg. 


This is an indication of recognition that the Overton window is shifting sharply left and the Establishment narrative based on neoliberalism is crashing against a wall of public opinion. The media echo chamber is beginning to pick up on it.

On anther topic, those interested in neoliberalism and its fortunes should look at the debate at Boston Review. It begins with Economics After Neoliberalism — Contemporary economics is finally breaking free from its market fetishism, offering plenty of tools we can use to make society more inclusive by Suresh Naidu, Dani Rodrik, Gabriel Zucman, to which Marshal Steinbaum, Alice Evans and Corey Robin respond. Corey Robin's piece is about Hayek and it worth reading by itself.

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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