Lars P. Syll

Everything you want to know about MMT One of the positive contributions of MMT, especially from a European point of view, is that it makes it transparently clear why the euro-experiment has been such a monumental disaster. The neoliberal dream of having over-national currencies just doesn’t fit well with reality. When an economy is in a crisis, it must be possible for the state to manage and spend its own money to stabilize the economy. When the euro was...

Rolling in the deep .[embedded content]

.[embedded content] Old flames die hard

Random Walk (student stuff) .[embedded content]

.[embedded content] In den 1980er Jahren hatte die deutsche Rocklegende Udo Lindenberg eine große Anhängerschaft hinter dem Eisernen Vorhang. Besuche zeigten ihm, dass die Menschen in Ostdeutschland im Grunde genommen genauso waren wie im Westen. Er begann Erich Honecker zu bitten, ihm zu erlauben, durch das Land zu touren. Im Sonderzug nach Pankow stellt sich Udo vor, in der DDR zu spielen. Ihm wurde tatsächlich erlaubt, am 25. Oktober 1983 im Palast der Republik in...

The psychopathy of Ayn Rand Now, I don’t care to discuss the alleged complaints American Indians have against this country. I believe, with good reason, the most unsympathetic Hollywood portrayal of Indians and what they did to the white man. They had no right to a country merely because they were born here and then acted like savages. The white man did not conquer this country … Since the Indians did not have the concept of property or property...

Gambler’s ruin — a Markov process analysis (student stuff) .[embedded content] Below you will find a little Python script yours truly made to simulate a betting scenario as a Markov process and visualise how the total amount of money changes over time. This model highlights that, due to a higher probability of losing, the total money will generally trend downwards over a large number of bets. import numpy as np # Define the transition matrix B B =...

What is a good model? Whereas increasing the difference between a model and its target system may have the advantage that the model becomes easier to study, studying a model is ultimately aimed at learning something about the target system. Therefore, additional approximations come with the cost of making the correspondence between model and target system less straight- forward. Ultimately, this makes the interpretation of results on the model in terms of...

Stjärnorna kvittar det lika .[embedded content] Till minnet av Bengt Nilsson. En vän av den sort som Gud inte gjorde någon kopia av — och som glömskan aldrig kommer att rå på.

MMT — the key insights As has become abundantly clear during the last couple of years, it is obvious that most mainstream economists seem to think that Modern Monetary Theory is something new that some wild heterodox economic cranks have come up with. That is actually very telling about the total lack of knowledge of their own discipline’s history these modern mainstream guys like Summers, Rogoff and Krugman have. New? Cranks? Reading one of the founders of...