by Summary:
Simon Wren-Lewis is obviously upset because some MMTers have called his economic policy proposals (providing the theoretical foundation for Labour’s Fiscal Credibility Rule) “neoliberal”. Neoliberal or not, what he does have to say about MMT and his own mainstream economics makes it clear what the debate really comes down to: Monetary policy, except at the lower bound (to which Labour affixes a rule), versus fiscal policy in accordance with functional finance.What this boils down to is "market forces" dictating to government (neoliberal) or political discretion in fiscal policy using government appropriations in a representative democracy to achieve public purpose (social democracy).Lars P. Syll’s BlogWren-Lewis vs MMT Lars P. Syll | Professor, Malmo UniversitySee alsoProgressive
Topics:
Mike Norman considers the following as important: MMT, Neoliberalism
This could be interesting, too:
Simon Wren-Lewis is obviously upset because some MMTers have called his economic policy proposals (providing the theoretical foundation for Labour’s Fiscal Credibility Rule) “neoliberal”. Neoliberal or not, what he does have to say about MMT and his own mainstream economics makes it clear what the debate really comes down to: Monetary policy, except at the lower bound (to which Labour affixes a rule), versus fiscal policy in accordance with functional finance.What this boils down to is "market forces" dictating to government (neoliberal) or political discretion in fiscal policy using government appropriations in a representative democracy to achieve public purpose (social democracy).Lars P. Syll’s BlogWren-Lewis vs MMT Lars P. Syll | Professor, Malmo UniversitySee alsoProgressive
Topics:
Mike Norman considers the following as important: MMT, Neoliberalism
This could be interesting, too:
Matias Vernengo writes Keynes’ denial of conflict: a reply to Professor Heise’s critique
Steve Roth writes MMT and the Wealth of Nations, Revisited
Matias Vernengo writes Podcast Failures: Friedman and Chile, Hume and Public Debt
Robert Vienneau writes Labor And Land Are No Commodities
Simon Wren-Lewis is obviously upset because some MMTers have called his economic policy proposals (providing the theoretical foundation for Labour’s Fiscal Credibility Rule) “neoliberal”. Neoliberal or not, what he does have to say about MMT and his own mainstream economics makes it clear what the debate really comes down to:Monetary policy, except at the lower bound (to which Labour affixes a rule), versus fiscal policy in accordance with functional finance.
What this boils down to is "market forces" dictating to government (neoliberal) or political discretion in fiscal policy using government appropriations in a representative democracy to achieve public purpose (social democracy).
Lars P. Syll’s Blog
Wren-Lewis vs MMT
Lars P. Syll | Professor, Malmo University
See also
Progressive Pulse
Sticking to Neoliberaslism
Peter May