by Summary:
On the MMT JG and the buffer stock approach to controlling inflation. Important. For some reason, most critics ignore this approach, which is central to the MMT approach to both macroeconomics and policy formulation and policy space. Interestingly, both Paul Krugman and Greg Mankiw, who come from different ideological perspectives (left and right respectively), but share much of the conventional paradigm (New Keynesianism), have difficulty coming to grips with what MMT economists are saying, apparently because they are trying to view it in terms of their own approach and conceptual frame instead of the very different MMT approach and framing. This demonstrates the value of a pluralist and historical approach to the study of economics in learning to appreciate different perspectives
Topics:
Mike Norman considers the following as important: buffer stock, Greg Mankiw, JG, Job Guarantee, MMT, MMT criticism, MMT critics, MMT JG
This could be interesting, too:
On the MMT JG and the buffer stock approach to controlling inflation. Important. For some reason, most critics ignore this approach, which is central to the MMT approach to both macroeconomics and policy formulation and policy space. Interestingly, both Paul Krugman and Greg Mankiw, who come from different ideological perspectives (left and right respectively), but share much of the conventional paradigm (New Keynesianism), have difficulty coming to grips with what MMT economists are saying, apparently because they are trying to view it in terms of their own approach and conceptual frame instead of the very different MMT approach and framing. This demonstrates the value of a pluralist and historical approach to the study of economics in learning to appreciate different perspectives
Topics:
Mike Norman considers the following as important: buffer stock, Greg Mankiw, JG, Job Guarantee, MMT, MMT criticism, MMT critics, MMT JG
This could be interesting, too:
Steve Roth writes MMT and the Wealth of Nations, Revisited
Matias Vernengo writes On central bank independence, and Brazilian monetary policy
Michael Hudson writes International Trade and MMT with Keen, Hudson
Matias Vernengo writes Modern Money Theory in the Tropics: A Reply to Agustin Mario
Interestingly, both Paul Krugman and Greg Mankiw, who come from different ideological perspectives (left and right respectively), but share much of the conventional paradigm (New Keynesianism), have difficulty coming to grips with what MMT economists are saying, apparently because they are trying to view it in terms of their own approach and conceptual frame instead of the very different MMT approach and framing.
This demonstrates the value of a pluralist and historical approach to the study of economics in learning to appreciate different perspectives and approaches on their own terms before critiquing them on the basis of one's own position. To do otherwise is an elementary mistake.
Bill Mitchell – billy blog
A response to Greg Mankiw – Part 3
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
A response to Greg Mankiw – Part 3
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia