by Summary:
Gerald Epstein and V. Ramanan bring up potential objections to the MMT position based on the international financial situation, an issue that Wynne Godley had pointed out previously.Ramanan has brought up questions around balance of payments issues in the past as well. Now this may sound as a pessimistic view for any individual nation or the world as a whole. The real problem is free trade – the most sacred tenet of the economics profession. Another paradox of (bourgeois) liberalism, where economic liberalism implies "free markets, free trade, and free capital flows"as foundational to contemporary capitalism as the global socio-economic system? The broader question is whether MMT successfully addresses the shortcomings of capitalism to the point of making bourgeois liberalism
Topics:
Mike Norman considers the following as important: MMT, MMT criticism, MMT critics
This could be interesting, too:
Gerald Epstein and V. Ramanan bring up potential objections to the MMT position based on the international financial situation, an issue that Wynne Godley had pointed out previously.Ramanan has brought up questions around balance of payments issues in the past as well. Now this may sound as a pessimistic view for any individual nation or the world as a whole. The real problem is free trade – the most sacred tenet of the economics profession. Another paradox of (bourgeois) liberalism, where economic liberalism implies "free markets, free trade, and free capital flows"as foundational to contemporary capitalism as the global socio-economic system? The broader question is whether MMT successfully addresses the shortcomings of capitalism to the point of making bourgeois liberalism
Topics:
Mike Norman considers the following as important: MMT, MMT criticism, MMT critics
This could be interesting, too:
Mike Norman writes Jared Bernstein, total idiot. You have to see this to believe it.
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
Gerald Epstein and V. Ramanan bring up potential objections to the MMT position based on the international financial situation, an issue that Wynne Godley had pointed out previously.
Ramanan has brought up questions around balance of payments issues in the past as well.
Now this may sound as a pessimistic view for any individual nation or the world as a whole. The real problem is free trade – the most sacred tenet of the economics profession.Another paradox of (bourgeois) liberalism, where economic liberalism implies "free markets, free trade, and free capital flows"as foundational to contemporary capitalism as the global socio-economic system?
The broader question is whether MMT successfully addresses the shortcomings of capitalism to the point of making bourgeois liberalism workable satisfactorily without resulting in social, political or economic dysfunction owing to its structural and functional dynamics as a system.
There are always tradeoffs with choices. Crafting a perfect systems is likely beyond human capacity, especially owing to emergence in complex adaptive systems. But we should be vigilant about the potential for things going wrong. In addition, economics is only an aspect of a highly complex system that involves much more than economics and finance. Economic issues are not the only important ones, or even the most important ones.
The Case for Concerted Action
Gerald Epstein’s Critique Of Neochartalism
V. Ramanan
See also from Ramanan
Are the countries that benefit from the institutional construction of the system using their power and influence to prevent reform of the system so as to make it more balanced for countries not favored?