by Summary:
This passage demonstrates that Murphy understands the accounting side of “MMT operations analysis” — not a big ask for a part time professor of accounting — but does not grasp economic theory nor its context. If literally everyone who has studied economic theory and is sympathetic to MMT states that the Job Guarantee is a core part of MMT and you do not understand them, the correct response is to reduce your ignorance, and not write a primer on MMT.Brian saved me the trouble writing this. Actually, I was thinking of doing so yesterday but didn't have the time. Many seem to equate MMT with the institutional analysis, which is descriptive, and either forget about the macro theory, which is a causal explanation with factual implications, or else they misunderstand it, usually by reading it
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Mike Norman considers the following as important:
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This passage demonstrates that Murphy understands the accounting side of “MMT operations analysis” — not a big ask for a part time professor of accounting — but does not grasp economic theory nor its context. If literally everyone who has studied economic theory and is sympathetic to MMT states that the Job Guarantee is a core part of MMT and you do not understand them, the correct response is to reduce your ignorance, and not write a primer on MMT.Brian saved me the trouble writing this. Actually, I was thinking of doing so yesterday but didn't have the time. Many seem to equate MMT with the institutional analysis, which is descriptive, and either forget about the macro theory, which is a causal explanation with factual implications, or else they misunderstand it, usually by reading it
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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This passage demonstrates that Murphy understands the accounting side of “MMT operations analysis” — not a big ask for a part time professor of accounting — but does not grasp economic theory nor its context. If literally everyone who has studied economic theory and is sympathetic to MMT states that the Job Guarantee is a core part of MMT and you do not understand them, the correct response is to reduce your ignorance, and not write a primer on MMT.
Brian saved me the trouble writing this. Actually, I was thinking of doing so yesterday but didn't have the time. Many seem to equate MMT with the institutional analysis, which is descriptive, and either forget about the macro theory, which is a causal explanation with factual implications, or else they misunderstand it, usually by reading it from a framing that MMT specifically rejects.
Bond EconomicsSilly "MMT" Drama
Brian Romanchuk