Tag Archives: Jonathan Portes

Brad DeLong schools Jonathan Portes.Grasping RealityI would not have called MMT "nonsense economics". Brad DeLong | Professor of Economics, UCAL Berkeley

Good one. Worth reading in full. Richard Murphy gives his summary of the state of the his argument with Jonathan Portes and Simon Wren Lewis. Tax Research UKThe political economy of Labour’s fiscal rule Richard Murphy

Is full employment sustainable? For me, this is one question posed by the row between Richard Murphy and Jonathan Portes and Simon Wren-Lewis over Labour’s proposed fiscal rule.... Disappointing for a someone that is sympathetic to Marx, as Chris Dillow identifies himself. Stumbling and MumblingObstacles to full employmentChris Dillow | Investors Chronicle

Richard Murphy challenges Simon Wren-Lewis to put up or shut up. So my question is, I suppose, inevitable. What I would like Simon to do is show how he and Jonathan Portes have written, as he claims, a rule that delivers a real-world political economic solution (because that is what Labour's rule is, because it is not an academic paper) that is the same as modern monetary theory. And I want him to show this even though: i) The rule he has written works subject to financial constraints, and...

Richard Murphy has always said that MMT supporters do not properly understand tax and Jonathan Portes seems to me, on the evidence of this article, to fall into the same category. What Jonathan Portes misses is that the ‘financial constraints’ are self-imposed. It’s bad enough – in reality – being short of teachers, nurses and doctors. But having bogus self imposed financial constraints is just – well – self imposed.Finance is man made. Jonathan Portes, as a former Treasury civil servant,...