Tuesday , February 18 2020
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Tag Archives: MMT

Bill Mitchell — Q & A Japanese government style – denial has no boundaries

A little bit of a different blog post format today. I mentioned in this blog post – Apparently core MMT idea is now supported by the mainstream (October 16, 2019) – that the Japanese government had taken issued a statement, by way of a formal answer to a series of questions from Japanese CDR politician Kazuma Nakatani on the opening day of the new Parliament (October 4, 2019). The Japanese government reply was not available in full at the time I wrote that but it was reported in the Japanese...

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Close Encounters of a Green New Deal Kind — Douglas Holtz-Eakin

In the end, MMT looks like an extreme version of conventional economics in which there is no independent monetary policy and there are a lot of unused resources. But when resources get tight, the reflex is command and control central planning. This cuts to the quick of it. The question is how much market state (where free markets determine outcomes, in theory at least) and how much welfare state (where the economy is managed based on desired outcomes). This is an ongoing dialectic among...

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Bill Mitchell – When the idea of a fiscal surplus becomes a talisman

It is Wednesday and I am travelling a lot today with limited opportunity to write. I am reading a lot though. Highly significant political debates with far reaching effects on the well-being of citizens once policies are implemented are conducted on a daily basis in our national Parliaments and in the media with little correspondence to reality. This is the norm for debates on macroeconomics, which dominate political news every day. There is this fictional world that has been created to...

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About the rules of the monetary circuit — Dirk Ehnts

In “Monopoly”, the bank can “print” money indefinitely, the players get into debt, and the state adds 200 Marks each round. But what if everyone had to pay 200 Marks each round and would suffer negative returns when owning railway stations?  Even if “Monopoly” comes from the US, it has long since become a classic German game. And it goes like this: In the ideal case four players buy and sell roads, build houses and hotels and pay each other rent, which depends on the price of the road and...

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The People’s Money (Part 2)

An Explanation of the Federal Reserve Money system and what it means for the potential accomplishments of American Democracy By J.D. ALT Let’s begin by restating what I think was the main insight of PART 1: The overarching purpose of the Federal Reserve Act was to enable “money” to be created, as necessary, to support the scale of commerce that American Enterprise decides to undertake and accomplish. If the labor, materials, energy, technology, and ingenuity exist to do something—and it...

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National Debt No Big Deal? More Economists Unconcerned With Trillion-Dollar Government Deficits — Jonathan Wolf

One thing that is clear: the modern national debt does not function just like a household debt, which is how it was sold as a campaign issue by the deficit hawks who pretended to care about deficit spending before Trump was elected. More national debt is not “bad” under any and all conditions, and less is not “good” under any and all conditions. It really depends on what you’re doing with the money.... Not all economists agree on when the next recession will hit. They almost all do agree,...

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Randy Wray — MMT: REPORT FROM THE FRONT (PART 3)

In this part, I’ll resume with comments on the critical contributions to the special issue of rwer. We finished Part 2 with a discussion of the shocking lack of citations to MMT literature in the critiques—especially the dearth of citations to the more academic contributions (as opposed to the summaries of MMT written for undergrads and the general public). Let me return to the oversight of contributions made by scholars such as Fullwiler and Tymoigne—who have mostly written academic...

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Bill Mitchell — Apparently core MMT idea is now supported by the mainstream

It’s Wednesday and only a collection of snippets today. Today we saw some self-aggrandising hypocrisy with a short memory come out of the sewers, and a statement by a government denying that they are a “successful case of MMT”, an advertisement (call for help) and some music linked to a recent, rather significant death, when considered in the history of contemporary music. Pretty full day really.... Bill Mitchell – billy blog Apparently core MMT idea is now supported by the mainstreamBill...

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MMT: REPORT FROM THE FRONT (PART 3)

By L. RANDALL WRAY In this part, I’ll resume with comments on the critical contributions to the special issue of rwer. We finished Part 2 with a discussion of the shocking lack of citations to MMT literature in the critiques—especially the dearth of citations to the more academic contributions (as opposed to the summaries of MMT written for undergrads and the general public). Let me return to the oversight of contributions made by scholars such as Fullwiler and Tymoigne—who have mostly...

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