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Tag Archives: neochartalism

Neochartalists Shifting Positions

In a three part series, Bill Mitchell, makes the case against free trade. While this is most welcome – success and failure of nations depends on success in international trade via the principle of circular and cumulative causation – it’s quite a drastic change from what Neochartalists have claimed before. From “exports are a cost and imports benefits”, they have shifted their position. Mitchell goes on to concede:These so-called ‘free trade’ agreements are nothing more than a further...

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Another Admission

A few days back I posted a link to a paper written by a top advisor the US government admitting that economists in general got fiscal policy quite wrong before the crisis.Now another admission, but this time from a non-orthodox economist.In a recent blog post, Bill Mitchell writes (on reforming the international institutional framework):…2. Macroeconomic stabilisation – support for national currencies in the face of problematic balance of payments.This function recognises that all nations...

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Abraham Ptachya Lerner, An Inconsistent Fellow

This quote of Abba Lerner from his article “The Burden of the National Debt,” in Lloyd A. Metzler et al.,Income, Employment and Public Policy (New York, 1948), p. 256 is frequently quoted in the Post-Keynesian blogosphere:One of the most effective ways of clearing up this most serious of all semantic confusions is to point out that private debt differs from national debt in being external. It is owed by one person to others. That is what makes it burdensome. Because it is interpersonal the...

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