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Tag Archives: William K. Black

Tom Friedman Just Noticed that the UK “Has Gone Mad” (Part 2)

By William K. Black April 11, 2019     Bloomington, MN Part 7b of the MMT Series Part 7a is available here. Blair, Brexit, and Friedman Show the Need for MMT Insights Part One: The MMT Critique of Orthodox Microfoundations Orthodox ‘modern macro’ is based on ‘microfoundations’ that implicitly assume that firms profit-maximize, that there are no negative externalities, that there is no market power, and that there is no control fraud or predation. In sum, they assume out of existence...

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Tom Friedman Just Noticed that the UK “Has Gone Mad” (Part 1)

By William K. Black April 11, 2019     Bloomington, MN Part 7a of the MMT Series Tom Friedman’s April 2, 2019 column concluded “The United Kingdom Has Gone Mad.” To which, the only possible response is – ‘you just noticed?’ The UK went ‘mad’ 22 years ago when Parliament elected the odious Tony Blair Prime Minister. I think many Tory policies were mad long before that date, but the Labour Party opposed them. The entire UK did not go ‘mad’ until Blair created “New Labour” and adopted Tory...

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MMT Scholars’ Predictive and Policy Successes – Part A

Number 2A in the MMT Series By William K. Black March 31, 2019     Bloomington, MN Introduction The second article in this series deals with Modern Monetary Theory’s (MMT) predictive and policy successes.  The article has three, separately published, parts.  Part 2A deals explains why predictive ability and policy success are so critical – and notes that MMT’s critics have been conspicuously unable to provide a record of predictive failure by MMT scholars. Part 2B deals with MMT...

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Billions From Deutsche Bank Despite Trump’s Bankruptcies, Defaults, and Financial Malfeasance

The latest developments about Trump’s relationship to Deutsche Bank could be the unraveling with Deutsche Bank and Trump facing a serious legal probe on bank fraud by the House Financial Services Committee chaired by Rep. Maxine Waters. NEP’s Bill Black appears on The Real News Network to discuss. You can view here with transcript. [embedded content] [Translate]

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Wolfers Blames MMT for Orthodox Economists’ Ignorance of MMT

By William K. Black March 14, 2019     Bloomington, MN Number 6 in a Series of Articles on MMT Justin Wolfers is an economist who is disgracing the university I love, the University of Michigan.  I had the great fortune to be born in Detroit and receive the first seven years of my higher education as an instate student at the University of Michigan.  I was able to graduate with virtually no debt.  Wolfers is also a native of Australia, which means he is familiar with kangaroos.  That...

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The Day Orthodox Economists Lost Their Minds and Integrity

William K. Black March 14, 2019     Bloomington, MN Fifth Article in a Series on MMT Something extraordinary happened yesterday.  Orthodox economists, frustrated by their inability to intimidate progressive elected officials, have launched a coordinated assault on MMT in hopes of making it politically dangerous for elected officials to embrace MMT.  Yesterday brought three remarkable revelations about orthodox economists’ willingness to engage in naked intellectual dishonesty in their...

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