MMT
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MMT Basics: You Cannot Consider the Deficit in Isolation
P e o p l e t e n d t o g e t v e r y e m o t i o n a l a b o u t t h e s i z e o f t h e g o v e r n m e n t ' s d e f i c i t . M M T t r i e s t o c a l m l y e x a m i n e c h a n g e s i n t h e s i z e o f t h e g o v e r n m e n t ' s b u d g e t b y f o c u s i n g o n t h e b i g p i c t u r e . T h e f o l l o w i n g g r a p h s r e v e a l s o m e i m p o r t a n t f a c t s a b o u t t h e g o v e r n m e n t ' s b u d g e t .
PRAGMATIC CAPITALISM
There are many reasons why gold is still our favorite investment – from inflation fears and sovereign debt concerns to deeper, systemic economic problems. But let’s be honest: It’s been rising for over 11 years now, and only the imprudent would fail to think about when the run might end.
MMT in a nutshell
MMT on Twitter
By JOHN T. HARVEY We are only slowly recovering from the second-worst calamity in economic history. While the recession officially ended almost three years ago, unemployment remains over 8% and real GDP growth is anemic.
John T. Harvey - Pragmatic Economics - Forbes
winterspeak.com
A while ago I posted why I thought, contra Interfluidity, that MMT was not monetarism . I stand by this assertion. Interfluidity countered by saying that Sumner (sort of an idiot-savant of the Monetarist school) supported a payroll tax holiday and gave a couple of links in the comments. Here's one . In actuality, Sumner advocates for an employer side cut after holding his nose and saying it's "far less efficient than monetary stimulus". In my opinion, this is a far cry from the MMT position as a payroll tax holiday immediately as monetary stimulus is a fairy tale, but you can make up your own mind.Modern Monetary Theory | Credit Writedowns
My friend Steve Keen recently presented a “primer” on Hyman Minsky. In his piece, Steve criticized the methodology used by Paul Krugman and argued that Krugman could learn a lot from Minsky. In particular Krugman’s equilibrium approach and primitive dynamics was contrasted to Minsky’s rich analysis. Finally, Krugman’s model of debt deflation dynamics left out banks–while banks always played an important role in Minsky’s approach.
Looking for a very bad opening and subsequent sell off in Asia and especially the euro zone as hopes of exports to the US fade leaving them no escape from their deteriorating domestic demand. This is now the beginning of the endgame for the Euro zone, as they discover the firewall is another Maginot line that markets go through like a knife through butter. By Timothy R.
The Center of the Universe
Great Leap Forward
L. Randall Wray My friend Steve Keen recently presented a “primer” on Hyman Minsky; you can read it here: http://www.economonitor.com/blog/2012/03/a-primer-on-minsky/ In his piece, Steve criticized the methodology used by Paul Krugman and argued that Krugman could learn a lot from Minsky.
Le blog qui se trouvait là est maintenant à l’adresse http://www.neweconomicperspectives.org/2011/12/mmt-doubly-retrospective-analysis.html.
MMT: A Doubly Retrospective Analysis
Here are the answers with discussion for yesterday’s quiz. The information provided should help you understand the reasoning behind the answers. If you haven’t already done the Quiz from yesterday then have a go at it before you read the answers.
billy blog
Modern Money Mechanics | MMT simplified.
For some of you this post may seem superfluous and that is fine. For those of you that have an interest in Modern Monetary Theory (MMT) and have zero background knowledge in economics I recommend starting at the link above that says Index . As noted in the About link, it is mostly a deconstruction of Bill Mitchell’s work into what I believe to be more manageable pieces.March 13th, 2012 Last night I was watching an old episode of The Larry Sanders Show , which is one of my favorite shows of all time, along with Seinfeld and Arrested Development . The head writer up to that point, Jerry, is sacked and reacts quite violently – or, at least, erratically – to his misfortune. Prior to that he had been a good humored worker cooperating with the powers that be. It was only once sacked that his attitude changed. Others, including Tom Hickey, Robert Vienneau and Lord Keynes, have already mentioned this, but Matias Vernengo has provided an educational post on the content and significance of the capital debates.
heteconomist.com
I like to understand what a statement is really saying about the universe. There is a lot of discussion around how the J.G should be implemented. There is one question in particular that is especially malignant. Where we will all the jobs necessary for J.G workers come from? This usually comes from Austrians and some MMTers opposed to the idea.
lowerleftlimit
Money and Public Purpose at Daily Kos
This is the second installment of a critical review of Dean Baker's second reaction to the debate kicked off by the WaPo's piece on Modern Monetary Theory , written by Dylan Matthews. The first installment discussed Dean's views on using the monetary channel to boost aggregate demand, and began criticism on his views on devaluing the currency and increasing exports. This post continues that critique, and later takes up his views on work sharing. ”To see this point, imagine a more extreme case. Suppose that we had a trade deficit equal to 50 percent of GDP. If the countries who were buying up dollar assets then decided that they had enough, so we could no longer rely on imports to meet half of our domestic demand, does anyone believe that the U.S. economy could quickly and painlessly replace our imports with domestic production?”Mike Norman Economics
Today's jobs report was a pretty bad one. Nonfarm payroll employment rose by only 120,000 in March, which was less than half the rate of the prior three months. The unemployment rate remained at 8.2%. The average workweek for all employees on private nonfarm payrolls edged down by 0.1 hour to 34.5 hours in March. Expectations had been for a gain of 205k.This post brings together several disparately placed comments on the same topic for convenient reference, and for those that may not have seen the comments. Initially, JKH commented on a post by Perry Mehrling at The Money View concerning the recent article at The Economist on heterodoxy that mentions MMT. I posted both here . Hugh Heden asked for clarification here . JKH responded in the following comment .