Michael, I assure that that depiction of MMT is not accurate at all. If you have a link to some of that discussion, I can be more specific. The summary was actually radically wrong relative to MMT and functional fiscal policies. Taxation at this point is primarily a means of controlling the accumulation of wealth withing specific income groups, and of course accelerating the incomes for other economic profiles. It has no bearing on funding fiscal policies at all. The FEASTA people have been generally fairly good relative to the rest of the folks promoting community currencies, and that can be misleading because the level of economic literacy among community currency advocates is generally very low, which makes it usually a zone the less well informed promote economic illiteracy. If I had a name of one of the presenters or a name of the association or?, I could trace back to the people at the Univ. of Missouri at Kansas City to see who those people were. From what you have described someone or some group seems to be promoting dys-information. This a long term pattern whereby pop-level "economics" speaker are used to confuse any discourse or interest toward monetary reform. Perhaps MMT in a nutshell would be useful topic. I've done a two flyer set on a presentation of MMT. The first flyer is at http://www.economics.arawakcity.org/node/674 The second flyer is at http://www.economics.arawakcity.org/node/675 I could digest this down to even simpler terms and a shorter length. and so we meander, Tadit Anderson On Sat, 10 Sep 2011 03:33:08 -0400, Michel Bauwens <[email protected]> wrote:
hi Tadit,
I checked your work through Google ... interesting!
you may want to answer this, perhaps a misunderstanding of MMT on my part ...
earlier this year, I attented a Modern Monetary Theory lecture in Dublin, after some enthusiastic promptings of FEASTA members ..
however, I came out less than enthusiastic ..
the reason is the following, one of the ladies who gave the lecture, gave an intro with the main principles of MMT, and one of the rules sounds really simplistic supply-side to me
she said, lower taxes, and the economy grows, higher taxes, and the economy slows down ...
Disbelieving I asked a question on this, and she confirmed, and this pretty much discredits MMT for me,
Michel
On Wed, Sep 7, 2011 at 6:27 PM, <[email protected]> wrote:
Michael, this is the link to Bill Mitchell's Billy Blog site and the first segment of 7 in total.
http://bilbo.economicoutlook.net/blog/?p=6122
Mitchell is one of the top authorities on modern monetary economics which is the discourse which has applied what was learned from legitimate interpretations of Keynes and of the demand side economics of the WPA, CCC, and NYA as progressive (U.S.) responses to the 20th century Great Depression. Mitchell covers a list of "progressive" nominal economists/establishments in the successive entries. L. Randall Wray of the Univ. of Missouri Kansas City Econ. Dept has made similar statements which would take me a bit longer to produce. The core difference is between the economic assumptions being applied. The New Economic Perspectives from Kansas City blog has a treasure trove of resources both in the current primer review and of other stand alone materials. It may require a bit of translation. Mitchell is at the top of his class in terms of modern monetary economics and as a perspective it has been one of the few opposing perspectives relative the well funded deficit terrorism campaigns. Some of the material may seem counter-intuitive, and it is based upon in part how central banking actually operates currently, only how those principles can serve a more public and more social agenda. The counter-intuitive part derives from the neo-classical framing which has dominated the field for decades if not longer. Ie, by its familiarity, the neo-classical framing seems correct when it is not actually, and serves to contain genuine progressive initiatives within a neo-classical box of assumptions. On a related topic, what is known as Jevons's Paradox is often applied within ecological and environmental circles to "prove" the futility of progressive energy measures and energy efficient technology, ends up being paradoxical only within the neo-classical set of assumptions.
as we go, Tadit
On Wed, 07 Sep 2011 06:49:51 -0400, Michel Bauwens <[email protected]> wrote:
thanks, do you have a link to the baker critique you mention below?
Michel
On Wed, Sep 7, 2011 at 4:59 PM, <[email protected]> wrote:
Y'all, Baker tends to have a reputation of being strong on the rhetoric but very weak on the actual economics side of his material. It has been demonstrated that his economic assumptions are neo-liberal in their substance. Though this might be an interesting foray at one level, if done in a less than serious fashion it is likely to promote economic illiteracy. This may seem harsh, and buying into the neo-liberal/neo-classical framing of our situation cuts off even imagining informed fiscal options. I come from primarily a post-Keynesian macro-economics and functional finance perspective, and this sits well with my 20 plus years of being active in community centered economic activism, from entrepreneurship development, to being treasurer of two different cooperatives, to being downstream of fraud perpetrated under a false flag of left "progressiv-ism," and other investments regarding. Just finished a series of essays by Bill Mitchell which included a critique of Dean Baker's economics, entitled "With Friends, Like These..."
Tadit Anderson, Re-Imagining Economics
On Wed, 07 Sep 2011 01:50:04 -0400, Michel Bauwens <[email protected]> wrote:
http://deanbaker.net/images/stories/documents/End-of-Loser-Liberalism.pdf
Hi Kevin, perhaps you'd find chapter 10 interesting, and even
chapter 11,
commentary always appreciated if you have time,
Michel
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