hi Tadit,<br><br>I checked your work through Google ... interesting!<br><br>you may want to answer this, perhaps a misunderstanding of MMT on my part ...<br><br>earlier this year, I attented a Modern Monetary Theory lecture in Dublin, after some enthusiastic promptings of FEASTA members ..<br>
<br>however, I came out less than enthusiastic .. <br><br>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<br>
<br>she said, lower taxes, and the economy grows, higher taxes, and the economy slows down ...<br><br>Disbelieving I asked a question on this, and she confirmed, and this pretty much discredits MMT for me,<br><br>Michel<br>
<br><div class="gmail_quote">On Wed, Sep 7, 2011 at 6:27 PM, <span dir="ltr"><<a href="mailto:ideasinc@ee.net">ideasinc@ee.net</a>></span> wrote:<br><blockquote class="gmail_quote" style="margin: 0pt 0pt 0pt 0.8ex; border-left: 1px solid rgb(204, 204, 204); padding-left: 1ex;">
Michael, this is the link to Bill Mitchell's Billy Blog site and the first<br>
segment of 7 in total.<br>
<br>
<a href="http://bilbo.economicoutlook.net/blog/?p=6122" target="_blank">http://bilbo.economicoutlook.net/blog/?p=6122</a><br>
<br>
�Mitchell is one of the top authorities on modern monetary economics which<br>
is the discourse which has applied what was learned from legitimate<br>
interpretations of Keynes and of the demand side economics of the WPA,<br>
CCC, and NYA as progressive (U.S.) responses to the 20th century Great<br>
Depression. Mitchell covers a list of "progressive" nominal<br>
economists/establishments in the successive entries. L. Randall Wray of<br>
the Univ. of Missouri Kansas City Econ. Dept has made similar statements<br>
which would take me a bit longer to produce. The core difference is<br>
between the economic assumptions being applied. The New Economic<br>
Perspectives from Kansas City blog has a treasure trove of resources both<br>
in the current primer review and of other stand alone materials. It may<br>
require a bit of translation. Mitchell is at the top of his class in terms<br>
of modern monetary economics and as a perspective it has been one of the<br>
few opposing perspectives relative the well funded deficit terrorism<br>
campaigns. Some of the material may seem counter-intuitive, and it is<br>
based upon in part how central banking actually operates currently, only<br>
how those principles can serve a more public and more social agenda. The<br>
counter-intuitive part derives from the neo-classical framing which has<br>
dominated the field for decades if not longer. Ie, by its familiarity, the<br>
neo-classical framing seems correct when it is not actually, and serves to<br>
contain genuine progressive initiatives within a neo-classical box of<br>
assumptions. On a related topic, what is known as Jevons's Paradox is<br>
often applied within ecological and environmental circles to "prove" the<br>
futility of progressive energy measures and energy efficient technology,<br>
ends up being paradoxical only within the neo-classical set of assumptions.<br>
<br>
as we go, Tadit<br>
<br>
<br>
<br>
<br>
<br>
<br>
<br>
On Wed, 07 Sep 2011 06:49:51 -0400, Michel Bauwens<br>
<div><div></div><div class="h5"><<a href="mailto:michel@p2pfoundation.net">michel@p2pfoundation.net</a>> wrote:<br>
<br>
> thanks, do you have a link to the baker critique you mention below?<br>
><br>
> Michel<br>
><br>
> On Wed, Sep 7, 2011 at 4:59 PM, <<a href="mailto:ideasinc@ee.net">ideasinc@ee.net</a>> wrote:<br>
><br>
>> Y'all, Baker tends to have a reputation of being strong on the rhetoric<br>
>> but very weak on the actual economics side of his material. It has been<br>
>> demonstrated that his economic assumptions are neo-liberal in their<br>
>> substance. Though this might be an interesting foray at one level, if<br>
>> done<br>
>> in a less than serious fashion it is likely to promote economic<br>
>> illiteracy. This may seem harsh, and buying into the<br>
>> neo-liberal/neo-classical framing of our situation cuts off even<br>
>> imagining<br>
>> informed fiscal options. I come from primarily a post-Keynesian<br>
>> macro-economics and functional finance perspective, and this sits well<br>
>> with my 20 plus years of being active in community centered economic<br>
>> activism, from entrepreneurship development, to being treasurer of two<br>
>> different cooperatives, to being downstream of fraud perpetrated under a<br>
>> false flag of left "progressiv-ism," and other investments regarding.<br>
>> Just<br>
>> finished a series of essays by Bill Mitchell which included a critique<br>
>> of<br>
>> Dean Baker's economics, entitled "With Friends, Like These..."<br>
>><br>
>><br>
>> Tadit Anderson, Re-Imagining Economics<br>
>><br>
>><br>
>><br>
>> On Wed, 07 Sep 2011 01:50:04 -0400, Michel Bauwens<br>
>> <<a href="mailto:michel@p2pfoundation.net">michel@p2pfoundation.net</a>> wrote:<br>
>><br>
>> ><br>
>> <a href="http://deanbaker.net/images/stories/documents/End-of-Loser-Liberalism.pdf" target="_blank">http://deanbaker.net/images/stories/documents/End-of-Loser-Liberalism.pdf</a><br>
>> ><br>
>> > Hi Kevin, perhaps you'd find chapter 10 interesting, and even chapter<br>
>> 11,<br>
>> ><br>
>> > commentary always appreciated if you have time,<br>
>> ><br>
>> > Michel<br>
>><br>
>> _______________________________________________<br>
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