The debate initiated by John Carney's suggestion that MMT advocates and Austrian schoolers engage in finding common ground instead of focusing on what divides them kicked off a debate that veered off into a heated debate about the MMT job guarantee. That debate in turn elicited questions about what kind of economic goals should be included in economics as an effective policy instrument in addition to being an investigation into efficiently achieve those goals.
Peter observes, "In one of Cullen Roche’s recent posts, there is a passage that can serve as a good basis for discussion:"
Cullen: "Modern day economists seek the holy grail of macroeconomics which has come to be price stability and full employment. These two features of modern macro are held up on pedestals as if giving a person a job and a steady wage is all one needs to live a happy and prosperous life. I say these goals entirely miss the point and steal the potential lives that future generations can live. What we should seek is the way in which we maximize our living standards. In doing so we reach the true holy grail of macroeconomics – the thing that every human seeks – the fountain of youth, hence, more TIME. After all, it is only through increased productivity, innovation, creativity and ultimately higher living standards that we are able to attain this."
Peter continues, "Parts of this passage resonate quite strongly with me, although the level of generality conceals major differences in perspective...."
Opposing Visions of the Future
by Peter Cooper
Good comments up there, too.
Peter pretty well sums up my views, at least initially. I would expand greatly on this, and I imagine that he likely will in subsequent posts.
Many consider the present system to be obsolescent, if not already obsolete, in view of potential opportunities and taking into account looming challenges. Present conditions call for new thinking and fresh institutional arrangements.
The debate that John suggested is getting interesting in unexpected ways. The dialectical method is at work stimulating thinking.
As I wrote in a comment recently, the dialectical method that seeded Western thought through the character of Socrates in the Dialogues of Plato has gone globally interactive, and the dialectic is now proceeding at the speed of light. Good stuff.