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Some good stuff on INET conference this year, not all the videos are up yet, third day is IMO by far the most interesting one.
Only have seen 3 of the lectures and discussions (one of them being this one), was really excited watching this one: Peter Victor: Managing the Global Commons 1/5; apparently this guys are building a model which integrates, both real economy, financial and environment. For the financial part they are using Wynne Godley & Mark Lavoie so functional finance and should be close enough to MMT (I would like them getting ideas from Keen on banking & credit, some collaboration would be awesome).
One of the big feats economics is facing is building proper foundations on this basis, and probably including too non-meaningless behavioural economics, at least work being done in the production-finance-biosphere front is encouraging.
I recommend a lot the Antonio Damasio lecture, but I'm a freak on that stuff because my background comes from neuroscience & psychology, also recommend anyone to buy & read his books for the layman on neuroscience. BTW is amazing to see layman continually confusing 'emotions' with 'conscious feelings'. Indeed, the bad foundations on 'rational economic actors' and preferences to ignore emotions by economists is precisely this confusion, from where bad reputation of 'emotions' as decision drivers come from, but actually as has been demonstrated emotions can be very "rational" when you understand rationality as what is (making decisions in the best of the actor interests according to a set of rules and limited knowledge in the context of uncertainty).
What are rational or irrational decisions is a very open question, and irrational is usually a word which is abused, because the judgement is made a posteriori. In fact with the limited information ('central bank puts') bankers had, one could say they are actually being very rational about what they do, even if a posteriori is reckless, but is very profitable for them. Off course because uncertainty they could end up hanging from light poles as they had sometimes in the past, but is an improbable outcome, so worth the risk for gamblers.
4 comments:
Any mention of Krugman in the talk or the Q&A?
Okay I partially got my answer. In the second minute itself!
is the Q&A up? curious if there was heated debate!
Some good stuff on INET conference this year, not all the videos are up yet, third day is IMO by far the most interesting one.
Only have seen 3 of the lectures and discussions (one of them being this one), was really excited watching this one: Peter Victor: Managing the Global Commons 1/5; apparently this guys are building a model which integrates, both real economy, financial and environment. For the financial part they are using Wynne Godley & Mark Lavoie so functional finance and should be close enough to MMT (I would like them getting ideas from Keen on banking & credit, some collaboration would be awesome).
One of the big feats economics is facing is building proper foundations on this basis, and probably including too non-meaningless behavioural economics, at least work being done in the production-finance-biosphere front is encouraging.
I recommend a lot the Antonio Damasio lecture, but I'm a freak on that stuff because my background comes from neuroscience & psychology, also recommend anyone to buy & read his books for the layman on neuroscience. BTW is amazing to see layman continually confusing 'emotions' with 'conscious feelings'. Indeed, the bad foundations on 'rational economic actors' and preferences to ignore emotions by economists is precisely this confusion, from where bad reputation of 'emotions' as decision drivers come from, but actually as has been demonstrated emotions can be very "rational" when you understand rationality as what is (making decisions in the best of the actor interests according to a set of rules and limited knowledge in the context of uncertainty).
What are rational or irrational decisions is a very open question, and irrational is usually a word which is abused, because the judgement is made a posteriori. In fact with the limited information ('central bank puts') bankers had, one could say they are actually being very rational about what they do, even if a posteriori is reckless, but is very profitable for them. Off course because uncertainty they could end up hanging from light poles as they had sometimes in the past, but is an improbable outcome, so worth the risk for gamblers.
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