circuit weighs in on MMT and Paul Krugman's post today, and he finds that the ideas that this is based on were articulated by the "Old Keynesians" decades ago.
Some good quotes to save for future use, too.
Fictional Reserve Barking
Old Keynesian themes in Modern Monetary Theory
circuit
2 comments:
Another important one by circuit from yesterday - The Federal Reserve staff on the evolution of US household net worth and related financial flows during the last decade
Quote:
The Federal Reserve released an informative discussion paper this week that presents background on the Integrated Macroeconomics Accounts (IMAs) of the US. The IMAs is a long-term interagency project between the Fed and the Bureau of Economic Analysis aimed at linking saving, capital accumulation, investment in financial assets and balance sheet data within an integrated framework using consistent definitions, classifications, and accounting conventions.
In the IMAs, each of the sectors of the economy is depicted according to a consistent set of statistical accounts: the current account (production and distribution of income accounts), and the accumulation accounts (capital, financial, other volume changes, and revaluation accounts). These accounts allow one to trace the factors leading to changes in the net worth position on the balance sheet of each sector.
First they laugh at you, then they fight you, then they say they always agreed with you.
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