Sunday, March 10, 2013
Mark Thoma — Crude Sachsism
Economist's View
Crude Sachsism
Mark Thoma | Professor of Economics, University of Oregon
Why Paul Krugman is not going to espouse MMT anytime soon. Jeff Sachs has already attacked him for asserting that deficits don't matter, even though Krugman had qualified that with "in a liquidity trap."
I'll reassert what I've said many time before. Jeff Sachs's heart may be in the right place, but he pulls his economics from where the sun don't shine.
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9 comments:
Sachs strikes me as someone whose ego is bigger than Mt. Rushmore... you can't tell him anything... he thinks he already knows it all...
rsp,
of interest:
http://www.heraldscotland.com/business/opinion/the-myth-of-debt.20441666
Yeh Y that is good from Chris, slightly surprised that Tom hasnt put it up as he tweeted it earlier ...probably because its also up at NEP
Right, up at NEP. I don't usually duplicate posts at NEP or at Warren's, since I assume people interested in MMT check them regularly or subscribe to the feed.
Sachs is the evil villain in Naomi Klein's book "Shock Doctrine," dispensing "shock therapy" and human suffering everywhere he goes.
If half of the stuff in Klein's book is true, Sachs should be locked up for crimes against humanity.
I think that Sachs really does believe that he is one of the good guys. In my estimation, he is just deluded about economic reality rather than being one of the villains.
To Sachs and people of his ilk "crude Keynesian" is a serious insult. "Watch yourself, Krugman, old chap, you're showing bad form, even for a Princeton man." Once they start using the word "populist" we will know Krugman's gone beyond the pale.
Right, the knives are coming out now.
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