I recently returned from conference in Brazil jointly sponsored by the Levy Economics Institute, the Ford Foundation, and the Brazilian research group MINDS. It is part of a bigger project to take Hyman P. Minsky global. In my view, Minsky was hands-down the greatest economist of the second half of the twentieth century and he deserves the attention he’s getting. Watch for an upcoming film by Monty Python’s Terry Jones that will feature Minsky and his work. Minsky will even make an appearance—or, more accurately, a bigger-than-life Minsky puppet will be in the film. (Steve Keen and I were also interviewed.)The is a fantastic post featuring Paul McCulley on MMT. Read on.
Economonitor — Great Leap Forward
MINSKY DOES RIO: Notes from a Conference
L. Randall Wray | Professor of Economics, UMKC
3 comments:
Completely agree with Randy on the impotence of central planning interest rate manipulation as a valid policy to reign booms and busts.
but one steep at a time, first the the bigger fallacies have to be debunked ("can run out of money", "supply drives demand", Say's law, "homo economicus" etc.), then we can debunk the love for central banking and monetary policy.
Interesting to read Wray's perspective on how close MMT really is to the positions of "the two Pauls": McCulley and Krugman.
Or perhaps it is - more correctly - the other way around.
Anyway, one should never forget that it was Krugman who made the clearest exposition ever of MMT in graphic form, to the point that many MMTers now refer to it as "Krugman's cross".
Pimco's been a disaster ever since McCulley left.
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