Thursday, November 21, 2013

Scott Sumner mentions Warren Mosler


Mike Sax points us to a Scott Sumner post commenting on Warren Mosler today.

Diary of a Republican Hater
Sumner and Warren Mosler on Forward Guidance
evilsax

12 comments:

PeterP said...

For the hundredth time: who cares about Scott Sumner. Sax has invented a new type of blog: a troll blog (a frog?), he works so hard to squeeze himself between MMT and MM, stoke a conflict and get his name mentione

Tom Hickey said...

Well, for one thing, SS is at least acknowledging the existence of MMT. The conventional economist, even so-called liberals and progressives, won't even mention them. Apparently it's not politically correct to do so, even in acknowledging the work that one copies.

PeterP said...

Krugman also acknowledged existence of MMT and at least he knows something about the economy, for Sumner it is just monetary base->NGDP, no mechanisms necessary, just a religious belief.

Tom Hickey said...

Krugman also acknowledged existence of MMT


And he dismissed it out of hand IIRC. He never responded to any MMT economist by name that I can recall either. Nor did he ever really address any of the points addressed to him in various objections both at this place and in the MMT blogs.

Krugman did address Steve Keen in some debate, but Keen is not MMT, although he is MMT-friendly.

Ralph Musgrave said...

Sumner spends his time tying himself up in knots and chasing his own tail.

y said...

"Scott Sumner mentions Warren Mosler"

saddest blog title ever

Tom Hickey said...

When MMT is mentioned, which is rarely, we put it up FYI.

Greg said...

"Sax has invented a new type of blog: a troll blog (a frog?), he works so hard to squeeze himself between MMT and MM, stoke a conflict and get his name mentione"

I think that is an unfair characterization of Sax's blog. Mikes a good guy.
Mike is a lot like most of us, interested in learning "the truth" (and he knows how nebulous and fruitless it may be but it is better than knowingly spreading lies). He is just asking questions and is trying to understand exactly what it is economists are trying to to say in their econo speak. Sumner engaged him for a while but once he really started asking questions of Scott he was called "fat" and told to shut up.

He is intrigued by MMT and feels it is better at explaining many things but does not call himself an MMTer.

I dont think he tries to stoke conflicts, they are already there. He's really interested in dialogue not bomb throwing.

He, rightfully I think, does take some pride when he gets mentioned by some big fish.

Senexx Arturo said...

Jamie Galbraith doesn't call himself an MMTer either and he gets it, all of it!

Keen for all intents could now be considered MMT, though I believe he has some small disagreements in some areas but he used to fight against it. He's now accepted it.

MMT doesn't need you to be called an MMTer, just understanding and accepting the logic of MMT concepts.

As Roche once said MMT is a subset of PK.

Palley disagrees with MMT but on the domestic sector he appears to be in perfect agreeance with MMT. On the foreign sector he disagrees.

Jan said...

I don´t know what this new neoclassical fad Market monetarism really is and i don´t intend to waste time to figure it out either.
I allready suffer from graduate years tortured by Old Monetarist at Uni and i still suffer from it.But i see that this Sumner guy seem to refer to all sort of guys Paul Krugman ,Lars E.O Svensson and now Warren Mosler.Neither of them could be called monetarist.Not Warren or Krugman for obvouis reason but not Lars E.O Svensson either.He is hard to place,a maverick sometimes wrong and sometimes right,but he is very independent,a progressive Swedish Socialdemocrat,a dove for sure,and one of the most loud voiced protesters to that Milton Friedman got the "Nobel-award" way back in time.But why do this Summers have in mind with all this name dropping of all sort of economists of different flavor? It don´t make sence to me.

y said...

"Palley disagrees with MMT but on the domestic sector he appears to be in perfect agreeance with MMT."

I think his paper made it pretty clear that he isn't. He thinks you have to balance the budget at full employment, for example.

Senexx Arturo said...

I was talking of monetary operations, he disagrees with the political choice.

I think it is a paper on Levy of his that I read where I drew that conclusion. I read this after his paper on MMT but it was written long before that paper.

It is in my tweet stream somewhere at least twice.