An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
I think that Joan Robinson got it correct in her book Economic Philosophy, and to try and go further, other than in being correct and precise over the actual operations of the system (such as the monetary operations correctly described by MMTers), is largely a matter of ideology. Ronbinson writes at the end of Chapter 1:
"So economics limps along with one foot in untested hypotheses and the other in untestable slogans. Here our task is to sort out as best we may this mixture of ideology and science. We shall find no neat answers to the questions that it raises. The leading characteristic of the ideology that dominates our society today is its extreme confusion. To understand it means only to reveal its contradictions."
2 comments:
I think that Joan Robinson got it correct in her book Economic Philosophy, and to try and go further, other than in being correct and precise over the actual operations of the system (such as the monetary operations correctly described by MMTers), is largely a matter of ideology. Ronbinson writes at the end of Chapter 1:
"So economics limps along with one foot in untested hypotheses and the other in untestable slogans. Here our task is to sort out as best we may this mixture of ideology and science. We shall find no neat answers to the questions that it raises. The leading characteristic of the ideology that dominates our society today is its extreme confusion. To understand it means only to reveal its contradictions."
Post a Comment