This is probably going to be my last post on the philosophy of economics. Some recent events have led me to reassess my priorities.
I’m not abandoning politics or economics. I would just rather use this blog to write about the history of logic, and philosophy more generally. That fits my title better anyway. I’ve also come to the unwelcome conclusion that I’m quite bad at economics, whereas my career trajectory at least suggests that I’m not a terrible historian of philosophy.
What I’d like to do here is concede how much I now think I was wrong about and how much Simon Wren-Lewis was right about. A lot of this also applies to Nick Rowe, who has also been kind enough to engage with me over the last year or so.
First, I think that Wren-Lewis was probably largely right about MMT. His complaints were directed against the hard core of MMT supporters online, not the actual developers of the theory. He had two complaints:Origin of SpeciousMMT seems obsessed with the accounting detail of government transactionsThis seemed to lead to ideas that I thought were standard bits of macroeconomicsNow I think both complaints are quite fair, again if applied to the MMT fan base onlinerather than to Mosler, Kelton, Wray, Mitchell, Tcherneva, and the rest of the proper MMT theorists. In the blogosphere, I would add that they don’t apply to people like Eric Tymoigne, Brian Romanchuk, and Neil Wilson.…
Apologising to Simon Wren-Lewis and Nick Rowe
Alexander Douglas | Lecturer in Philosophy at Heythrop College, London