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I just sent Micheal Hudson off that article you posted here, Why Are Economists Giving Piketty the Cold Shoulder? MARSHALL STEINBAUM. I thought he might be interested how some economists have gone beyond Piketty and are proving him even more right.
Also proves my point that MMT thinks "loanable funds!" policy is otherwise benign policy other than their alleged advantage it provides to the depository institutions...
Here is poor "Deficit Owls" trying to straighten everybody out:
"...this is the graph that proves the money-multiplier story wrong. QE increased the level of settlement balances at banks. Did nothing to the actual money supply. There's no way this graph could look like this is QE works as John/Tim think."
As I said, Hudson is an MMT ally and not MMT. He says a lot of stuff that is not consistent with MMT.
In addition, the MMT economists have made it clear that all people that blog under the rubric "MMT" are not MMT either.
MMT is a school of economics with defined membership. There are less than a dozen economics that contributed to the development of MMT and continue to do so. They agree on the basics of MMT but perhaps not on all matters, either economic or policy-related.
9 comments:
“At the same time, the central banks are pursuing quantitative easing that offer money at almost zero interest rates.”
MMT: “Loanable Funds!”
Completely discredited....
Hudson is an MMT ally, not an MMT economist.
That's interesting, Tom.
I just sent Micheal Hudson off that article you posted here, Why Are Economists Giving Piketty the Cold Shoulder? MARSHALL STEINBAUM. I thought he might be interested how some economists have gone beyond Piketty and are proving him even more right.
Also proves my point that MMT thinks "loanable funds!" policy is otherwise benign policy other than their alleged advantage it provides to the depository institutions...
Here is poor "Deficit Owls" trying to straighten everybody out:
"...this is the graph that proves the money-multiplier story wrong. QE increased the level of settlement balances at banks. Did nothing to the actual money supply. There's no way this graph could look like this is QE works as John/Tim think."
https://twitter.com/DeficitOwls/status/948326058218151937
Meanwhile Hudson is out there putting everyone back in....
The meds must have kicked in, or phased out ...
Deficit Owls are trying to educate against “loanable funds” meanwhile Hudson is teaching that “loanable funds” is the way it works...
Here I’ll dumb it down for you guys: they are working at cross purposes...
As I said, Hudson is an MMT ally and not MMT. He says a lot of stuff that is not consistent with MMT.
In addition, the MMT economists have made it clear that all people that blog under the rubric "MMT" are not MMT either.
MMT is a school of economics with defined membership. There are less than a dozen economics that contributed to the development of MMT and continue to do so. They agree on the basics of MMT but perhaps not on all matters, either economic or policy-related.
A Socialist Democratic Party like Corbyn's Labour Party, sounds good to me. I hope Cenk is in on it. Micheal Hudson is the tops.
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