tag:blogger.com,1999:blog-2761684730989137546.post2105937114898320584..comments2024-03-28T07:50:06.102-04:00Comments on Mike Norman Economics: Brad DeLong — James Montier will soon have an answer to his question why people hate MMT. MMT is about to hate James Montier toomike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-2761684730989137546.post-87188251972879666932019-03-28T05:57:02.856-04:002019-03-28T05:57:02.856-04:00No part 2 from Egmont? This is unbearable!No part 2 from Egmont? This is unbearable!S400https://www.blogger.com/profile/01282349400341912187noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-63854126218169011462019-03-28T05:32:15.358-04:002019-03-28T05:32:15.358-04:00Brad DeLong
Science is NOT about love/hate but tr...Brad DeLong<br /><br />Science is NOT about love/hate but true/false. So, to begin with, the question Why Does Everyone Hate MMT? leads directly into the bottomless swamp of political economics.#1<br /><br />The problem with MMT is that it is axiomatically false.#2 Because employment and distribution theory is provably false MMT’s policy guidance has NO sound scientific foundations. This, though, applies also to New Keynesianism. IS-LM is refuted on all counts.#3 This answers the question Why is the MMT vs Mainstream debate utterly absurd?<br /><br />Brad DeLong summarizes: “Perhaps the key to the eagerness of Wray to dismiss me (and James Montier) for saying that MMT is Lerner+ is sociological. Perhaps MMT is not model-based (‘IS-LM with a near-vertical IS curve’) and not idea-based (‘Functional Finance’) so that it can be guru-based.”<br /><br />Whether MMT is sociology-based, model-based, idea-based, or guru-based is a mute question. Theories are axiom-based and the macroeconomic axioms of MMT are provably false.#4 By consequence, the whole analytical superstructure is untenable.<br /><br />Macrofoundations are false for 80+ years, microfoundations are false for 140+ years. Methodologically, mainstream economics is even worse than MMT’s proto-scientific garbage.<br /><br />Egmont Kakarot-Handtke<br /><br />#1 Love and hate in economics: the PsySoc shell game<br />https://axecorg.blogspot.com/2019/03/love-and-hate-in-economics-psysoc-shell.html<br /><br />#2 MMT: fundamentally false<br />https://axecorg.blogspot.com/2019/03/mmt-fundamentally-false.html<br /><br />#3 Mr. Keynes, Prof. Krugman, IS-LM, and the End of Economics as We Know It<br />https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2392856<br /><br />#4 For the full-spectrum refutation of MMT see cross-references MMT<br />http://axecorg.blogspot.com/2017/07/mmt-cross-references.htmlAXEC / E.K-Hhttps://www.blogger.com/profile/10402274109039114416noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-34028963388066927522019-03-28T04:51:37.638-04:002019-03-28T04:51:37.638-04:00The level of decency isn’t that high over there at...The level of decency isn’t that high over there at DeLong. This is what he agreed to is what a JG is according to MMT. Just another straw man.<br /><br />“Job Guarantee: "Our policy is for the government to run a deficit to offer low-quality make-work low-pay jobs that suck"“S400https://www.blogger.com/profile/01282349400341912187noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-29957228157318829402019-03-27T23:14:43.695-04:002019-03-27T23:14:43.695-04:00This comment has been removed by the author.Marian Rucciushttps://www.blogger.com/profile/12104215453386195003noreply@blogger.com