I presume that readers interested in MMT already stay current with New Economic Perspectives, but I an calling attention to the following since it is the first post by an unfamiliar name. Definitely worth the read from a new voice.
Read it at New Economics Perspectives
Playing Monopolis Monopoly: An inquiry into why we are making ourselves so miserable
by J. D. Alt
Alt on himself: This is a continuation of ideas first developed in my novel, The Architect Who Couldn’t Sing, (available at Amazon.com or iBooks.) It was prompted by an article in The Washington Post, 18 February 2012, by Dylan Matthews, Modern Monetary Theory, an unconventional take on economic strategy, and was subsequently informed by the writings of L. Randall Wray (Understanding Modern Money, Edward Elgar Publishing Limited) and the writing of Stephanie Kelton, Associate Professor of Economics at the University of Missouri-Kansas City.
This would be a good primer for our 2 new Fed Board members that were confirmed by the Senate today, Stein and Powell. If these good old boys from Harvard and Princeton could only read and understand this simple little introduction to modern money we'd all be better off. Their academic work suggests they don't have a firm grasp on the monetary system. So more of the same orthodox chicanery.
ReplyDeleteEconomics is called "The Dismal Science" for several reasons; on reason is because scholarly or academic writings about it and intended for general consumption are more boring than watching grass grow.
ReplyDeleteNot so "Monopolis." It won't induce an erection, but it very likely will stimulate that part of your anatomy from the neck up.
An EXCELLENT explanation of how our economy is supposed to work, but so very obviously does not.
FOUR STARS!