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.
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Friday, May 18, 2012
Video explaining the push toward fiscal union in the EZ
David Mcwilliams website is full of interesting info, including audio and videos. The sort of animation videos on his site are the ones I mentioned a while back as models for presentation of MMT to the public. By the way, it should be obvious by now that Mike Norman's heroic efforts to influence viewers of Fox News [or others] via the MSM appearances seem to be having minimal effect (it is possible that listeners cannot follow the message or they may have inadequate background information, and thus, conclude that his message doesn't quite fit any prior story they have been fed/taught). David's approach to interpreting historic events is one which permits even the naive non-economics expert an opportunity to comprehend simple concepts; start with -
Punk Economics: Lesson 1 David McWilliams, Irish economist, gives us our first lesson in punk economics.
JK, it is not possible to divorce the social, political, economic and evolutionary aspects of a complex issue. Doing so is based on false assumptions, usually of "objectivity." Marx and Engels realized this, and evolutionary science, psych, cognitive science, and the social sciences are bearing this out today. Brain functioning just doesn't follow the intellectual distinctions that we make and presuppose are "real.," whereas it is we that are creating our "reality" institutionally.
What I meant was the video doesn't discuss various MMT concepts like currency issuer vs. user, and how that is constraining for EMU countries. I had a brief email exchange with stephanie kelton about it. She suggested that [David] probably isn't familiar with MMT.
Its in that sense that I feel like some of the economics is missing.
Also, it doesn't discuss the measures Germany took to push itself toward a current account surplus. Nor did it talk about domestic policies in the periphery. But only so much can be said in a short video.
I didn't mean to say that politics and economics can be entirely seperated.. just that the video takes a 'here we are, where are we going…" approach, as opposed to a "here we are, and why are we here…?" approach. Does that make sense?
The video has a different purpose, I think. It's not to show how to change the system but how the system is being gamed against the little guy and by the core against the periphery.
David McWilliams met with our visiting MMT economists last week and was sufficiently impressed to devote a column to their ideas. We’re very happy that we’ve helped them get this much-deserved credit.
He knows about MMT, is impressed by it, but probably does not know enough of it to make it a mainstay of his presentations
That's basically what I meant about the video being about politics: the power-game. When I was said underlying economics were left out of the video, I meant the structural possibilities and limitations are barely discussed. I thinkg we're in agreement here… discussing the underlying economics doesn't seem to be the purpose of the video.
Clonal,
thanks for link. It'd be really great if David McWilliams, or someone with similar skills, could make videos like that for modern money theory. They are very well done. I think they would be an attractive way to inform outsiders.. especially non-economists.
David Mcwilliams website is full of interesting info, including audio and videos. The sort of animation videos on his site are the ones I mentioned a while back as models for presentation of MMT to the public. By the way, it should be obvious by now that Mike Norman's heroic efforts to influence viewers of Fox News [or others] via the MSM appearances seem to be having minimal effect (it is possible that listeners cannot follow the message or they may have inadequate background information, and thus, conclude that his message doesn't quite fit any prior story they have been fed/taught). David's approach to interpreting historic events is one which permits even the naive non-economics expert an opportunity to comprehend simple concepts; start with -
ReplyDeletePunk Economics: Lesson 1
David McWilliams, Irish economist, gives us our first lesson in punk economics.
http://www.youtube.com/watch?v=oAR0VRLRGHE&feature=relmfu
I feel like this video has more to say about politics of the Euro situation, i.e. the struggle for power and control, than it does about economics.
ReplyDeleteJK, it is not possible to divorce the social, political, economic and evolutionary aspects of a complex issue. Doing so is based on false assumptions, usually of "objectivity." Marx and Engels realized this, and evolutionary science, psych, cognitive science, and the social sciences are bearing this out today. Brain functioning just doesn't follow the intellectual distinctions that we make and presuppose are "real.," whereas it is we that are creating our "reality" institutionally.
ReplyDeleteTom,
ReplyDeleteWhat I meant was the video doesn't discuss various MMT concepts like currency issuer vs. user, and how that is constraining for EMU countries. I had a brief email exchange with stephanie kelton about it. She suggested that [David] probably isn't familiar with MMT.
Its in that sense that I feel like some of the economics is missing.
Also, it doesn't discuss the measures Germany took to push itself toward a current account surplus. Nor did it talk about domestic policies in the periphery. But only so much can be said in a short video.
I didn't mean to say that politics and economics can be entirely seperated.. just that the video takes a 'here we are, where are we going…" approach, as opposed to a "here we are, and why are we here…?" approach. Does that make sense?
The video has a different purpose, I think. It's not to show how to change the system but how the system is being gamed against the little guy and by the core against the periphery.
ReplyDeleteJK,
ReplyDeleteThere was this at Smart Taxes - David McWilliams endorsing MMT approach
Quote:
David McWilliams met with our visiting MMT economists last week and was sufficiently impressed to devote a column to their ideas. We’re very happy that we’ve helped them get this much-deserved credit.
He knows about MMT, is impressed by it, but probably does not know enough of it to make it a mainstay of his presentations
Tom,
ReplyDeleteThat's basically what I meant about the video being about politics: the power-game. When I was said underlying economics were left out of the video, I meant the structural possibilities and limitations are barely discussed. I thinkg we're in agreement here… discussing the underlying economics doesn't seem to be the purpose of the video.
Clonal,
thanks for link. It'd be really great if David McWilliams, or someone with similar skills, could make videos like that for modern money theory. They are very well done. I think they would be an attractive way to inform outsiders.. especially non-economists.
One way to do it is to have somebody - Kelton, or Wray, or Mosler give a talk to the Royal Society for the encouragement of Arts, Manufactures and Commerce -- they do wonderful animated videos covering the lectures
ReplyDelete