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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Wednesday, June 27, 2012
Scott Fullwiler — Prezi of MMT JG simulation
Twitter: stf18: My Job Guarantee simulations for the Minsky Summer School
Not that it is needed, but a narrative audio would have enhanced it particularly from the professor. Even without that, I sure would like to take a class from this guy.
Does this change the MMT v. MMR debate over the JG? The model shows this as more a stabilizer than as a stimulus although it seems to provide more "room" for other stimulus action as a result of its stabilizing character.
[Note - I realize that this doesn't address the MMR assumption of govt as an inept employer, but I've never bought into that - I see block grants to local/state govt as avoiding much of the MMR issues raised regarding job matching, cronyism, etc.]
"The model shows this as more a stabilizer than as a stimulus..."
I thought that was the design all along.
Seems most of the other versions showed up in debate with JG's detractors, who seem to be afraid that we're going to start handing out Ferrari's and six-figure incomes for writing poems about holes in the ground.
MMT economists said that the MMT JG is neither to stimulate demand nor to control inflation. It is a stabilizer of employment as a BSE and of the value of the currency as a price anchor tied to a unit of unskilled labor.
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ReplyDeleteI like Fullwiler's Prezis. There are a bunch more at that link.
ReplyDeleteAlso another excellent presentation by Scott - Finance as if People and Planet Matter
ReplyDeleteI like that presentation a lot.
ReplyDeleteThanks Scott.
Wow, excellent presentation.
ReplyDeleteNot that it is needed, but a narrative audio would have enhanced it particularly from the professor. Even without that, I sure would like to take a class from this guy.
Does this change the MMT v. MMR debate over the JG? The model shows this as more a stabilizer than as a stimulus although it seems to provide more "room" for other stimulus action as a result of its stabilizing character.
[Note - I realize that this doesn't address the MMR assumption of govt as an inept employer, but I've never bought into that - I see block grants to local/state govt as avoiding much of the MMR issues raised regarding job matching, cronyism, etc.]
Thoughts?
"The model shows this as more a stabilizer than as a stimulus..."
ReplyDeleteI thought that was the design all along.
Seems most of the other versions showed up in debate with JG's detractors, who seem to be afraid that we're going to start handing out Ferrari's and six-figure incomes for writing poems about holes in the ground.
MMT economists said that the MMT JG is neither to stimulate demand nor to control inflation. It is a stabilizer of employment as a BSE and of the value of the currency as a price anchor tied to a unit of unskilled labor.
ReplyDelete.