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.
Pages
▼
Pages
▼
Wednesday, October 17, 2012
Modern Money & Public Purpose 2: Governments Are Not Households — Warren Mosler and Stephanie Kelton
Somebody has got to be more selective on which video frame is chosen for the title view on these videos.... this is not exactly a flattering image of Ms Kelton here... c'mon folks .. rsp,
I would point out that what Warren and Stephanie point out here directly contradicts a major part of the platforms of the 2 current major party candidates for US President (one of which is the current US President)
Paul, I think this is an intereting comment by Brad DeLong (in response to Nick Rowe):
"Seems to me it would be much more productive right now to worry about how do we maintain normal levels of net investment in a high government debt post-interest rate normalization environment than to propose sending the economy back into recession in order to reduce government debt accumulation. Recession and high unemployment in the short- and medium-run are problems. Low investment in the medium- and long-run are problems. Government debt is a tool to avoid the first and a source of risk of the second. But it is better to keep your mind focused on the things that are real problems".
Unrelated but speaking of presentations... any MMT'ers out there working in a high school or with high school aged kids? Would be awesome to see team MMT make some noise in this thing.
"any MMT'ers out there working in a high school or with high school aged kids? Would be awesome to see team MMT make some noise in this thing."
Young people are where the opportunities lie.
My stepson is 27, and seemed to get the MMT ideas right away when I ran it by him. He's on board. It may have helped that I used a hand-drawn diagram to get the point across as I explained what was going on..
When he tried to explain it to his Dad, a life-long liberal, they almost came to blows.
"Recession and high unemployment in the short- and medium-run are problems. Low investment in the medium- and long-run are problems. Government debt is a tool to avoid the first and a source of risk of the second."
I have been there but i rewatched, very good stuff.
ReplyDeleteSomebody has got to be more selective on which video frame is chosen for the title view on these videos.... this is not exactly a flattering image of Ms Kelton here... c'mon folks .. rsp,
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteWarren can be a little brief on his blog, but he certainly didn't hold back here! Well done.
ReplyDeleteI would point out that what Warren and Stephanie point out here directly contradicts a major part of the platforms of the 2 current major party candidates for US President (one of which is the current US President)
ReplyDeleteIn case anyone didn't notice ;)
rsp,
Stephanie and Warren did an excellent job wrt examples offered; the q&a session seemed to indicate that some attendees got it.
ReplyDeleteJust ran across this:
ReplyDeletehttp://www.multiplier-effect.org/?p=6018
More kvetching over inter-generational debt.
"We're leaving a massive debt burden to our grandchildren".
Nick Rowe is beside himself with frustration that we ordinary folks don't get his brilliant mind. He settled this question ages ago!!! dammit.
Only funerals can save us.
Paul, I think this is an intereting comment by Brad DeLong (in response to Nick Rowe):
ReplyDelete"Seems to me it would be much more productive right now to worry about how do we maintain normal levels of net investment in a high government debt post-interest rate normalization environment than to propose sending the economy back into recession in order to reduce government debt accumulation. Recession and high unemployment in the short- and medium-run are problems. Low investment in the medium- and long-run are problems. Government debt is a tool to avoid the first and a source of risk of the second. But it is better to keep your mind focused on the things that are real problems".
http://delong.typepad.com/sdj/2012/10/the-intergenerational-burden-of-the-debt-nick-rowe-tempts-fate-weblogging.html
Unrelated but speaking of presentations... any MMT'ers out there working in a high school or with high school aged kids? Would be awesome to see team MMT make some noise in this thing.
ReplyDeleteHigh School Fed Challenge
"any MMT'ers out there working in a high school or with high school aged kids? Would be awesome to see team MMT make some noise in this thing."
ReplyDeleteYoung people are where the opportunities lie.
My stepson is 27, and seemed to get the MMT ideas right away when I ran it by him. He's on board. It may have helped that I used a hand-drawn diagram to get the point across as I explained what was going on..
When he tried to explain it to his Dad, a life-long liberal, they almost came to blows.
"Recession and high unemployment in the short- and medium-run are problems. Low investment in the medium- and long-run are problems. Government debt is a tool to avoid the first and a source of risk of the second."
ReplyDeleteWhat is this "crowding out"?