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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Sunday, January 11, 2015
Greg Mankiw - The New Economics of the Left
Greg Mankiw notices Bernie Sander's appoint of Stephanie Kelton as Senate Budget Committee (minority) chief economist and the rise of "heterodox economic theory."
Yes. The orthodox will be alarmed their stranglehold on government is breaking. They'll attack.
And these smirking guys haven't learned yet not to mess around with women because there aren't many in economics. I surmise they think she's a pushover to attack — like Joan Robinson was, as Samuelson and Solow found out.
Tom, I agree with you that no one will mess around with Kelton. But Solow's late wife Barbara was a fantastic and highly respected economist. I doubt Solow thought anything less of Robinson because she was a woman. I think participants in the Cambridge debates knew everyone involved were first rate thinkers.
It'll be really great to see Kelton's ideas get discussed
I didn't mean to suggest that either Paul Samuelson or Robert Solow underestimated Joan Robinson's abilities as an economist, only that they met their match (and then some). After all, she was at Cambridge.
I doubt that Greg Mankiw et al look at Stephanie Kelton or any of the MMT economists in the same light, or UMKC, for that matter.
Sanders' hiring of Kelton was a stroke of genius. It's huge.
ReplyDeleteYes. The orthodox will be alarmed their stranglehold on government is breaking. They'll attack.
ReplyDeleteYes. The orthodox will be alarmed their stranglehold on government is breaking. They'll attack.
ReplyDeleteAnd these smirking guys haven't learned yet not to mess around with women because there aren't many in economics. I surmise they think she's a pushover to attack — like Joan Robinson was, as Samuelson and Solow found out.
And Stephanie, Pavlina, and Yves would bury Mankiw.
ReplyDeleteTom, I agree with you that no one will mess around with Kelton. But Solow's late wife Barbara was a fantastic and highly respected economist. I doubt Solow thought anything less of Robinson because she was a woman. I think participants in the Cambridge debates knew everyone involved were first rate thinkers.
ReplyDeleteIt'll be really great to see Kelton's ideas get discussed
I didn't mean to suggest that either Paul Samuelson or Robert Solow underestimated Joan Robinson's abilities as an economist, only that they met their match (and then some). After all, she was at Cambridge.
ReplyDeleteI doubt that Greg Mankiw et al look at Stephanie Kelton or any of the MMT economists in the same light, or UMKC, for that matter.