Toward the end, Bill discusses ISLM.
Bill Mitchell – billy blog
Mainstream macroeconomics – exudes denial while purporting to be progressive
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
Bill Mitchell – billy blog
Mainstream macroeconomics – exudes denial while purporting to be progressive
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
Right policy depends on true theory: “In order to tell the politicians and practitioners something about causes and best means, the economist needs the true theory or else he has not much more to offer than educated common sense or his personal opinion.” (Stigum)
ReplyDeleteThe current state of economics is this: Walrasian microfoundations are false since 140+ years and Keynesian macrofoundations are false since 80+ years. Because MMT formally depends on Keynesian macrofoundations it is false, too.
For details see:
‘New IS-LM macro ― just another fake revolution’
http://axecorg.blogspot.de/2017/02/new-is-lm-macro-just-another-fake.html
and ‘Walras, Keynes, Samuelson, DSGE, IS-LM ― R.I.P.’
http://axecorg.blogspot.de/2017/02/walras-keynes-samuelson-dsge-is-lm-rip.html
and ‘Rectification and generalization of MMT’
http://axecorg.blogspot.de/2017/02/rectification-and-generalization-of-mmt.html
Egmont Kakarot-Handtke