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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Saturday, December 16, 2017
Michael Roberts — The economics of Luther or Munzer?
History lesson. Trading one dogmatism for another?
"But our Lutheran protestors had not a word of critique against Keynes, and certainly not his more radical followers like Hyman Minsky. On the contrary, the 33 theses show clear support of Minskyan theory on crises under capitalism. Thesis 28 refers to “financialisation, short-termism, speculative finance and financialised real economy” as the key issues, thus implying that it is the growth of finance under neoliberalism that is the cause of crises, not any inherent flaws or contradictions in the capitalist profit-making system as a whole."
Good points Roberts is 100% correct here..
"stability creates instability!" is complete and utter BS...
"implying that it is the growth of finance under neoliberalism"
Thus the entire "neoliberal conspiracy!" canard psycho fantasy that they have to always fall back on when the empirical data coming in doenst work out their way...
they dont have the knowledge/skills to examine the current system (call it "capitalism!" or whatever figure of speech you prefer it doesnt matter to those technically competent...) and cant identify the flaws...
This is like the other thread where there is all of this pollution in the waterways in Indonesia and they blame it on "capitalism!" because they are too stupid to understand sanitation systems...
"But our Lutheran protestors had not a word of critique against Keynes, and certainly not his more radical followers like Hyman Minsky. On the contrary, the 33 theses show clear support of Minskyan theory on crises under capitalism. Thesis 28 refers to “financialisation, short-termism, speculative finance and financialised real economy” as the key issues, thus implying that it is the growth of finance under neoliberalism that is the cause of crises, not any inherent flaws or contradictions in the capitalist profit-making system as a whole."
ReplyDeleteGood points Roberts is 100% correct here..
"stability creates instability!" is complete and utter BS...
"implying that it is the growth of finance under neoliberalism"
ReplyDeleteThus the entire "neoliberal conspiracy!" canard psycho fantasy that they have to always fall back on when the empirical data coming in doenst work out their way...
they dont have the knowledge/skills to examine the current system (call it "capitalism!" or whatever figure of speech you prefer it doesnt matter to those technically competent...) and cant identify the flaws...
This is like the other thread where there is all of this pollution in the waterways in Indonesia and they blame it on "capitalism!" because they are too stupid to understand sanitation systems...
ReplyDelete