Wednesday, March 27, 2019

Brad DeLong — James Montier will soon have an answer to his question why people hate MMT. MMT is about to hate James Montier too

Kill shot, or low ball?

I say low ball.

If that's all you got....

Grasping Reality
James Montier will soon have an answer to his question why people hate MMT. MMT is about to hate James Montier too
Brad DeLong | Professor of Economics, UCAL Berkeley


Marian Ruccius said...
This comment has been removed by the author.
S400 said...

The level of decency isn’t that high over there at DeLong. This is what he agreed to is what a JG is according to MMT. Just another straw man.

“Job Guarantee: "Our policy is for the government to run a deficit to offer low-quality make-work low-pay jobs that suck"“

AXEC / E.K-H said...

Brad DeLong

Science is NOT about love/hate but true/false. So, to begin with, the question Why Does Everyone Hate MMT? leads directly into the bottomless swamp of political economics.#1

The problem with MMT is that it is axiomatically false.#2 Because employment and distribution theory is provably false MMT’s policy guidance has NO sound scientific foundations. This, though, applies also to New Keynesianism. IS-LM is refuted on all counts.#3 This answers the question Why is the MMT vs Mainstream debate utterly absurd?

Brad DeLong summarizes: “Perhaps the key to the eagerness of Wray to dismiss me (and James Montier) for saying that MMT is Lerner+ is sociological. Perhaps MMT is not model-based (‘IS-LM with a near-vertical IS curve’) and not idea-based (‘Functional Finance’) so that it can be guru-based.”

Whether MMT is sociology-based, model-based, idea-based, or guru-based is a mute question. Theories are axiom-based and the macroeconomic axioms of MMT are provably false.#4 By consequence, the whole analytical superstructure is untenable.

Macrofoundations are false for 80+ years, microfoundations are false for 140+ years. Methodologically, mainstream economics is even worse than MMT’s proto-scientific garbage.

Egmont Kakarot-Handtke

#1 Love and hate in economics: the PsySoc shell game

#2 MMT: fundamentally false

#3 Mr. Keynes, Prof. Krugman, IS-LM, and the End of Economics as We Know It

#4 For the full-spectrum refutation of MMT see cross-references MMT

S400 said...

No part 2 from Egmont? This is unbearable!