Monday, March 4, 2019

Tom Hickey — Hiatus continues

Still occupied.

Now that MMT has gone viral, it's impossible to keep up anyway. I haven't had time to look at the feeds but have been keeping abreast as much as possible through Twitter.

MMT seems to be moving past the stage of being attacked to the stage where at least from of those in opposition are becoming reconciled to the changing conditions that have led to MMT being picked up by the left and gaining prominence in the media. The narrative is changing noticeably.

Significantly, Brad DeLong has thrown in the towel. See A Clinton-era centrist Democrat explains why it’s time to give democratic socialists a chance — “The baton rightly passes to our colleagues on our left.” by Zack Beauchamp at Vox. And Powell Trashed MMT, But Wall Street Sees Room for U.S. to Try It by Liz McCormick at Bloomberg. 

This is an indication of recognition that the Overton window is shifting sharply left and the Establishment narrative based on neoliberalism is crashing against a wall of public opinion. The media echo chamber is beginning to pick up on it.

On anther topic, those interested in neoliberalism and its fortunes should look at the debate at Boston Review. It begins with Economics After Neoliberalism — Contemporary economics is finally breaking free from its market fetishism, offering plenty of tools we can use to make society more inclusive by Suresh Naidu, Dani Rodrik, Gabriel Zucman, to which Marshal Steinbaum, Alice Evans and Corey Robin respond. Corey Robin's piece is about Hayek and it worth reading by itself.


Kaivey said...

That's good news about MMT, Tom. I thought it was strange that CNBC did an article on it.

I hope things work out right for you soon.

Magpie said...

Timeo Danaos et dona ferentes.

Bob Roddis said...

I am clearly energized by the endless lies of the left about Hayek and the Austrian School. If you people could engage or refute Hayek or the Austrian School, you would. You can’t, you know it and you so lie.

Since Friedrich Hayek is one of the avatars [an incarnation in human form] of the neoliberal turn, it is worth revisiting how he envisioned the task of the neoliberal economist….

Hayek insisted that the government’s monopoly over money be ended along with its ability to conduct “monetary policy”. He insisted upon a total abolition of monetary policy, computer keystroke funny money creation etc…

As MMTers endlessly explain, we have a computer keystroke funny money system, which, by the way, is illegal and unconstitutional. The computer keystroke funny money system is the central characteristic of our economic system. It is the system that Hayek and all Austrians have sought to permanently destroy. Hayek had nothing to do with its creation and attacked it endlessly for decades. I don’t care what you call that system, but to attribute it to Hayek as “Neoliberal” is simply the most despicable lie and total B.S.