I was overwhelmed by the level of ignorance displayed by distinguished economist Raghuram Rajan in his article entitled “How Much Debt Is Too Much?” published recently in Project Syndicate on Nov 30, 2020. I had meant to write a critique of the article, but to do so requires starting from the very beginning. In this post, I go over some basic MMT concepts, in order to prepare the ground for this critique. There are now many good videos explaining these basics. I will go over six questions discussed in the first ten minutes of “Modern Money & Public Purpose 1: The Historical Evolution of Money and Debt” by Professor L Randall Wray. Learning the answers to these questions provides foundations for understanding MMT which are evidently missing in Rajan’s paper....WEA Pedagogy Blog
ABC’s of Modern Monetary Theory (MMT)
Asad Zaman | Vice Chancellor, Pakistan Institute of Development Economics and former Director General, International Institute of Islamic Economics, International Islamic University Islamabad
6 comments:
Tom why don't you make your PC dual boot Tails if you buy a spare USB Stick. It comes with UEFI secure boot so no need to mess around with the BIOS.
https://tails.boum.org/install/index.en.html
How to setup persistence on Tails:
https://youtu.be/6tSJSXTkJ50
How to setup off the record messaging over Tor on Tails:
https://youtu.be/HsSssbs-Sso
What is it?:
https://en.m.wikipedia.org/wiki/Tails_(operating_system)
https://en.m.wikipedia.org/wiki/Crypto-anarchism
You really should use Tor Browser for all your online browsing on your regular OS with obsf4 bridges so your ISP doesn't know you are using Tor:
https://www.torproject.org
Communicate with friends using off the record messaging
Why?
“Neo-liberal conspiracy!” people could have you under surveillance...
Yes: I made some unflattering comments about Raghuram Rajan's article on my own blog about ten days ago. What particularly struck me was the claim in his opening sentence that MMT advocates deficits without limits and totally ignores the possible inflationary effects of large deficits.
RR was director of research at the IMF and used to be governor of India's central bank. How on Earth these incompetents manage to get appointed to positions of power is a mystery.
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