It’s Wednesday and also a holiday period, so just a few things today. First, I discuss a research paper that has concluded that central bankers have been using the wrong model for years which has resulted in flawed estimates of the state of capacity utilisation, and, in turn, created excessive unemployment. Second, we have a little Modern Monetary Theory (MMT) primer before going to the beach....
Bill Mitchell – billy blog
Central bankers have created excessive unemployment for decades because they use the wrong theoryBill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia
“ It is not a case of “don’t really exist”
ReplyDeletelol… poor Bill…
The journo guy is Art Degree and is reifying the Accounting abstractions…
They do this ALL THE TIME…
It’s a cognitive deficiency as a result of the person having been educated under the Art Degree methodology…
They are left thinking the abstractions are REAL…
We see it every day…