So [in conclusion], let me summarize: leftists are not anti-market. They recognize that what is called a market by economists is a rigorously simplified idealization. And that like all idealizations a lot is left out in order to render the idealization coherent. It’s what’s left out, not what’s left in, that leftists object to. And that is not trivial. Coase says so too.
Methodological individualism versus institutionalism. MMT is institutional and rejects the assumption of methodological individualism that is foundational in much conventional economics.
The Radford Free PressLeftists are not “anti-market”
Peter Radford
“ MMT is institutional and rejects the assumption of methodological individualism”
ReplyDeleteThe theory of institutionalism is anti thesis to the theory of individualism…
It’s not that it is rejected… MMT is anti individualism…
https://www.etymonline.com/word/anti-#:~:text=word%2Dforming%20element%20of%20Greek,from%20Greek%20anti%20(prep.)
ReplyDeleteanti-
word-forming element of Greek origin meaning "against, opposed to, opposite of, instead," shortened to ant- before vowels and -h-, from Old French anti- and directly from Latin anti-, from Greek anti (prep.) "over, against, opposite; instead, in the place of“
Say it like this:
ReplyDelete“Institutionalism is in contrast to methodological individualism “
Is not rejected… it was never tested…
Nothing can be rejected that wasn’t tested…
Mental masturbation uses big words...
ReplyDeleteThey are two different thesis or two theories …
ReplyDeletehttps://en.wikipedia.org/wiki/Theory
“ A theory is a rational type of abstract thinking about a phenomenon, or the results of such thinking.”
The two theses compete for acceptance in the liberal Art academe … thru literature, persuasion, rhetoric and other artistic activities..
No testing…
https://en.wikipedia.org/wiki/Institutionalism
ReplyDelete“Institutional theory, an approach to the study of politics that focuses on formal institutions of government”
MMT describes the monetary system, which is maintained by institutions.
ReplyDeleteIndividual counterfeiters don't count.
https://scholar.princeton.edu/sites/default/files/tpavone/files/margaret_levi-of_rule_and_revenue_summary.pdf
ReplyDelete