tag:blogger.com,1999:blog-2761684730989137546.post7403931924577853997..comments2024-03-29T02:19:19.866-04:00Comments on Mike Norman Economics: Simon Wren-Lewis — Heterodox economics, mainstream macro and the financial crisismike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-2761684730989137546.post-35865350532333809362016-08-29T13:08:42.893-04:002016-08-29T13:08:42.893-04:00As the scope and diversity of mainstream theory ge...<i>As the scope and diversity of mainstream theory gets larger and wider, the space that can be occupied by those who reject the mainstream shrinks.</i><br /><br />A variation of the True Scotsman argument. In the end, we're all Scotsmen.Peter Panhttps://www.blogger.com/profile/09473311771939167712noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-40844939064467347182016-08-29T12:07:03.830-04:002016-08-29T12:07:03.830-04:00SWL calls himself a Keynesian and doesn’t get how ...SWL calls himself a Keynesian and doesn’t get how liquidity preference affects the ratio between spending and saving propensities and how this ratio impacts macro, as well as how MInsky's analysis feeds into this. <br /><br />The sectoral balances show together with functional finance show how to maintain the sectoral balances at actual full employment, given an MMT JG as buffer stock of employed and price anchor. <br /><br />SWL should read Bill's recent series, "Modern Monetary Theory – what is new about it? " at billy blog and respond to it.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-67273180309727235712016-08-29T11:57:23.198-04:002016-08-29T11:57:23.198-04:00The language of science is mathematics. The langua...The language of science is mathematics. The language of commerce is accounting. Certainly a science whose subject matter is commerce must employ both where appropriate. The argument is about the "where."Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-16355737217511258252016-08-29T11:35:05.913-04:002016-08-29T11:35:05.913-04:00"But this is accounting, not economics,"..."But this is accounting, not economics,"<br /><br />He may have a point here...Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.com