Lord Keynes — Robert Murphy at Sea on MMT

Like most of his other efforts, it ends in disaster.

Murphy tells us that he understands the point of MMTers that the government is not revenue constrained, yet his major attempt to refute MMT is an analogy (from 14.05) where he just assumes that the government is like a private household. The analogy also bizarrely assumes that government deficit spending is not just immoral but criminal, in a totally absurd example of begging the question by assuming the truth of libertarian ethics.

Social Democracy For The 21St Century: A Post Keynesian Perspective

Robert Murphy at Sea on MMT
Lord Keynes

Robert Murphy again...

Rohan Grey — MMT Vs Austrian Debate Post-Mortem

One of our network coordinators, Rohan Grey, has written a 5-part response to the debate, which can be found here:

• Part I: Preface
• Part II: Monetary Operations vs. Political Economy
• Part III: Democracy, Taxes, and the Currency Monopolist
• Part IV: The (Legal) Extension of the MMT Case
• Part V: Coda

Another summary and critique can be found here, by JP Hochbaum.

Go to page for links.

The Modern Money Network
MMT Vs Austrian Debate Post-Mortem
Rohan Grey

Robert Murphy smears me for a cheap laugh

Here's the full audio of his lesson. The MMT critique (and he goes after Mosler quite a bit) starts around 26 minutes in.

INET — How to Get the Economy Back on Track: Austrian Economics vs. Modern Monetary Theory

The status quo clearly is failing. But what should government do? It could step in and take more radical counter-cyclical steps to get the economy going, as Mosler suggests. Or it could get out of the way and let prices work, as Murray says.

Who do you agree with? Check back tomorrow for a “New Economic Thinking” interview with Mosler on Modern Monetary Theory and his suggestions for getting the economy back on track.

INET
How to Get the Economy Back on Track: Austrian Economics vs. Modern Monetary Theory

Edited video of Mosler versus Murphy now available

MMT vs. Austrian School Debate

ModernMoneyNetwork

Kudos Rebecca Rojer

Livestream recording of Mosler v Murphy now available

A high quality video of the seminar is currently being edited. In the interim, please see the livestream recording below.Note: the debate begins at 22:08.

Money and Public Purpose
(h/t Rohan Grey on FD)

Modern Monetary Theory (Warren Mosler) Vs. The Austrian School (Robert Murphy) Macroeconomic Debates Among The Heterodox – June 3, Columbia Law School

Modern Money and Pubic Purpose
Modern Monetary Theory (Warren Mosler) 
Vs. 
The Austrian School

 (Robert Murphy) Macroeconomic Debates Among The Heterodoxy

Part of the 2012-2013 Modern Money and Public Purpose Series on Contemporary Issues in Law and Political Economics, organized by the Workers' Rights Student Coalition

When: 6.15pm June 3rd, 2013
Where: Room 103, Jerome Greene Hall, Columbia Law School

Moderated by John Carney, Senior Editor, CNBC.com

The debate will be livestreamed.

Lord Keynes — Warren Mosler to debate Robert Murphy?

What little details available are here. This sounds very interesting, but Murphy seems a rather strange choice as a champion of Austrian economics.

Why? The reason is that Murphy is something of a maverick who thinks that the interest rate is a monetary phenomenon, both in his PhD Unanticipated Intertemporal Change in Theories of Interest (2003) and in this [link] post. That is, he rejects the widespread Austrian theory of interest: pure time preference theory.

More seriously, in this interesting paper and in this post, Murphy admits that Sraffa demonstrated that outside of equilibrium there is no single Wicksellian natural rate of interest, and that Hayek never really addressed this problem for his trade cycle theory.

On the face of it, these admissions have devastating consequences for virtually all modern formulations of the Austrian business cycle theory (ABCT) using the unique natural rate, as admitted by Murphy himself:

Social Democracy For The 21St Century
Warren Mosler to debate Robert Murphy?
Lord Keynes

Lord Keynes — Murphy on Keynesianism and Great Recession

Lord Keynes calls in Rothbardian Huerto De Soto and Friedrich Hayek to refute Robert Murphy's "refutation" of Keynesianism.

Social Democracy for the 21st Century
Murphy on Keynesianism and Great Recession
Lord Keynes

Lord Keynes — Robert Murphy on MMT: An Unimpressive Critique

Lord Keynes critiques Robert Murphy's latest critique of MMT.

Social Democracy For The 21St Century: A Post Keynesian Perspective
Robert Murphy on MMT: An Unimpressive Critique
Lord Keynes

Lord Keynes — My Posts on the Origin of Money

I have assembled a set of two lists of links and a bibliography below, as follows:

(1) my posts on the origin of money and the debate between David Graeber and Robert P. Murphy;

(2) some external links on the debate between David Graeber and Robert P. Murphy, and

(3) a bibliography on the origin of money.

First, however, I will give a quick summary of Graeber’s view on the origin of money in his recent book (Graeber 2011).

Social Democracy for the 21st Century
My Posts on the Origin of Money
Lord Keynes

David Graeber's response to Robert Murphy

Following my post of yesterday providing links, David Graeber responds at Naked Capitalism to Robert Murphy's post of September 1, Have Anthropologists Overturned Menger? and follow-up of September 8, Murphy Replies to David Graeber on Menger and Money

David Graeber: On the Invention of Money – Notes on Sex, Adventure, Monomaniacal Sociopathy and the True Function of Economics: A Reply to Robert Murphy’s ‘Have Anthropologists Overturned Menger?

I responded to Prof. Murphy's September 9 post here.

Quiggen asks about MMT, Murphy disses it

Two blog posts brought MMT further to the fore in the blogosphere today.

John Quiggen posted Some propositions for chartalists at Crooked Timber.

Robert Murphy posted The Upside-Down World of MMT at Mises.

A good exchange was had by all at Matt Rognlie's over his post, The fallacies of MMT.

Some gems in the comments.