A (Very) Oblique History of MMT (& other ramblings): Part I

As MMT has “taken off” its founders and others have begun to preserve and reflect on its history (1). That history will be well covered as it will prove to be central to (genuine) macroeconomic history one day. Leaving that to others, I enjoy thinking about subtle influences, intellectual links and lineages, that go less … Continue reading A (Very) Oblique History of MMT (& other ramblings): Part I

Do Economists Dream of Electric Gödel Machines?

"Show me your model [’s non-banal output useful for policy, prediction, or at least understanding the real world better than verbal/visual methods; granted toy models are useful for teaching some classroom concepts] !!!" It is well known that mainstream DSGE economic modeling is hopelessly flawed (e.g., here, here, here [discussed here], here, here, here, here, here, … Continue reading Do Economists Dream of Electric Gödel Machines?

AUSTERITY IN A TIME OF PLENTY: The “domestic default” bogeyman = More bad statistics from Reinhart & Rogoff

According to Reinhart and Rogoff the danger is both outright (de jure default) and de facto default from inflation and financial repression. However, like their discredited “growth” paper, the “default” argument is also based the on the improper use of statistics.