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dont wear the blindfold and tweet who's in the firing squad. reputation is all! On Fri, 3 May 2019, 23:34 Wray, Randall <[log in to unmask]> wrote: > I always figured I'd end up before a firing squad, but never imagined it > would be over a textbook. > > > The publisher just told us they sold out the first printing and are > rushing the second to try to sell some more books before the US bans it. > So, better get your copy quick. > > > I changed the header as we seem to have left public choice behind. Altho > maybe not. I do plan to respond to Anne and also to the discussion of > internal developments of neoclassicalism. > > > > > L. Randall Wray > Senior Scholar, Levy Economics Institute > Papers: www.levyinstitute.org/publications/?auth=287 > <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.levyinstitute.org_publications_-3Fauth-3D287&d=DwMF-g&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=E02VAlhUAk_JdKWWJ9iFh9bQ4ZFHzlNNfjM5REDD6mk&s=V5E0zY6wBouz1oK1I7UNvOXm8w7iIsLbDR-o0XjFALk&e=> > > Co-editor *Journal of Post Keynesian Economics* > ISSN 0160-3477 (Print), 1557-7821 (Online) > www.tandfonline.com/toc/mpke20/current > https://urldefense.proofpoint.com/v2/url?u=http-3A__www.tandfonline.com_toc_mpke20_current&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=YE5BYwpTIsrSQRzyWBKN7FvTDRGmLIr2tbh5U9Jxiec&s=quidbuV6oHaY02PW5SI9BVZSL-REvgow4sCv2U48DSE&e= > <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.tandfonline.com_toc_mpke20_current&d=DwMF-g&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=E02VAlhUAk_JdKWWJ9iFh9bQ4ZFHzlNNfjM5REDD6mk&s=GAfkqYdfMh9K1t_eQnFxfF2knv3zUr5xgV5XwzKgHIA&e=> > > <https://urldefense.proofpoint.com/v2/url?u=http-3A__http-3A__www.tandfonline.com_toc_mpke20_current&d=DwMF-g&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=E02VAlhUAk_JdKWWJ9iFh9bQ4ZFHzlNNfjM5REDD6mk&s=cktnNSLqPIE1uMv3Q8jcMqwdUNFssmAcSsneRGKhuOU&e=> > New Book: *Why Minsky Matters: An Introduction to the work of a maverick > economist, *Princeton University Press > https://urldefense.proofpoint.com/v2/url?u=http-3A__press.princeton.edu_titles_10575.html&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=YE5BYwpTIsrSQRzyWBKN7FvTDRGmLIr2tbh5U9Jxiec&s=hkdHaV-s78u5mSROLxht8nzd6ezE4WAom9YfJNmoipQ&e= > <https://urldefense.proofpoint.com/v2/url?u=http-3A__press.princeton.edu_titles_10575.html&d=DwMF-g&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=E02VAlhUAk_JdKWWJ9iFh9bQ4ZFHzlNNfjM5REDD6mk&s=yZi1tQc9KOhqR0XYruYqB18zAHTHn3ej6v8LgFUo5lE&e=> > > New Book: *Modern Money Theory: a primer on macroeconomics for > sovereign monetary systems*, Palgrave Macmillan > https://urldefense.proofpoint.com/v2/url?u=http-3A__www.palgrave.com_page_detail_modern-2Dmoney-2Dtheory-2Dl-2Drandall-2Dwray_-3Fisb-3D9781137539908&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=YE5BYwpTIsrSQRzyWBKN7FvTDRGmLIr2tbh5U9Jxiec&s=hGHaqqnp_cnhg6fbxV6p6WTR5WzJLEjPW-lAkIPVdjQ&e= > <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.palgrave.com_page_detail_modern-2Dmoney-2Dtheory-2Dl-2Drandall-2Dwray_-3Fisb-3D9781137539908&d=DwMF-g&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=E02VAlhUAk_JdKWWJ9iFh9bQ4ZFHzlNNfjM5REDD6mk&s=kPt0L6Mm-yZjtGVvTUSlGOcpp57jOzAuGjpJHIC7_3s&e=> > > > Please make note of my new email address as I will be transitioning all > email to: > [log in to unmask] > > > ------------------------------ > *From:* AFEEMAIL Discussion List <[log in to unmask]> on behalf of > Wolfram Elsner <[log in to unmask]> > *Sent:* Friday, May 3, 2019 5:19 AM > *To:* [log in to unmask] > *Subject:* [AFEEMAIL] AW: [AFEEMAIL] Are Sustainability and Public Choice > schools of thought, per se? > > > > > > > Fantastic! > > Congratulations, Randy, that you guys made them feel so defensive that > they craft such ridiculous resolutions. > > > > Don’ forget, we will teach 40 Chinese PhD students on MMT (you) and > institutionalism (me) at the Jilin Pluralist Summer School in mid-July. > > > > Best, > > Wolfram. > > > > > > > > *Von:* AFEEMAIL Discussion List [mailto:[log in to unmask]] *Im > Auftrag von *Wray, Randall > *Gesendet:* Freitag, 3. Mai 2019 04:04 > *An:* [log in to unmask] > *Betreff:* Re: [AFEEMAIL] Are Sustainability and Public Choice schools of > thought, per se? > > > > Well here you go. For all the MMT haters. There is now actually a Senate > Resolution to condemn it. And FIVE, yes, count them FIVE have already > signed on. That's practically unanimous, I think. Write your senator. > > > > Pasted and attached. LOL. > > > > 116TH CONGRESS 1ST SESSION S. RES. ll > Recognizing the duty of the Senate to condemn Modern Monetary Theory and > recognizing that the implementation of Modern Monetary Theory would lead to > higher deficits and higher inflation. > IN THE SENATE OF THE UNITED STATES > llllllllll Mr. PERDUE (for himself, Mr. BRAUN, Ms. ERNST, Mr. MORAN, and > Mr. TILLIS) submitted the following resolution; which was referred to the > Committee on llllllllll > RESOLUTION Recognizing the duty of the Senate to condemn Modern Monetary > Theory and recognizing that the implementation of Modern Monetary Theory > would lead to higher deficits and higher inflation. > Whereas noted economists from across the political spectrum have warned > that the implementation of Modern Monetary Theory (referred to in this > preamble as ‘‘MMT’’) would pose a clear danger to the economy of the United > States; Whereas, on March 4, 2019, former Secretary of the Treasury > Lawrence H. Summers said that— (1) MMT is fallacious at multiple levels; > (2) past a certain point, MMT leads to hyperinflation; and > 2 > PAT19390 S.L.C. > (3) a policy of relying on a central bank to finance government deficits, > as advocated by MMT theorists, would likely result in a collapsing exchange > rate; Whereas, on February 26, 2019, Jerome Powell, Chair of the Board of > Governors of the Federal Reserve System, said: ‘‘The idea that deficits > don’t matter for countries that can borrow in their own currency I think is > just wrong’’; Whereas, on March 25, 2019, Janet Yellen, former Chair of the > Board of Governors of the Federal Reserve System, disagreed with those > individuals promoting MMT who suggest that ‘‘you don’t have to worry about > interest-rate payments because the central bank can buy the debt’’, > stating: ‘‘That’s a very wrong-minded theory because that’s how you get > hyper-inflation’’; Whereas the March 2019 report entitled ‘‘How Reliable is > Modern Monetary Theory as a Guide to Policy?’’ by Scott Sumner and Patrick > Horan of the Mercatus Center at George Mason University found that— (1) > MMT— (A) has a flawed model of inflation, which overestimates the > importance of economic slack; (B) overestimates the revenue that can be > earned from the creation of money; (C) overestimates the potency of fiscal > policy, while underestimating the effectiveness of monetary policy; (D) > overestimates the ability of fiscal authorities to control inflation; and > (E) contains too few safeguards against the risks of excessive public debt; > and (2) an MMT agenda of having fiscal authorities manage monetary policy > would run the risk of— > 3 > PAT19390 S.L.C. > (A) very high debts; (B) very high inflation; or (C) very high debts and > very high inflation, each of which may be very harmful to the broader > economy; Whereas the January 2019 report entitled ‘‘Modern Monetary Theory > and Policy’’ by Stan Veuger of the American Enterprise Institute warned > that ‘‘hyperinflation becomes a real risk’’ when a government attempts to > pay for massive spending by printing money; and Whereas the September 2018 > report entitled ‘‘On Empty Purses and MMT Rhetoric’’ by George Selgin of > the Cato Institute warned that— (1) when it comes to the ability of > Congress to rely on the Treasury to cover expenditures, Congress is, in 1 > crucial respect, more constrained than an ordinary household or business is > when that household or business relies on a bank to cover expenditures > because, if Congress is to avoid running out of money, Congress cannot > write checks in amounts exceeding the balances in the general account of > the Treasury; and (2) MMT theorists succeed in turning otherwise banal > truths about the workings of contemporary monetary systems into novel > policy pronouncements that, although tantalizing, are false: Now, > therefore, be it Resolved, That the Senate— 1 (1) realizes that deficits > are unsustainable, irre-2 sponsible, and dangerous; and 3 (2) recognizes— 4 > 4 > PAT19390 S.L.C. > (A) that the implementation of Modern 1 Monetary Theory would lead to > higher deficits 2 and higher inflation; and 3 (B) the duty of the Senate to > condemn 4 Modern Monetary Theory > > > > > > L. Randall Wray > > Senior Scholar, Levy Economics Institute > > Papers: www.levyinstitute.org/publications/?auth=287 > <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.levyinstitute.org_publications_-3Fauth-3D287&d=DwMF-g&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=TfnSFuuS30IX6ZiE2L_LadIxVQoZf05h5OPArLvfZsE&s=hJpME4rgr72cWEQgdqCHRTiMGsyJrKWOCPvB6bD4PRg&e=> > > Co-editor *Journal of Post Keynesian Economics* > ISSN 0160-3477 (Print), 1557-7821 (Online) > www.tandfonline.com/toc/mpke20/current > https://urldefense.proofpoint.com/v2/url?u=http-3A__www.tandfonline.com_toc_mpke20_current&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=YE5BYwpTIsrSQRzyWBKN7FvTDRGmLIr2tbh5U9Jxiec&s=quidbuV6oHaY02PW5SI9BVZSL-REvgow4sCv2U48DSE&e= > <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.tandfonline.com_toc_mpke20_current&d=DwMF-g&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=TfnSFuuS30IX6ZiE2L_LadIxVQoZf05h5OPArLvfZsE&s=yeuARFU15FwD_Th4w9YW2iGL-lE5agZOuvehYEOuXvM&e=> > > New Book: *Why Minsky Matters: An Introduction to the work of a maverick > economist, *Princeton University Press > https://urldefense.proofpoint.com/v2/url?u=http-3A__press.princeton.edu_titles_10575.html&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=YE5BYwpTIsrSQRzyWBKN7FvTDRGmLIr2tbh5U9Jxiec&s=hkdHaV-s78u5mSROLxht8nzd6ezE4WAom9YfJNmoipQ&e= > <https://urldefense.proofpoint.com/v2/url?u=http-3A__press.princeton.edu_titles_10575.html&d=DwMF-g&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=TfnSFuuS30IX6ZiE2L_LadIxVQoZf05h5OPArLvfZsE&s=SaMgQaw3sswsDNFTj--KDS-ZkL2pzI6QGz-fp20WQgU&e=> > > > > New Book: *Modern Money Theory: a primer on macroeconomics for > sovereign monetary systems*, Palgrave Macmillan > https://urldefense.proofpoint.com/v2/url?u=http-3A__www.palgrave.com_page_detail_modern-2Dmoney-2Dtheory-2Dl-2Drandall-2Dwray_-3Fisb-3D9781137539908&d=DwIFaQ&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=YE5BYwpTIsrSQRzyWBKN7FvTDRGmLIr2tbh5U9Jxiec&s=hGHaqqnp_cnhg6fbxV6p6WTR5WzJLEjPW-lAkIPVdjQ&e= > <https://urldefense.proofpoint.com/v2/url?u=http-3A__www.palgrave.com_page_detail_modern-2Dmoney-2Dtheory-2Dl-2Drandall-2Dwray_-3Fisb-3D9781137539908&d=DwMF-g&c=Cu5g146wZdoqVuKpTNsYHeFX_rg6kWhlkLF8Eft-wwo&r=LtbujWNPdbzw6j8eq9-RJVMBctp9ndCoqGEy57VsNLQ&m=TfnSFuuS30IX6ZiE2L_LadIxVQoZf05h5OPArLvfZsE&s=rxV0QtSdY_ewSA8NNyxfqU9HY_vPIPNPTvESMvQjVyU&e=> > > > > > Please make note of my new email address as I will be transitioning all > email to: > > [log in to unmask] >