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Just remember, Heisenberg was a notorious drug dealer. Maybe he started imbibing his own product. 


John F. Henry
Levy Economics Institute of Bard College

 
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From: AFEEMAIL Discussion List <[log in to unmask]> on behalf of Wray, Randall <[log in to unmask]>
Sent: Tuesday, October 15, 2019 8:03:53 AM
To: [log in to unmask]
Subject: Re: MMT in this week's The Economist, Real World Economic Review
 

Continuing on the theme:


I thought all would get a kick out of this one: https://seekingalpha.com/article/4296507-stephanie-kelton-president?ifp=0


This is a serious piece by a credible financial mkts blog. I don't necessarily mean the Presidential part (she's going to be NY's senator first; and AOC will be MMT's first president), I mean the inevitable adoption of MMT.


I'm writing my own response to the critiques in the rwer; the first two part are up and two more will be posted soon. 

Here's part 2: http://neweconomicperspectives.org/2019/10/mmt-report-from-the-front-part2.html



L. Randall Wray
Senior Scholar, Levy Economics Institute
Papers: www.levyinstitute.org/publications/?auth=287

Co-editor Journal of Post Keynesian Economics
ISSN 0160-3477 (Print), 1557-7821 (Online)
www.tandfonline.com/toc/mpke20/current

http://www.tandfonline.com/toc/mpke20/current

New Book: Why Minsky Matters: An Introduction to the work of a maverick economist, Princeton University Press http://press.princeton.edu/titles/10575.html
 
New Book: Modern Money Theory: a primer on macroeconomics for sovereign monetary systems, Palgrave Macmillan http://www.palgrave.com/page/detail/modern-money-theory-l-randall-wray/?isb=9781137539908 
 
Please make note of my new email address as I will be transitioning all email to:



From: AFEEMAIL Discussion List <[log in to unmask]> on behalf of Greg Hannsgen <[log in to unmask]>
Sent: Monday, October 14, 2019 3:11 PM
To: [log in to unmask]
Subject: Re: [AFEEMAIL] MMT in this week's The Economist, Real World Economic Review
 
Dear Geoff and other AFEE list members, 

I believe MMT is not well understood, by the press or most economists. At least three groups of economists have erected a phony MMT and then attacked it. The press has amplified these distorted views.  In this  belief, I am in agreement with Randy. I have constructed  pages on my economics blog on MMT, including a resource page with links to comprehensive accounts of MMT by its founding members.  One thing I am trying to convince people of is that MMT is only a set of views on monetary and financial institutions. Many of the views of the U.S. MMTers on various policy issues such as Medicare for All are not part of MMT itself.  Moreover, as MMT emphasizes applied implications,  one need not agree that the chartalist story of the origins of money is true in all cases and without qualification to be an MMT supporter. MMT is rather compatible with Original Institutionalism, and with Randy's earlier work, which was different in scope in that it covered mostly private-sector liabilities. Hyman Minsky espoused most if not all of MMT.  It is horizontalist but contains a story  of a pyramid of liabilities subject to default risk.  It increasingly fleshes out an account of non-sovereign currencies and exchange rates.

Links to the MMT pages on my site appear on the homepage: https://greghannsgen.org
Page of authoritative MMT works, many of them free and on the web: 
https://greghannsgen.org/links-to-authoritative-works-on-mmt/

I was convinced by Randy's excellent 1990 book and cited it in my dissertation on endogenous money. Randy brought me up to date over the years on his thinking after I met him at the Levy Institute. At first, I cited MMT work but did not adopt the MMT terminology at first or become a public supporter of MMT as a whole in my blog for example. I officially became a supporter of MMT by name in my blog a few years ago, I think, after some careful thought. 

Here is a collection of photos documenting my evolution as an MMTer:
https://photos.app.goo.gl/Fq6qvnNPscW77ehu8

In my view endogenous money views are the heterodox theories of money.

Great question in my  opinion, Geoff!

Greg

Greg Hannsgen, Ph.D.
Greg Hannsgen's Economics Blog
Research Associate, Levy Economics Institute of Bard College

(845) 475-5263
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economics website: https://greghannsgen.org
Page with information about me and my work, including where my working papers can be found:
https://greghannsgen.org/greg-hannsgens-economics-blog/

You may also by interested in this noneconomics project of mine: https://healthyveganhudsonvalley.com


On Sat, Oct 12, 2019, at 7:31 PM, Geoff Schneider wrote:
Dear AFEE folks,be

MMT continues to attract a lot of attention.

From The Economist, October 10, 2019: 
On the left, wacky schools of thought like “modern monetary theory” (mmt), which says, roughly, that as long as inflation remains contained the government can borrow as much as it likes and that fiscal policy should manage the economic cycle, have influenced some people such as Ms Ocasio-Cortez.  


The recent issue of the Real World Economic Review devoted to MMT is also interesting, with articles by Randy Wray, Anne Mayhew, and many other prominent heterodox economists: 

I am still digesting all of the different perspectives in this 
issue, and I would be interested to hear how other institutionalists view this debate.

Best,
Geoff 
Presidential Professor and Co-Chair of Economics at Bucknell University
Executive Director, ICAPE
Office: 128 Academic West       
Phone: 570-577-1666
Mailing Address: 1 Dent Drive, Lewisburg, PA 17837
Microeconomic Principles and Problems (2019)