tag:blogger.com,1999:blog-3758330678390419129.post2130874545682601324..comments2024-02-13T02:39:22.756-05:00Comments on EconomicPolicyJournal.com: A Modern Monetary Theorist in the Days Before the Roaring Argentinian Price Inflation Robert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-3758330678390419129.post-77190826546609600432013-02-06T23:14:42.073-05:002013-02-06T23:14:42.073-05:00Search for "1971" on Mike Norman's M...Search for "1971" on Mike Norman's Magic Money Tree site and you get:<br /><br />"On August 15, 1971: Great Day in U.S. History"<br /><br />http://mikenormaneconomics.blogspot.com/search?q=1971<br /><br />But you really can't differentiate pre-1971 from post-1971 nor can you differentiate pre-1913 from post-1913 because it's all "capitalism" and we all Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-79620744216618001612013-02-06T10:54:32.874-05:002013-02-06T10:54:32.874-05:00The good thing about this post on MMT is that they...The good thing about this post on MMT is that they already concede their positions by correctly pointing out reality. They said, "people hate inflation". Yep. And then they claimed inflation brings with it negative economic effects. Yep. So even they admit that people hate inflation because it brings negative economic effects. Case closed. We don't need to refute anything because Jason Bhttps://www.blogger.com/profile/02092590472823894180noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-23779787699546577222013-02-06T08:45:47.369-05:002013-02-06T08:45:47.369-05:00"That makes it easy to blame all of real worl..."That makes it easy to blame all of real world capitalism’s problems on its deviation from utopia. It is fundamentally an anti-scientific approach. Let’s analyze what we have and try to make it better. We cannot have utopia."<br /><br />>> These people have gazed too long into the abyss. It is <i>they</i> who are the utopia seekers. Who arrogantly believe that by tinkering with Mike Tnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-27424783174622867162013-02-06T01:50:42.696-05:002013-02-06T01:50:42.696-05:00Read that little Q&A. Those two clowns don'...Read that little Q&A. Those two clowns don't actually understand what a "bait and switch" is. Philip rightly implies we don't think money printing, bailouts, and debt monetization is capitalistic, and then the other guy replies, "that makes it easy to blame all of real world capitalism's problems on its deviation...". Duh. You mean massive amounts of State Jason Bhttps://www.blogger.com/profile/02092590472823894180noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-16899874304735699092013-02-06T00:49:44.333-05:002013-02-06T00:49:44.333-05:00MMTers accusing the Austrian school of being anti-...MMTers accusing the Austrian school of being anti-scientific. Oh, that is rich.<br /><br />If only one of them could explain to me the SCIENTIFIC basis for things like "aggregate demand", "general price level stability", "deflation causing depressions", "counter cyclical policy", and all the other cockamamie baloney that they have repackaged from the Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-30688151584935506162013-02-05T23:59:09.638-05:002013-02-05T23:59:09.638-05:00I'm an economics undergrad at UMKC where Wray ...I'm an economics undergrad at UMKC where Wray teaches. MMT has quite a few proponents there, as well as Institutional, Marxist, post-Keynsians etc.<br /><br />It's not all bad though. Most of the coursework is standard neoclassical training, but I am taking a special topics course on Austrian Economics. It's an individual class and I've been happy with it so far. We've Kyle Davidsonnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-61802809327482852862013-02-05T23:49:17.199-05:002013-02-05T23:49:17.199-05:00Wray has no conception of economic calculation pro...Wray has no conception of economic calculation problems or prices as information and their distortion by inflation. He has no conception of Cantillon effects or the first receivers of the new money robbing everyone else of purchasing power. <br /><br />Here's his brilliant analysis of the Austrians:<br /><br /><i>Q: Philip: Austrians use a bait and switch operation—denying that what we have Bob Roddishttps://www.blogger.com/profile/17263804608074597937noreply@blogger.com