tag:blogger.com,1999:blog-3758330678390419129.post5693520625719043674..comments2024-02-13T02:39:22.756-05:00Comments on EconomicPolicyJournal.com: Why MMT Needs to be Attacked by AustriansRobert Wenzelhttp://www.blogger.com/profile/14296920597416905488noreply@blogger.comBlogger37125tag:blogger.com,1999:blog-3758330678390419129.post-40303937772579201952016-10-09T02:07:21.726-04:002016-10-09T02:07:21.726-04:00Agree, that is why Austrian economists should chan...Agree, that is why Austrian economists should change professionsAnonymoushttps://www.blogger.com/profile/06107901582462207758noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-61838466502785219762016-03-27T18:36:27.584-04:002016-03-27T18:36:27.584-04:00I think the discussion here is too much categorize...I think the discussion here is too much categorized in terms of Austrian vs. Keynesian school. Two enemies that cannot fit together. However, I would ask, what is the theory of value? Money should be linked to value. From my view the theory of value is not complete in both schools. When debts cannot be repaid a haircut is necessary. If you just transform debts to money (monetarize debts) that Modern geht die Welt zu Grunde https://www.blogger.com/profile/02334998249401691223noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-32955094873521668552014-08-25T11:10:31.975-04:002014-08-25T11:10:31.975-04:00How did the newer currencies, eg the Chinese RMB, ...How did the newer currencies, eg the Chinese RMB, which were never backed by gold, come to have a stable purchasing power?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-74184930028015397212014-05-02T12:06:29.838-04:002014-05-02T12:06:29.838-04:00This is another interesting critique of MMT. What ...This is another interesting critique of MMT. What would the Austrian perspective be on it?<br /><br />http://www.the-lighthouse.net/debunking-modern-monetary-theory-mmt-understanding-it-first/Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-45535307017227371462013-05-09T21:48:18.134-04:002013-05-09T21:48:18.134-04:00I love Economicpolicyjournal and learned a lot abo...I love Economicpolicyjournal and learned a lot about Austrian economics from this website. Recently I read article on alternet.org and started debating with some people that turned out to be proponents of MMT.<br /><br />I debated back and forth with them and was unable to sway them out of their bizarre theories. Until I finally wrote the following to them:<br /> <br />"The fatal flaw with Urban Misthttps://www.blogger.com/profile/06099013019209176151noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-74112333295587302932012-03-23T21:27:02.797-04:002012-03-23T21:27:02.797-04:00If a man is offered a fact which goes against his ...If a man is offered a fact which goes against his instincts, he will scrutinize it closely, and unless the evidence is overwhelming, he will refuse to believe it. If, on the other hand, he is offered something which affords a reason for acting in accordance to his instincts, he will accept it even on the slightest evidence. The origin of myths is explained in this way.<br />~Bertrand RussellAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-22778568058976522202012-03-11T12:21:50.563-04:002012-03-11T12:21:50.563-04:00I read your writing about MMT Vincent Cate and no,...I read your writing about MMT Vincent Cate and no, you don't understand MMT.Kristjanhttps://www.blogger.com/profile/09592440548093816331noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-23095968017841110812011-12-24T23:43:58.369-05:002011-12-24T23:43:58.369-05:00I like Austrian economics but understand MMT. I h...I like Austrian economics but understand MMT. I have written up some stuff at:<br />http://pair.offshore.ai/38yearcycle/#chartalismVincent Catehttps://www.blogger.com/profile/06502618776820144289noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-5628782195705635672011-07-24T00:24:07.451-04:002011-07-24T00:24:07.451-04:00Koerner does not seem to have a very accurate view...Koerner does not seem to have a very accurate view of MMT. You are attacking straw men arguments.<br /><br />But one instance of your faulty understanding is found here<br /><br />" IBM may issue bonds in terms of the dollar, but the bonds themselves were not "spent into existence by the government"."<br /><br />You are not thinking of the aggregate economy. If a bank loansAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-62610592256010098452011-07-17T22:34:09.409-04:002011-07-17T22:34:09.409-04:00Fiat money is the band aid used to cover settlemen...Fiat money is the band aid used to cover settlement of the "fiat" interest written into gold standard debt contracts. <br /><br />The grand artifices of Austrian economics are these: <br /><br />1) that "natural" interest exists when interest is wholly an artificial construct.<br /><br />2) that time preference "theory" trumps the second "law" of Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-19388906400240587652011-07-13T20:01:58.052-04:002011-07-13T20:01:58.052-04:00Wow, thank you Bob, Bob, Bob, Taylor and Austro-Co...Wow, thank you Bob, Bob, Bob, Taylor and Austro-ConCap for exposing the utter insanity, inanity, and idiocy of MMT. I'm fortunate enough to have never encountered it until this post, and now feel sufficiently educated and empowered to dismiss it outright. The lens through which these sophists view the world must be Daliesque in shape and Dadaesque in substance. <br /><br />Oh, how they will Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-82106827582593157892011-07-13T19:36:00.127-04:002011-07-13T19:36:00.127-04:00At the most basic level, the differences between A...At the most basic level, the differences between Austrian economics and Keynesian-like theories is that in Austrian economics is based on the free interactions of people, i.e they use their free will to engage in exchange while in MMT and other Keynesian-like theories the interaction is forced by the oligarchs/slave-masters/rulers as though they own the people as their slaves.<br /><br />I think konstnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-2994011863938396402011-07-13T18:14:19.078-04:002011-07-13T18:14:19.078-04:00Bob Murphy did a good job summarizing the MMT view...Bob Murphy did a good job summarizing the MMT viewpoint while pointing out their fallacious arguments. IIRC, they responded by saying that it was a fair summary, but that he was too idiotic to understand their conclusions. They then went on to paint Mises as a nazi or fascism sympathizer with a few cherry picked out of context quotes.<br /><br />In other words, their argumentation methods match Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-61537628967815812152011-07-13T18:09:21.915-04:002011-07-13T18:09:21.915-04:00Speaking of Mike Norman:
This is going around a l...Speaking of Mike Norman:<br /><br /><em>This is going around a lot. It’s this ridiculous false notion that the Fed is printing money and that it has “debased” the dollar.<br /><br />First of all, the Fed has NO ABILITY TO CREATE NEW MONEY. Only the government can do that via spending. The Fed can only affect the DURATION and COMPOSITION of financial assets held by the private sector. PERIOD!!</emBob Roddisnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-39869767662158633172011-07-13T16:21:42.041-04:002011-07-13T16:21:42.041-04:00Re: the comments that Bob Roddis dug up, does it b...Re: the comments that Bob Roddis dug up, does it bother anyone else that MMTers freely mix and match moral and economic claims as if they are equivalents and part of the same branch of social science?<br /><br />Never mind that true economic thinkers like Ludwig von Mises went out of their way to explicitly disclaim such mixing of philosophies!<br /><br />If the MMTers want to talk morality, let&Taylor Conanthttps://www.blogger.com/profile/18270678440957992085noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-62642647754205851292011-07-13T14:42:36.792-04:002011-07-13T14:42:36.792-04:00Many of you might recall Mike Norman, who has deba...Many of you might recall Mike Norman, who has debated Peter Schiff on occasion. You will be interested to know that he is a hyper-MMT'er as well as an economist for the boutique firm John Thomas Financial. With Mike being a "practicing economist" and major proponent of MMT, I will take his views as representative of the MMT camp.<br /><br />To see that MMT is non-sense, we need Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-65038713432783354582011-07-13T14:30:32.785-04:002011-07-13T14:30:32.785-04:00I'm going to syndicate this tomorrow:
http://...I'm going to syndicate this tomorrow:<br /><br />http://english.economicpolicyjournal.com/2011/07/sorry-mmters-economy-doesnt-exist-and.htmlBob Englishhttps://www.blogger.com/profile/14790005723107501043noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-22959062527780166652011-07-13T10:01:45.141-04:002011-07-13T10:01:45.141-04:00More things I have dug up on MMT…
1. Abba Lerner...More things I have dug up on MMT…<br /><br />1. Abba Lerner was a longtime economic Stalinist. He writes in the preface to “The Economics of Control” that he was long resistant to the any “free market” analysis but finally he thanks Joan Robinson for getting him to overcome his prejudices against “Mr. Keynes great advancement in economic understanding”. Great. A Stalinist tempered with some Bob Roddisnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-87996469048742244832011-07-13T08:24:14.831-04:002011-07-13T08:24:14.831-04:00Koerner writes in the comments of his HuffPo artic...Koerner writes in the comments of his HuffPo article:<br /><br />"When I said incomplete, I was referring specifically to claims made by MMT that were not addressed by Hayek et al., most significantly regarding crowding out of private spending by government spending, the nature of government debt, the impact of current government fiscal/spending policy on future fiscal/spending policy, Bob Englishhttps://www.blogger.com/profile/14790005723107501043noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-65711009345810654762011-07-13T01:21:52.400-04:002011-07-13T01:21:52.400-04:00Richard,
It's not just you. Getting MMTers to...Richard,<br /><br />It's not just you. Getting MMTers to even define their terms is half the problem. I think you will see from my initial 5 posts on the subject that even reading Warren Mosler's piece it's very hard to understand exactly what it is that MMTers think about anything or how they define various concepts.<br /><br />As Bob Roddis has pointed out, it's also not a Taylor Conanthttps://www.blogger.com/profile/18270678440957992085noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-1100076578916724162011-07-13T00:16:27.809-04:002011-07-13T00:16:27.809-04:00Is it just me, or does MMT seem to be at least par...Is it just me, or does MMT seem to be at least partially based on redefining terms in a way that maintains the status quo in the face of Austrian criticism?Richardhttps://www.blogger.com/profile/16192630129745886988noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-84624621130611853512011-07-12T22:58:00.655-04:002011-07-12T22:58:00.655-04:00Has anyone EVER seen an MMTer express an understan...Has anyone EVER seen an MMTer express an understanding of ANY basic Austrian School concepts like ignorant acting man, the pretense of knowledge, economic calculation or Cantillon Effects, much less derivative concepts like the distortion of the price, investment and capital structure that must occur with their beloved creation of funny money <em>ex nihilo</em>? They seem to completely Bob Roddisnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-48013030854612754052011-07-12T20:27:38.115-04:002011-07-12T20:27:38.115-04:00Please don't use Kroener as an authority on MM...Please don't use Kroener as an authority on MMT. Those posts were largely ridiculous in terms of their interpretation of MMT; many nuances missed that add up to severe problems that are easily attacked as they have been here (for good reason, in my view). <br /><br />In short, the four quotes presented above from Kroener explaining MMT each have serious problems--no MMT economist would signSTFhttps://www.blogger.com/profile/16261666934714196464noreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-18316947744513648862011-07-12T20:01:14.039-04:002011-07-12T20:01:14.039-04:00Murphy- thank you for that article on MMT at Mises...Murphy- thank you for that article on MMT at Mises.org<br /><br />It helps explain the fundamental flaws in MMT, and debunks the whole premise quite succinctly. I would love to see an addendum where you post some of the MMT critiques of your analysis.<br /><br />As I said earlier, it's simply horseshit by another name. Your Crusoe example is an excellent explanation of simple Austrian Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3758330678390419129.post-36845735576905945952011-07-12T19:38:29.766-04:002011-07-12T19:38:29.766-04:00Yup. Bad theory needs to be put down no matter ho...Yup. Bad theory needs to be put down no matter how ridiculous. Hayek tragically failed to do so in connection with Keynes' General Theory back in the 30's. I think he didn't want to dignify Keynes' incomprehensible foolishness with a response. He of course missed a vital opportunity to have nipped the General Theory in the bud (and would have). Instead, we've been stuck Anonymousnoreply@blogger.com