Relearning Economics
@RelearningEcon
MARKET TOOLS: http://appliedmmt.com YOUTUBE: https://youtube.com/@RelearningEcon PATREON: http://patreon.com/c/relearningeconomics
“Milton Friedman’s misfortune is that his economic policies have been tried.” -John Kenneth Galbraith
Taxes are important for many reasons: They drive the need for the currency They can reduce inflationary pressures They can deter bad/ wasteful habits They can free up resources They can redistribute wealth. All important.
I don't know why MMTers hate on Gary Stevenson so much, he clearly distinguishes the difference between the real wealth of Government and its ability to pay in its own currency. He's rocking his 15 minutes, and it looks like he practices critical thinking.🤷
Hi Ben, I wrote a full article of my stance on MMT here: opendemocracy.net/en/oureconomy/… to cut a (very) long story short, I think that it can be useful tool, but it cannot eliminate the need for taxation, only soften it somewhat - fair taxation will always be needed.
"Mathematics brought rigor to Economics. Unfortunately, it also brought mortis." -Kenneth E. Boulding
"How anybody can think they can analyze capital while leaving out Banks, Debt, and Money is a bit to me like an ornithologist trying to work out how a bird flies whilst ignoring that the bird has wings" -Steve Keen
At Modern Macro Technologies our models say the bout of inflation seen during 2021-2022 was primarily caused by a reduction in the Capital Utilization Rate via compelled lockdowns. Tests were run in the absence of additional fiscal stimulus. In other words it was a supply shock.
New working paper with @Pat_Horan92 where we provide a new decomposition of the inflation surge. Using a New Keynesian model, we show most of the inflation was caused by aggregate demand shocks. We also do a @jasonfurman decomposition with similar results (1/3) @JohnHCochrane
"A model is not a substitute for judgment, but a framework within which judgment can be exercised systematically." -George P. Richardson
Ever wondered why the Fed keeps making headlines? Dive into this eye-opening video to discover why mainstream economics and those running the Fed—might be even crazier than you think! #Fed #Trump #Economics #JeromePowell vist.ly/3ynng
Great stuff by Steve Please retweet this for greater reach The worlds conventional economists have ruined the world we inhabit and will continue to do so unless we call out their bullshit youtube.com/watch?v=t4EWbR…
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"We assume that the present is a much more serviceable guide to the future than a candid examination of past experience would show it to have been. In other words we largely ignore the prospect of future changes about the actual character of which we know nothing." -John Keynes
"Powell may crash US economy" Top Economist Warns Trump patreon.com/posts/youtube-… Rational Expectations Macroeconomics is Irrational
"We may have democracy, or we may have wealth concentrated in the hands of a few, but we cannot have both." -Louis Brandeis
I'm enjoying the work being done around the statistical causes of inflation by @JamesYo43532848. It's the unknown peeps out there that I learn the most from. Give him a follow, he's worth it! x.com/JamesYo4353284…
The funniest thing to me about the fractionalists has always been their apparent unawareness that the game is already given away the moment the required reserve ratio falls below 100%. For at that point the denominator can in principle be grown indefinitely. #BankingIsLeverage
x.com/i/article/1946…
Until 1991, no one in mainstream econ bothered to ask businesses why they change their prices infrequently, ie keep prices sticky. Why? Because “economists” were busy inventing theories a priori: guessing without observing. What a “science.”
The Case for a Free Floating FX Bancor patreon.com/posts/case-for…