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Welcome MMT Fans!

June 20, 2011

Thanks for stopping by from Warrens Place!

This blog has lots of MMT thinking on it.  I was inspired by Warren Mosler and the other thinkers in MMT (like Scott Fullwiler and W. Randal Wray)  to do some thinking of my own.

I truly believe the world can be a slightly better place if MMT was widely accepted as the way money works.

Here is a list of some of the cool things that have happend on this blog, if you care to take a look.

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  1. June 21, 2011 at 12:30 am

    Theories are all very well, but the economy is an engineering problem. That means we need to know what the requirements are so we can design a system (based on the best available theories and evidence) to address those requirements. And it means there can be many system designs we can try not the ‘one true religion’ as preached by the IMF.

    We also need to understand what the unknowables are (for example whether the economy will actually quantity expand when stimulated) and have a back out plan in case it doesn’t work as expected (impose a tax to neutralise inflationary pressure if the economy decides to price adjust instead).

    We need to be doing engineering not religion.

  2. June 21, 2011 at 4:02 am

    (For people’s info, I think this – http://moslereconomics.com/2011/06/19/recent-comments – is where Warren linked here. Maybe in more places.)

    Personally I’m following what you tag under “MMT” using this feed: http://traderscrucible.com/tag/mmt/feed/ Excellent stuff!

    • TC
      June 21, 2011 at 5:52 am

      Thanks Hugo!

  3. pebird
    June 21, 2011 at 10:32 am

    Neil:

    Remember that religion is politics by other means. We don’t get to do the engineering until we figure out the politics. It’s important to discuss and determine the correct engineering, but we also need to point out the minute probability of this happening given the current institutional and social relationships.

  4. RonT
    June 24, 2011 at 9:25 pm

    Sorry to be a crank but it is L. RandaLL Wray. One shouldn’t misspell people one claims to have been inspired by 😉 please feel free to remove the comment after you made the correction.

    • TC
      June 28, 2011 at 1:20 pm

      Thanks RonT. Had typed about 4k words that day and was nearly brain dead. You’d think after three complete re-readings of UMM I’d get it right.

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