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Mainstream economics and Modern Monetary Theory: A family tree – The Washington Post

Posted by WARREN MOSLER on February 21st, 2012

Not causal but progress!

MMT: A family tree

16 Responses to “Mainstream economics and Modern Monetary Theory: A family tree – The Washington Post”

  1. wh10 Says:

    I guess in terms of academic lineage, the graphic sort of works. But if they are to include you, then you should be at the top of the hierarchy of the MMTers, or deserve your own branch all together :).

    Reply

    roger erickson Reply:

    @wh10,

    No way they can leave out Marriner Eccles.

    Reply

  2. Kostas Kalevras Says:

    I think Kalecki and Keen are missing. And of course Bill Mitchell

    Reply

    Neil Wilson Reply:

    @Kostas Kalevras,

    You’ll notice that they are mostly US people. That’s how the US works – they tend to focus on their own if there’s an option.

    Not a bad thing, just the way they are.

    Reply

    John O'Connell Reply:

    @Neil Wilson,

    I once heard someone say “Two US teams play each other in baseball and declare the winner to be “World Champion”.

    It’s quite a revelation, sometimes, to see how the rest of the world views us. They see aspects of America that we cannot see from the inside.

    Reply

    Dan Kervick Reply:

    @Kostas Kalevras,

    Yes, Bill Mitchell keeps getting left out! I think this is the “other side of the world” phenomenon. Since a lot of this MMT intellectual activity takes place in the blogosphere, and there is a daily blog cycle, Mitchell gets unjustifiably ignored by Americans because his post and comment cycles are out of phase with the American cycle.

    Meanwhile, the guy has been churning out about 4000 words of MMT gold on almost a daily basis for years. I would recommend to anyone attempting to learn about MMT for the first time to just open up any one of Mitchell’s posts, read it, and start following the internal links.

    Recently, when Mitchell’s name has come up, there has been a lot of misrepresentation of Mitchell’s views.

    Reply

    Jonf Reply:

    @Dan Kervick, I’ll second that.

    Reply

    WARREN MOSLER Reply:

    and even the name mmt came from Bill’s blog!

    Reply

  3. Thomas Bergbusch Says:

    Perhaps you have seen Marc Lavoie’s diagram, which cuts off roughly just before Wray’s Understanding Modern Money, still a useful graph available at: http://aix1.uottawa.ca/~robinson/Lavoie/Courses/2006_ECO1702/Filiations-simplifies2.doc

    Reply

    Dan Kervick Reply:

    @Thomas Bergbusch,

    I love saying “contestaires.” :)

    Reply

    Thomas Bergbusch Reply:

    @Dan Kervick,

    En effet, “contestataires” est à la fois précis et romantique, et pour ce, inutilisable dans le monde anglophone — “Modern Monetary Theory” est moins oppositionnel en ton, et alors , plus engageant pour la majorité des gens.

    Course there are tons of folk missing in Lavoie’s table, but it was intended as a study tool for a particular class.

    Reply

  4. Jonf Says:

    @wh10, Yes,Warren should be there. I think he is co equal at least to Wray . But then what do I know.

    Reply

  5. Dan Kervick Says:

    Warren is like the Tesla of MMT – the native genius coming from the engineering and operational side. Wray is the Hertz of MMT.

    Reply

  6. Talvez... Says:

    I could not help to notice Mitchell and Forstater are missing.

    Reply

  7. Save America Says:

    Jesse takes on MMT again, and does not like future options…

    http://jessescrossroadscafe.blogspot.com/2012/02/modern-monetary-theory-explained-simply.html

    Reply

    Save America Reply:

    @Save America,

    Jesse concedes our money doesn’t have to require a debt based component, but

    “who controls the issuance and growth of the money supply and how do they do it? What restrains them from exceeding the restraints?”

    Jesse asks, and warren has answered, the people, through congress, control the private fed who answer to congress, and therefore the money is controlled by US. But I think warren wears too many rosy colored glasses, the people do not control congress, and congress does not control the fed, the chain has so many breaks in it that warren’s answer is the best economic joke of the decade. Fix government, and thereby fix congress, and maybe we can get closer to that ideal ivory tower model that warren talks about.

    Warren’s ultimate answer that I will go to prison or face the business end of his big GUN if I don’t pay taxes seems to barbaric, cant we do better for a modern world? Tim Geithner cheats on his taxes and gets away with it and doesn’t entertain me in the least, even his congressional showings aren’t funny anymore, Wesley Snipes is rotting in jail as we speak and I liked a lot of his movies and he made me laugh a lot.

    Reply

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