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Why is Stephanie only an “Associate Professor of Economics”? She should be a full blown professor. As for Warren, he should get Nobel Prize. He’s done far more than some of the time wasters in academia who have been given a Nobel Prize.
I watched the first session with Wray and Hudson. I really enjoyed what they had to say about the history of money, but Hudson’s history and politics are really… interesting. It seems to be conspiracy theorizing of the highest order, calling for brilliant US government agents and idiotic foreign players as needed to further the argument. I suspect that the Chinese may feel slightly surprised to know that the US government has pushed them into their export led growth model to further its own military adventurism. Frankly speaking if the wise men in charge of US policy were this brilliant, then I suspect the country would look much better today. There are far more benign answers to all the questions he raises.
I don’t mean to get into the politics because that’s not my point here. But this comes back to the trouble that MMT has getting traction. There’s a strong progressive streak within MMT, which is a good thing, but expanding the definition of the public interest and advocating policies to further it is one thing, while this is quite another. I’m convinced by MMT (or at least as convinced as my confidence in my understanding of MMT allows me to be), but I was really turned off by the heavy dose of left politics surrounding the argument.
Warren, thank you and Stephanie for the talk. It was elucidating, and I could see some of attendees long held dogmas being challenged by the elegant simplicity of mmt. All the same I felt you were far too charitable with a few questioners. Notably a young man who proposed that, outside of sociopaths, there are those whose contribution to economic productivity could be net negatives. He tried to prove it with the tautoligical notion that if you are unemployed you must be a net negative, otherwise youd be employed. Like I said, you were too fair to him. Thank you again for the time yesterday.
I watched the presentation while getting my hair cut — my barber had a computer. I then replayed the Wray-Hudson presention. She was utterly aghast at the implications. Why, she asked, why are the government and some many economists lying to us? This is very depressing she said. It means all our sacrifices have been for nothing.
Hudson is at his best when explaining that classical economics targeted rentier income and when explaining the increasing financialization of the economy–although Warren does this far more concisely and without the high temperature.
However, Hudson is frequently out of paradigm, and some have even gone so far as to say that this is deliberate on his part and is in the service of his rhetorical efficacy. I say that is nonsense. He simply is not consequential. Hudson is a Marxist. His politics and even his interpretations of history are broadly Marxist. This determines his intellectual orientation and distorts his explanations in favor of a kind of ideological override.
They do when political rhetoric trumps the paradigm–which was my point, otherwise I would have said that he is a Marxist and therefore always out of paradigm. Marx, inasmuch as he was a classical economist is one thing, Marxism swallowed whole is quite another.
Hillary clinton saying they are gonna spend lotta money to give unemployed in Tunisia a job, why can’t she also say this about USA unemployed? I don’t phugging get it? How do we have money for Tunisia, but not money for USA? WE ARE FREAKING DOOMED!
I just got told I can’t be seen by US NAVY Medical doctor, but on the front of Navy Compass magazine, they have Navy Hospital Ship going to third world country giving people lotsa medicine, how come I can’t get medicine, but we can afford to send NAVY hospital ship overseas? Why do we take care of foreign nations better than our own people, phug this government.