tag:blogger.com,1999:blog-4413935813892441553.post7151097368019564259..comments2024-03-29T00:30:39.262-05:00Comments on real economics: Wray on MMTJonathan Larsonhttp://www.blogger.com/profile/05217670446743983955noreply@blogger.comBlogger7125tag:blogger.com,1999:blog-4413935813892441553.post-84969446575409302572015-01-16T15:11:02.007-06:002015-01-16T15:11:02.007-06:00So as not to just make assertions. Here's some...So as not to just make assertions. Here's some articles that back up my claims.<br /><br />Bill Black speaking out against TPP.<br />http://www.nakedcapitalism.com/2015/01/bill-black-obamas-vain-search-tpp-legacy.html<br /><br />Randy Wray on Job Guarantee vs. Income Guarantee. <br />Money quote to support my position: "BIG IS COMPATIBLE WITH THE JG/ELR. We can have both. What we object to is the BIG claim that “we don’t need no stinking jobs” or that BIG makes work somehow obsolete. Our position is this: once the JG/ELR program is in place, we can add a form of BIG."<br />http://www.economonitor.com/lrwray/2013/07/09/how-big-is-big-enough-would-the-basic-income-guarantee-satisfy-the-unemployed/Abram Larsonhttps://www.blogger.com/profile/01040416626129366066noreply@blogger.comtag:blogger.com,1999:blog-4413935813892441553.post-78130233160187471482015-01-15T21:14:28.922-06:002015-01-15T21:14:28.922-06:00Thanks for the comments. I have been interested i...Thanks for the comments. I have been interested in monetary policy since I was fourteen when an organizer for the NFO explained the credit theory of banking. Funny. I am still explaining this to folks. Without knowing a lot about the people of MMT, it would not surprise me that they have a wide assortment of political positions. Thanks for bringing me up to speed.Jonathan Larsonhttps://www.blogger.com/profile/05217670446743983955noreply@blogger.comtag:blogger.com,1999:blog-4413935813892441553.post-42943966675033499012015-01-15T20:27:29.156-06:002015-01-15T20:27:29.156-06:00Another example--"MMT is militantly pro free ...Another example--"MMT is militantly pro free trade." Just completely wrong. In the hundreds of publications and blogs, I doubt Lynch could site one time where an MMT economist was unconditionally pro-free trade. There aren't any.STFhttps://www.blogger.com/profile/16261666934714196464noreply@blogger.comtag:blogger.com,1999:blog-4413935813892441553.post-46698975394927795442015-01-14T08:57:22.417-06:002015-01-14T08:57:22.417-06:00Be careful with Lynch as he has been known to dist...Be careful with Lynch as he has been known to distort MMT at will. MMT favors a job guarantee at a living wage, not a minimum wage, but whatever wage it is set at by definition becomes the minimum wage--hence his confusion. Sometimes specific job guarantee proposals have been made at just a bit above the going minimum wage, but that's an initial wage only and also generally done because going with a living wage off the bat isn't politically feasible at the moment unfortunately. As ABram noted, we aren't against income guaratees if they are coupled with job guarantees and have noted that many times. And we believe any job guarantee should be supplemented with a generous benefits package--healthcare, retirement contribution, vacation time, etc. We've written about this literally dozens of times in publications and blogs, so again Lynch is quite deliberately distorting.STFhttps://www.blogger.com/profile/16261666934714196464noreply@blogger.comtag:blogger.com,1999:blog-4413935813892441553.post-46826863773986266422015-01-13T18:33:56.401-06:002015-01-13T18:33:56.401-06:00Contrary to the above posters assertions, many MMT...Contrary to the above posters assertions, many MMTers have actively argued against few trade agreements like NAFTA and the TPP. And, while arguing that a job guarantee would be more beneficial than a simple income guarantee, it doesn't argue that an income guarantee would be ineffective.Abram Larsonhttps://www.blogger.com/profile/01040416626129366066noreply@blogger.comtag:blogger.com,1999:blog-4413935813892441553.post-89876865149415394312015-01-13T12:17:09.472-06:002015-01-13T12:17:09.472-06:00I suppose being pro free trade is what makes MMT &...I suppose being pro free trade is what makes MMT "modern.' Thanks for the heads-up. I was wondering how it stacked up against the giants of the 19th century.Jonathan Larsonhttps://www.blogger.com/profile/05217670446743983955noreply@blogger.comtag:blogger.com,1999:blog-4413935813892441553.post-35907003415033544742015-01-13T11:37:53.765-06:002015-01-13T11:37:53.765-06:00Yes and no. With regards to fiat money, MMT is on...Yes and no. With regards to fiat money, MMT is on the same page as Henry Charles Carey and the Populists/Progressives of the old days. <br /><br />However, in some other respects, MMT is conservative. For example, MMT is militantly pro-free trade. <br /><br />MMT opposes transfer payments and instead advocates a minimum wage Job Guarantee. Their JG seems to be an ivory tower idea, they don't seem to have any specific plans on how to make it work in the real world. <br /><br />I consider myself a ally of MMT but I don't agree with them 100%. They have an ivory tower slant -- Bill Mitchell being a perfect example -- where they think they know what is best for the working class even though they are not of the working class.Dan Lynchhttps://www.blogger.com/profile/11189866002273597534noreply@blogger.com