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A – B – C, Does A imply C? — Scott Sumner

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A – B – C, Does A imply C? — Scott Sumner The basic problem is that people like Sumner or Noah Smith actually believe that there is such a thing as mainstream macro, that is as intelligible, internally consistent, useful and true as say phlogiston or even caloric in physics, both of which led to solid physics, the first of which really does exist. Though I think the MMTers make pedagogical mistakes, don't put and use some definitions prominently enough. And they know what they know so well that they don't understand some of the real difficulties of tyros or absences from current literature - most were personally educated by institutional economists who were the very few people in the world who correctly understood and remembered the genuine advances of the Keynesian era. Though all this,

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A – B – C, Does A imply C? — Scott Sumner The basic problem is that people like Sumner or Noah Smith actually believe that there is such a thing as mainstream macro, that is as intelligible, internally consistent, useful and true as say phlogiston or even caloric in physics, both of which led to solid physics, the first of which really does exist. Though I think the MMTers make pedagogical mistakes, don't put and use some definitions prominently enough. And they know what they know so well that they don't understand some of the real difficulties of tyros or absences from current literature - most were personally educated by institutional economists who were the very few people in the world who correctly understood and remembered the genuine advances of the Keynesian era. Though all this, MMT is an internally consistent theory, true theory about the real world. Mainstream is just word salad, that randomly changes definitions midstream if it bothers to make them at all, rather than laughing at those who dare to ask intelligent questions, nudge-nudging and pointing to equations which are of course meaningless without defining their terms. Uses "technical" terms "technically" in one place and then in common English meaning in another. Like a demented astrologer saying Venus is in the House of her friend Libra because she got evicted from Sagittarius after not paying her rent. You can't understand MMT in terms of mainstream macro - it is like trying to understand astronomy in terms of astrology, astrology on LSD. You have to understand MMT first, forget whatever you lied to yourself that you understood - to "understand" (the confusions of) modern macro - which really is nothing but a confusion of the Keynesian advances shoe-horned into the earlier honest (neo)classical errors that Keynes etc was a revolt from. Time doesn't go backwards, so the only way to do this is by debauching definitions that way. #investing #investment #economics_explained A – B – C, Does A imply C? — Scott Sumner
Scott Sumner
Scott B. Sumner is Research Fellow at the Independent Institute, the Director of the Program on Monetary Policy at the Mercatus Center at George Mason University and an economist who teaches at Bentley University in Waltham, Massachusetts. His economics blog, The Money Illusion, popularized the idea of nominal GDP targeting, which says that the Fed should target nominal GDP—i.e., real GDP growth plus the rate of inflation—to better "induce the correct level of business investment".

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