Home » xyzzy » Dungeon » Modern Monetary Theory (or, how I stopped worrying about the natl debt.)
Re: Modern Monetary Theory [message #96720 is a reply to message #96716] Thu, 25 May 2023 10:36 Go to previous messageGo to previous message
Rusty is currently offline  Rusty
Messages: 1186
Registered: May 2018
Location: Kansas City Missouri
Illuminati (3rd Degree)
Great article from a great economist, Bill Mitchell. Godfather of MMT. Here talking about the insularity or closed off nature of academic economists. An example of GroupThink as he calls it. Another great economist of the non-orthodox variety, Michael Hudson just refers to it as "tunnel vision". The inability or deliberate habit of not perceiving the need to look beyond their narrow abstract concepts. Kind of like Libertarian's with their singular micro economic view grafted upon the macro realm of thinking.

Apparently politics and the world in general are more comfortable with trying to put a square peg in a round hole. With western neoliberal economic doctrine intrenched that regularly reinforces this paradigm as Margaret Thatcher said, "There is no alternative". No alternative to GroupThink that is.

https://billmitchell.org/blog/?p=60864
 
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