Category Archives: John Cochrane

Alberto Bisin Re Modern Monetary Theory

On Saturday, 12/19/ 2020, John Cochrane‘s blog “Bisin on MMT Rhetoric” cited Alberto Bisin’s review of Stephanie Kelton’s Book “The Deficit Myth. “  Alberto Bisin contends, as do we, that So-Called Modern Monetary Theory, as espoused by Kelton and others,  does not qualify as a theory.  Cochrane quotes Bisin:

The book should be seen as a rhetorical exercise. Indeed, it is the core of MMT that appears as merely a rhetorical exercise. As such it is interesting, but not a theory in any meaningful sense I can make of the word. The T in MMT is more like a collection of interrelated statements floating in fluid arguments. Never is its logical structure expressed in a direct, clear way, from head to toe.

Continue reading

Wouldn’t It Be Good If There Were A Scientific, Functional, Macroeconomic Dynamics On Which All Could Agree?

Wouldn’t it be good if there were a scientific Functional Macroeconomic Dynamics on which all could agree?

Also, see on this website under Five Images: Sublation

Also see Subsumption and Sublation of Keynes, Kalecki, Solow and others: