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.

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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?

http://ricardo.ecn.wfu.edu/~cottrell/ecn272/cochrane.pdf

https://gregmankiw.blogspot.com/2017/12/paul-krugmansigh.html

Also, see on this website under Five Images: Sublationhttps://functionalmacroeconomics.com/table-of-contents/five-images/sublation/

Also see Subsumption and Sublation of Keynes, Kalecki, Solow and others:   https://functionalmacroeconomics.com/table-of-contents/subsumption-and-sublation-of-keynes-kalecki-solow-and-others/