Category Archives: Philip McShane

More re Picketty’s Plight and Centralist Modern Monetary Theory

In his blog entitled “Picketty in Brief,” dated Sunday, July 24, 2022, N. Gregory Mankiw asks what might be Thomas Picketty’s present thinking about inequality. Has it changed?  If so, how and why?  Also see on this website “Picketty’s Plight.”  in which we quote Philip McShane’s claim that, unless one has a normative explanatory theory yielding precepts as to how enlightened participants in the economic process should adapt and conduct themselves, one can only helplessly and hopelessly suggest harmful bureaucratic centralist solutions – such as disequilibrating taxation and intrinsicallyinflationary deficit spending. Continue reading

Alan S. Blinder re Transitory But Not Permanent

… the prime cause (whether it be of inequity or inflation) is ignorance.  The dynamics … are not understood, not formulated, not taught….. [CWL 15, 82]

man as external agent has not the systematic guidance he needs to operate successfully the machine he controls. [CWL 21, 109]

Academia’s failure threatens economic liberty.

Lonergan realized that failure to understand correctly what is needed if the economic process is to perform well is gravely threatening to democratic liberty.  That is why he undertook his serious study of economics. [CWL 15 Editors’ Introduction, xxx] Continue reading