Quick Robin Brooks update
1) Japan has a currency crisis because I said so
2) Yes Japanese exporters are winners - so what
3) Yes, few or no Japanese will really suffer from or even be aware of this - so what
4) Yes Japan has been running a deficit for 35 yrs - there is a lag

Is Economics Education Fit for the 21st Century?

More than 15 yrs after the 2007/8 GFC, Rethinking Economics England & Wales - the student movement that swept the UK (and many parts of the world) calling for a drastic overhaul of the econ curriculum - reports its findings.

rethinkeconomics.org/2024/05/01/is-…

Economists like Robin used to have things all his own way - but since heterodox academics did the work and revealed the paucity of old-school assumptions and piss-poor accounting, things have got harder for the old-guard. Now no one panics when Robin cries wolf. Progress.

I can’t take much more of this. The left need to get real and stop talking Thatcherite “taxpayer money” “balanced budget” bullshit.

I don't understand health problems since I'm not a doctor, but my best guess is that we should cut 30% of caloric intake across the board - because who needs personalized dietary planning or an understanding of metabolism?

A UBI is a mixed bag when it comes to success metrics. A run though Ty Keynes's National Model shows some benefits, but without corresponding direct Government investment in the firm productive sector. It may create more issue than it solves.

'We want to be honest about the monetary system we have today.'

youtube.com/watch?v=1JpZZc…

Thanks Malcolm Reavell

ECB chief economist Lane says that disinflation in the euro area 'largely reflects the unwinding of the supply shocks that were the primary source of the inflation surge in 2021-2022.' This chart in his speech shows that inflation has mostly been driven by supply shocks.

Financing a deficit is about as correct as giving birth to a ten-year-old. That's just not how it works.

The deficit is a statistical value that measures the past's payments. It has nothing to do with 'financing'. It cannot have anything to do with it. Logic demands it.

Utterly humiliating.

The numbers have been kind to the thesis that raising rates might move inflation higher.

Join us 4/16 for DOC NYC's screening of FINDING THE MONEY, followed by an on-stage conversation with Stephanie Kelton and Maren Poitras + a post-show gathering at Greenwich Village’s Bar Veloce.
Get tickets today! docnyc.net/finding-the-mo…
Or May 3-9! quadcinema.com/film/finding-t…

The mainstream prefer covert monetary financing so the power of a currency issuing government is disguised.

I guess my problem with 'there's nothing new about MMT' is that 1) it undersells the evolution in economic thinking it's triggered & 2) it feels like an attempt on the part of academic/policy/financial economists to whitewash how wrong they (we) have been for so long

Just arrived in the mail. MMT for the chinese readers.

OK, watching.

I think we will see Jim Chalmers (and the best journos) talking less and less about budget surpluses, or an imagined need for any particular out-of-context fiscal target, as the months go by.

Few will credit #MMT , but it will be largely because of us.

I am ok about that.