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shameful

What a good idea: “It’s not like we understood the macro economy perfectly before, and this was a pretty unique time,” said Jason Furman, who thought that lowering inflation would require higher unemployment. “Economists can learn a huge, healthy dose of humility.”

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Interesting point by richard Werner. The joint probability that all assumptions of neoclassical theory would hold is less than 1%

Functional finance, chartalism, endogenous money, sectoral balance/stock-flow consistent modeling, etc all existed prior to MMT. But they weren’t (and still aren’t) foundations of mainstream macro, which helps to explain why MMT was seen as so “revolutionary” when we synthesized

The correct response to the green growth versus degrowth argument is simple enough. Set binding and conservative limits relating to all planetary boundaries, nationally and globally. If you can grow within those boundaries, fine. If you can't, then better plan for post-growth.

Where did money come from? theconversation.com/where-did-mone… via The Conversation - Australia + New Zealand

Highly recommend

Part of what makes this guy refreshing is that while he has been and done many things, he has never been a lawyer. (If he does get the VP slot he’ll be the first person on a Dem ticket who didn’t go to law school __since 1980__.)

The man lost his hair presiding over unruly school lunchrooms for 20 years, but in the process he learned the true secrets of dealing with bullies

🧵 Please don't be fooled for a minute. It's not about Mars, it's not about the moon, it's about satellites. The thing is that the richest man in the world owns the satellites, 3500 of them. He needs a way to efficiently get them in orbit and potentially 1/

From “Capitalism: The Future of an an Illusion” (2018) by Fred Block. “it has been unable to reverse the concentration of income and wealth in the hands of a global oligarchy, and this failure fuels the rise of populist and authoritarian movements.” events.humanitix.com/economics-of-s…

Wage Stagnation and Populism: A Comment on David Brooks and Noah Smith | Institute for New Economic Thinking ineteconomics.org/perspectives/b… #inet