Bernanke gets it and tells economists to get it too. MMT economists already know this.Read it at Bloomberg Businessweek | Global Economics
Bernanke to Economists: More Philosophy, Please
Brendan Greeley | Staff Writer
(h/t INET)
See also NEF | New Economics Foundation
The importance of measuring well-being
Juliet Michaelson | Senior Researcher, Centre for Well-Being
See also NEF | New Economics Foundation
The importance of measuring well-being
Juliet Michaelson | Senior Researcher, Centre for Well-Being
4 comments:
Well, Bernanke is welcome to resign his post, travel to the east, join a sufi circle, find his guru or whatever.
It seems that maybe BB is realizing he can't really do that much about his "twin mandate" so, rather than spell out how fiscal policy might be needed to actually accomplish those goals, he'll take some time to question some old assumptions.
I'm enjoying the new book by Skidelsky and Skidelsky
As Jim Hightower likes to say, along with the Dow Jones index we need a "Doug Jones index." "So how's Doug doin'?" "Dunno, let's call him up and ask."
"So how's Doug doin'?" "Dunno, let's call him up and ask."
Texas wisdom. That's why too simple for the theorists.
We see something similar with Nick Rowe's theoretical approach to repos and Sergei and JKH's operational explanation, they being operations types familiar with use of repos firsthand.
Same difference between the theoretical approach to economics and MMT's operational approach.
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