To Consolidate or Not to Consolidate, That Is the Question (or Maybe Not)

This is another short post on MMT, a sort of follow-up to my post from a couple of days ago. There was an interesting response to various comments on my piece, which was posted up on Mike Norman’s website: http://mikenormaneconomics.blogspot.com/2014/06/randy-wray-modern-money-theory-basics.html. We got the typical: “oh you MMTers always want to consolidate the Fed and Treasury, […]

Closing Dinner Remarks — The Hyman P. Minsky Summer Seminar — June 21, 2014

Closing Dinner Remarks The Hyman P. Minsky Summer Seminar June 21, 2014 Daniel Alpert The Levy Economics Institute of Bard College Annandale-on-Hudson, New York This past weekend I was very honored to give the closing dinners remarks at the Levy Economic Institute’s Hyman P. Minsky Summer Seminar, which talk is set forth below.  The Summer […]

Managing the Revenue From Natural Resources: What’s a Finance Minister to Do?

By Sanjeev Gupta and Enrique Flores: The Finance Minister answers her mobile. On the line is the Minister of Energy, who informs her that the country has struck oil and that he expects revenues from its sale to start flowing into the budget in the coming four years. While excited by the prospects of higher revenues—indeed the average […]

The Secret Weapon for Fiscal Strength—Strong Budget Institutions

By Holger van Eden: Most economists would agree that institutions in general are incredibly important in helping to shape countries’ overall economic and fiscal outcomes. But which institutions really matter, and to what extent, is less clear. A team of staff at the IMF recently completed a study, along with detailed country evaluations, that explores the G-20 countries’ efforts […]

Criticisms of Piketty Valid, but Underlying Thesis Still Intact

There has been much discussion of Thomas Piketty’s new book, Capital in the 21st Century. Some of the criticisms I agree with, and some I do not. The latest concern was raised by Chris Giles, who found “a series of problems and errors” in Piketty’s publicly posted data and spreadsheets. Here is Paul Krugman’s reaction: Giles finds a […]

Taxes and the Federal Budgeting Process

Here’s an excellent editorial written by two followers of MMT*, Duane Catlett and Dan Metzger: http://helenair.com/news/opinion/federal-budget-process-what-did-leon-panetta-mean/article_8a5d9510-df0d-11e3-9322-001a4bcf887a.html. I’ll quote an excerpt but you should go read the whole piece. They correctly argue that if you’ve got a government that issues its own sovereign currency, affordability is never the issue. What matters is the real resource constraint. […]

The Claustrophobic Digital Village

Privacy in the future will resemble that in a small village. As with any small community, dissent from the prevailing conventional wisdom will be easy to spot and punish. Welcome to the world of social conformity enforced by hashtags. According to Eric Schmidt (Executive Chairman of Google), in our digital present and future: “If you have something […]