31 May 2011

Mosler in the House

Economics, Financial Economics 4 Comments

BTW I realize I may have an advantage in monitoring incoming comments, so I point interested parties back to the MMT post, because Warren Mosler showed up and defended his honor against some of us in the comments.

4 Responses to “Mosler in the House”

  1. Silas Barta says:

    I just looked over his comments. He didn’t really add anything to the discussion.

  2. Joseph Fetz says:

    To be honest, he more or less said “it is what it is, so we might as well keep that train going”. Maybe it’s just me…

    • Rick Hull says:

      I think I like Warren Mosler, mostly because he is earnest (unlike some other large, wooly commentators). I think he has some real insight about ‘operative reality’ and descriptive theory. Where MMT goes wrong is in prescriptive theory aka policy. It’s the classic *is* *ought* distinction. Austrian theory regards the optimal solution while Modern Monetary Theory regards the one we’ve got today.

      It’s been said before, though perhaps not so boldly. Is this a terrible way to frame the clash?

      • MamMoTh says:

        No, From the prescriptive point of view MMTers regard MMT as the optimal solution, not the one we’ve got today.