09 Jul 2020

BMS ep 129: Identity Politics Is Hurting Young People–of All Colors

Bob Murphy Show, Culture Wars 2 Comments

Audio here.

08 Jul 2020

BMS ep 128: Narration of My MMT Review

Bob Murphy Show, MMT No Comments

I read my recent review of Kelton’s new book, if you prefer audio.

06 Jul 2020

BMS ep 127: Michael Hardin on Sacrifice vs. the Gospel of Peace

Bob Murphy Show, Religious No Comments

Audio here, video below. A provocative discussion.

02 Jul 2020

BMS ep. 126: Keith Knight Interviews Me on Krugman’s New Book

Bob Murphy Show, Krugman 1 Comment

Keith really dug in and had some good questions. Audio here, video below.

30 Jun 2020

Potpourri

Potpourri 4 Comments

==> Scott Sumner nails it: It’s my fault the Fed has been engaged in tight money, and the coming socialism is also my bad.

==> SlateStarCodex has been taken down, because the NYT was going to report the blogger’s full name. This is a complex issue. I’m sure the outcome is crazy, but I don’t know exactly what to blame.

==> Regarding MMT, the issue of, “Can the Treasury bounce a check?” is more nuanced than I originally could find in my research. Check out this post from Selgin on it.

30 Jun 2020

Jordan Peterson Asked About the Resurrection

Jordan Peterson, Religious 10 Comments

I thought this was very interesting:

30 Jun 2020

MMT Disputes

MMT 4 Comments

Regarding my recent review of Kelton’s MMT book, Transformer here in the comments writes:

I just realized that the disconnect is that Bob is interpreting the phrase ‘how many dollars the federal government has added to people’s pockets without subtracting (taxing) them away’ in a way different to what (I think) Kelton intended.

I believe that Kelton intends it to mean ‘net dollars created via deficits at any point in the past irrespective if they were subsequently swapped for bonds’ .

But Bob interprets it as “dollars currently in existence’ . That is why Bob talks about ‘the outstanding Treasury securities [] sitting on the Fed’s balance sheet’ as that would indeed match that definition.

Yes, that’s exactly what’s going on. I have two defenses of my interpretation of what I originally took Kelton to be saying.

  1. Under the more moderate approach, we could say the same thing about a corporation as we’re saying about the US Treasury. E.g. “the current stock of debt owed by Google indicates how many dollars Google spent into The-Rest-of-the-World over and above how many dollars Google withdrew from The-Rest-of-the-World.” The accounting works the same way, at least ex post.

2. Just in terms of plain English, Kelton’s formulation is very confusing. I’m trying to think of a good analogy from a non-financial context. Does this help? “The amount of toast produced by the cook is a record of how many pieces of bread the cook put into the toaster without taking them out.”

26 Jun 2020

Bob Murphy Show ep. 125: Matt Machaj on Structure of Production and Star Wars

Bob Murphy Show, Capital & Interest, Economics No Comments

Matt has two books on these topics, so we split the video up into two segments. The full audio interview is here.