Jack Foster proposed a framing document for High Value Platinum Coin Seigniorage, in a recent comment he made on one of my posts. In response, I posted a six-part blog series to accommodate readers who prefer the blog format. Read more about Framing Platinum Coin Seigniorage: A Working Document
How many times have you heard that the Government can only spend money after it raises revenue by either taxing or borrowing? Nearly every time someone talks or writes about the US's public deficit/debt problem? How come nobody asks why, since Congress has the unlimited authority to create coins and currency, it doesn't just create money when it deficit spends? Read more about Framing Platinum Coin Seigniorage: Part One, Basics
After opposing the Job Guarantee proposal as part of the broader MMT policy program in service of the goals of public purpose, full employment with a living wage and price stability, and for many weeks now, combining with Mike Sankowski and Carlos Mucha to found “Monetary Realism” and also saying: Read more about That's Not All!
This is an introduction to a series of 16 posts I began in reply to a number of posts by John Carney at the CNBC blog and Cullen Roche at Pragmatic Capitalism, and discussions replying to them. The posts by Carney and Roche criticized the MMT Job Guarantee (JG) proposal. Read more about The Job Guarantee and the MMT Core Series
The recent extensive blogosphere discussion on the JG and the MMT core began with a post by John Carney that stated his opposition to the Modern Monetary Theory (MMT) Job Guarantee proposal and claimed it either wasn't an essential component of MMT, or that if it was, then MMT was wrong. Cullen Roche, a well-known popularizer of MMT at his Pragmatic Capitalism blog then asserted: Read more about The Job Guarantee and the MMT Core: Part Fourteen, MMT Is A Holistic Knowledge Claim Network
The Job Guarantee and the MMT Core: Part Thirteen, John Carney Is Full of Talking Points and That's Polite
In a piece called “More Questions About the Job Guarantee,” John Carney provides some links to the continuing debate on the Job Guarantee (JG). All the links are to posts critical of the JG idea except a link to one of my four posts critical of Carney's earlier work and supportive of the JG. Read more about The Job Guarantee and the MMT Core: Part Thirteen, John Carney Is Full of Talking Points and That's Polite
Cullen Roche continued his extensive and multi-faceted critique of the Job Guarantee policy and the Modern Monetary Theory approach to economics with a piece attempting to distinguish “theory” and “fact.” His piece is based on the common sense idea that there's a distinction between them, and Cullen tries to use it in his argument. There is, but, unfortunately, the common sense notion of the distinction has long been put aside in the philosophy of science, and in most of the sciences a decade or so later, because of its incoherence. So, in using it, Cullen's argument shares this incoherence.
The “Theoretical” and Something Else Read more about The Job Guarantee and the MMT Core: Part Twelve, Theory and Fact
Is the JG a Price Anchor?
More on Cullen Roche's claims about the JG, this time a discussion of his price anchor vs. price buoy post.
Cullen Roche continued his attack on the JG and his critics with a post asking whether America really needs to do a 180? I see the post as a set of distractions and straw man arguments that misconstrue the positions of his critics. The post quotes no one and constructs their positions fictionally without any documentation.
A Drastic Overhaul? Who Said Anything About That?
“This whole job guarantee debate has really shed light on the schism in many MMT thinkers. One group wants you to believe that the American way of doing things is so broken that it needs a drastic overhaul (in this case, the hiring of up to 30 MILLION government employees). . . . “
Warren Mosler kindly replied to my Part Two of this series which provided the basis for this dialogue, reproducing Part Two with comments by Warren and myself.
MMT and Public Purpose:The Normative Component Read more about The Job Guarantee and the MMT Core: Part Seven, Dialogue With Warren Mosler
The Job Guarantee and the MMT Core: Part Six, John Carney on Stagnation and Prosperity With Unemployment
The Job Guarantee and the MMT Core: Part Five, John Carney on the Mismatch Problem and the Distribution of Labor
In the first four parts of this series, I analyzed views on the Job Guarantee (JG) idea offered by Cullen Roche and Peter Cooper in conjunction with a post by John Carney, which kicked off an explosion of blogosphere posts and commentaries on the JG. In Part Three I began an analysis of John Carney's views by taking exception to his claims that the JG would be inflationary, a bureaucratic nightmare, and would cause economic stagnations. In Part Four, I critiqued his views on the problem of a mismatch between demand and the skills needed to fulfill it, the possible inflationary impact of this mismatch, and also his claims on the JG and stagnation.
In this post, I continue analyzing John's further take on the JG in in his 'The Trouble with a Job Guarantee. His reasoning in this post, focuses on the problem of a mismatch between demand and the skills needed to fulfill it, the possible inflationary impact of this mismatch, and also amplifies his claims on the JG and stagnation. My interleaved replies from an MMT perspective to his assertions and arguments are provided in this and an upcoming post, as well as in Part Four. All my replies assume that the JG would not be “paid for,” but would occur through deficit spending. Read more about The Job Guarantee and the MMT Core: Part Five, John Carney on the Mismatch Problem and the Distribution of Labor