Wednesday, March 28, 2012
JKH — Saving, Stock/Flow Consistency, and Kalecki
JKH takes on Bill Mitchell and MMT terminology.
Read it at Modern Monetary Realism
Saving, Stock/Flow Consistency, and Kalecki
MMR is directly engaging MMT, which is the first coordinated instance of debate and therefore an encouraging sign of progress. While there have been other debate between economists and MMT, they have not be coordinated and sustained, and many have been rather superficial, since the opposing party was ill-informed about MMT. That seems to be changing.
It's always good to have a nemesis, or as the Native Americans termed it, a "tormentor." Keeps warriors sharp.
The overall issue here is twofold. First, it is getting the professional presentation correct. Secondly, it is about translating the professional presentation into terms that non-professionals can understand, so they can get some insight into the issues and how professionals deal with them.
For example, there are a great many books explaining quantum mechanics to non-physicists, but without the math one simply cannot understand QM. Most fields are like that. One needs the background and tools to grasp them, and simplified explanations are necessarily imperfect compromises. But they should be as accurate as possible without overly complicated matters to the degree that non-professionals cannot grasp them.
This is the different between blogs and introductory courses, and graduate study and professional work.