Sunday, February 15, 2015

Peter Martin — Classical economists don’t understand real people or real economies.

There is at last some evidence that the political mainstream is coming around to the idea that “places {in the same currency zone -PM} in deficit have to be easily financed by places in surplus”. At least there is, if we can consider John Redwood, a British Conservative MP, to be representative of the mainstream. He, himself, may well question that assertion, but nevertheless this recent quote shows that it isn’t just Greece’s Syriza and the political left who are making the argument.…
Modern Monetary Theory: Real Economics
Classical economists don’t understand real people or real economies.Peter Martin

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