Monetary cranks are less harmful in economics — a field in which vision plays a role and there are no labs — than in some other fields and sometimes they do say things that are correct. Keynes cited favorably Gesell and Major Douglas. I wouldn’t put him with Marx as he did though
@Jaeger_bombe incertitude pour la finance, "théorie chartaliste vs mengerienne" pour la monnaie, concurrence des monnaies, préférence pour la liquidité comme protection face à l'incertitude, inutilité de la monnaie dans un monde sans incertitude... Plein plein de thèmes :)
@PHactNeutre si sous etes un bon néoclassique, les travailleurs réflechissent en termes réel, une simple revalorisation des salaires vis à vis de l'inflation ne les incite pas à travailler davantage... Mais une hausse des salaires réels si ;)
@ojblanchard1 You forget to mention that investors’ behavior itself depends on their expectations about the central bank’s behavior, so ultimately, it depends on the central bank. It's an institutionalist consideration rather than a purely economic one
@TheEconRebel I think for most of MMT academists they incorporate the PK theory of inflation... They even argue (but it is questionable) that the job guarantee will act as an employed "army of reserves" that would limit the "full-employment bargaining power" of employees in the private sector
@PHactNeutre ce qui est certains est que Keynes voulait "une socialisation de l'investissement", c'est à une forme de conbinaison secteur privé-public pour garantir le niveau de demande permettant l'atteinte du plein-emploi
@PHactNeutre le point contestable est de savoir si le chômage actuel est le résultat d'une insuffisance de demande, et me semble un peu vain de se demander ce que Keynes aurait pensé de ça
@AlexandreLohma1 j'avoue que je ne comprends pas trop la volonté de stériliser des banques centrales… D'autant plus que le système de réserves excédentaires rend plus facile le ciblage des taux de la Banque
@RelearningEcon Lerner (1978). I appreciate Lerner and he has had a significant influence on MMT, but in his later writings, he seems more mainstream to me, particularly with his confidence in monetary policy and his exogenous money view..
@RelearningEcon " Perhaps the "most unkindest cut of all" is the development, in Keynes' own Cambridge, of a "post-Keynesian" school which, in ideological or political revulsion against marginal analysis, finds in Keynes a (perhaps posthumous) intent quite different from.. views like my own.