Modern Monetary Theory - MMT

[divs4ever]

wasn't economics more of an art than a science ??

i could accept applied mathematics ( when applied properly ) and unfortunately political considerations normally trump accounting principals

 

[Value Collector]

wasn't economics more of an art than a science ??

i could accept applied mathematics ( when applied properly ) and unfortunately political considerations normally trump accounting principals

It’s both, a bit like the law profession or plastic surgery, you have to know the science, but there is also skill and art needed in its application.

Eg, everyone would admit that it takes science to conduct cosmetic surgery, but the skill and artfulness of the surgeon definitely also affects the results, as does a bit of luck because there is always unforeseen problems that can arise.

 

[orr]

I am not totally sure what point you are making, can you explain more please.

more than happy to, just tell me first of 'The Affluent Society' and 'The New Industrial State' which did your glean more from?

 

[orr]

I often ask myself the same question about economists and politicians. Economics is not known as the dismal science for nothing... I mean we have people like Paul Krugman with a Nobel prize... and hasn't made a correct call in his entire career.

And need I mention Steve Keen (who really should be put out to pasture in the back 40)?

I'd only say Krugman's quierying of the 'Inflation hawks' post 2008 when Helicopter Ben was shoveling it out the door, was an overall better than a 50% call. And to the thread a well written explanatory piece;

How Did Economists Get It So Wrong? (Published 2009)

The Great Recession was the result not only of lax regulation in Washington and reckless risk-taking on Wall Street but also of faulty theorizing in academia.

www.nytimes.com

 

[3 hound]

I'd only say Krugman's quierying of the 'Inflation hawks' post 2008 when Helicopter Ben was shoveling it out the door, was an overall better than a 50% call. And to the thread a well written explanatory piece;

How Did Economists Get It So Wrong? (Published 2009)

The Great Recession was the result not only of lax regulation in Washington and reckless risk-taking on Wall Street but also of faulty theorizing in academia.

www.nytimes.com

Another link, another pay wall.

The NYT would be the last place I would pay to read.

 

[orr]

Another link, another pay wall.

The NYT would be the last place I would pay to read.

The senior Galbraith's works at bit of stretch??
here one from junior to fit your pay level.

Who’s Afraid of MMT? | by James K. Galbraith - Project Syndicate

James K. Galbraith explains why this body of Keynesian monetary thought is making central bankers see red.

www.project-syndicate.org

 

[divs4ever]

The senior Galbraith's works at bit of stretch??
here one from junior to fit your pay level.

Who’s Afraid of MMT? | by James K. Galbraith - Project Syndicate

James K. Galbraith explains why this body of Keynesian monetary thought is making central bankers see red.

www.project-syndicate.org

i still prefer the Austrian School of Economics , i concede MMT could work in special cases with the right sort of fiscally responsible people operating it

i was DELIGHTED to see the virus issue and 2020 mentioned while early 2020 helped the MMT cause , the subsequent period after ( to the current day ) explains it's flaws .. humans addicted to reckless spending , you could almost nickname it financial opium

 

[3 hound]

The senior Galbraith's works at bit of stretch??
here one from junior to fit your pay level.

Who’s Afraid of MMT? | by James K. Galbraith - Project Syndicate

James K. Galbraith explains why this body of Keynesian monetary thought is making central bankers see red.

www.project-syndicate.org

Low quality click-bait. Author was more interested in writing character slurs on their personal perceptions on the motivations and thoughts of anyone who opposes MMT. All but calls people sexist if they don't agree with MMT because female authors wrote some articles in favour of it. So if you don't like MMT the inference is your sexist. Stopped reading after first few paragraphs in case the author started accusing opponents of MMT Nazis, misogynist, transphobic.......etc.

THe new business model of journalistic writing really forces writers into low quality click bait trash these days

 

[divs4ever]

well it certainly did nothing to swing my preference from the Austrian School to Keynes or MMT , although i concede MMT could work in special situations and if sparingly and responsibly used .

journalism has been degrading for decades , which i think is great , i consume more and more independent media from a variety of sources on whatever topic that catches my eye

 

[3 hound]

well it certainly did nothing to swing my preference from the Austrian School to Keynes or MMT , although i concede MMT could work in special situations and if sparingly and responsibly used .

journalism has been degrading for decades , which i think is great , i consume more and more independent media from a variety of sources on whatever topic that catches my eye

My near neighbour is a retired English teacher and she writes articles to publish on the internet. Her business model is to write highly biased emotive political (and health, scientific) pieces on whatever the latest hot topic is and then write a counter article strongly biased on the other side of the political fence. The only purpose is to take a piece of truth and distort it to get reactions thru, shares, views, comments, clicks. Both likes and dislikes equally valuable. She then works with a group of peers linking each other articles to each other's articles throw an army of view bots, sub bots and real third world people making large numbers of accounts on comments for cash all into the mix that sends the Google algo in a frenetic positive feedback loop driving the articles way up the search engine results and getting that ad revenue.

I was impressed how this older gen lady has adapted and profited from leading edge tech and satisfied her need to write creative and emotive pieces.

I have oversimplified but it blew my mind how fake the "information superhighway" has become.

 

[divs4ever]

My near neighbour is a retired English teacher and she writes articles to publish on the internet. Her business model is to write highly biased emotive political (and health, scientific) pieces on whatever the latest hot topic is and then write a counter article strongly biased on the other side of the political fence. The only purpose is to take a piece of truth and distort it to get reactions thru, shares, views, comments, clicks. Both likes and dislikes equally valuable. She then works with a group of peers linking each other articles to each other's articles throw an army of view bots, sub bots and real third world people making large numbers of accounts on comments for cash all into the mix that sends the Google algo in a frenetic positive feedback loop driving the articles way up the search engine results and getting that ad revenue.

I was impressed how this older gen lady has adapted and profited from leading edge tech and satisfied her need to write creative and emotive pieces.

I have oversimplified but it blew my mind how fake the "information superhighway" has become.

i suppose the upside is ( apart from generating income for herself ) more people are compelled to think for themselves ALTHOUGH that is now being restricted as some echo-chambers are being tolerated and some are being repressed

you can also now see the flaws of relying totally on AI to do some tasks ( this MIGHT be useful when competing with automated trading systems in the market place .. like ETFs )

 

[3 hound]

you can also now see the flaws of relying totally on AI to do some tasks ( this MIGHT be useful when competing with automated trading systems in the market place .. like ETFs )

AI was once touted as a superior pathway to better decision making and truth....then it started making politically and socially unfashionable predictions like certain minorities are more likely to commit certain crimes so now AI is the great evil that must be stopped.

 

[divs4ever]

well AI started as a computer program , but a computer program that can 'learn ' but it can only learn from experiences it has encountered , and data inputs

so your AI relies on the data accessible ( that is hopefully uncorrupted ) but how much data do you let it access , an intelligent AI , searches and tests it's boundaries , your AI might uncover data you wish it hadn't seen

will advanced AI allow threats to it's existence ( if not , how will it fight those threats )

IN THEORY , your AI will try to be more intelligent than humans and better informed , when that happens how do you control it

but don't worry ( too much ) we are doing the same thing a different way with genetic engineering

 

[3 hound]

IN THEORY , your AI will try to be more intelligent than humans and better informed , when that happens how do you control it

Easy, you unplug it.

 

[divs4ever]

you should have a battery back up for a serious system ( up to five days worth so as you can send an expert to bring it down gently ) so not so easy , AND your rogue system might have learned more skills than accuracy and honesty ( because it is interacting with the artifacts of human activities , moral and not )

( what if your AI links up with SIRI , or your smart phones to 'monitor ' you and others )

after all intelligent suggests curiosity and creativity ( and adaptability )

 

[3 hound]

you should have a battery back up for a serious system ( up to five days worth so as you can send an expert to bring it down gently ) so not so easy , AND your rogue system might have learned more skills than accuracy and honesty ( because it is interacting with the artifacts of human activities , moral and not )

( what if your AI links up with SIRI , or your smart phones to 'monitor ' you and others )

after all intelligent suggests curiosity and creativity ( and adaptability )

Nah, AI is nowhere near being creative. Have you ever seen AI music, stories, art etc.

An elephant can paint better pictures than the best AI.

Humans >>AI. .... but then I watched The View, your right we are screwed.

 

[divs4ever]

well there is a danger AI will go in a direction that with not ultimately benefit humans

but half the problem humans have decided which tasks AI should tackle ( i bet nobody has targeted AI at world peace or world food logistics .. but war simulations .. i bet there are DOZENS of dedicated systems )

 

[qldfrog]

AI was once touted as a superior pathway to better decision making and truth....then it started making politically and socially unfashionable predictions like certain minorities are more likely to commit certain crimes so now AI is the great evil that must be stopped.

That's the trouble with fact based thinking: engineers, AI, etc
They find truth not narratives ?

 

[divs4ever]

have yet to be convinced AI will weed out bad data , but i live in hope

 

[3 hound]

have yet to be convinced AI will weed out bad data , but i live in hope

I think you are confusing AI with autonomous machines.