A discussion of “A Skeptic’s Guide to Modern Monetary Theory” A sexy new economic theory appeared in the last few years promising us that government debt really is nothing to worry about. Modern Monetary Theory (MMT) says a nation that spends, taxes and borrows in a fiat currency they control…
Tag: Experts
Macroeconomics
Consumer Reaction to the Pandemic Shutdown Shock
A Discussion “Initial Impacts of the Pandemic on Consumer Behavior” Here is an early look at the impact on consumers’ income, spending and savings behavior from the dreadful economic shock of the coronavirus pandemic and shutdown. As an economist, I never would have said it was possible to shut down…
Economic Thought
Capitalism: Value, People, and Planet
A discussion of “Revisiting the Purpose of Business” I am an economist and a lot of what drew me to the field early on is the Adam Smith story of the Invisible Hand. Briefly, it is the idea that our self-interested nature is channeled, as if by an all-knowing Invisible…
Economic Thought
Where Economists Should Fear to Tread
A Discussion of “The Political Limits of Economics” We are living in a time when experts and their recommendations are ruling over us. Our politically elected officials are deferring to their guidance — is that how it should be in our democratic republic? Given the time it takes to publish, I doubt…