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Daily Kos: Why Paul Krugman, and we, need to take MMT economists seriously.

This post on the Daily Kos re the Krugmann comments about MMT says it all.

He ends with this …
Part of the reason this may be so hard for progressives to wrap our minds around is that not only does it upend conventional wisdom about the role of money, government spending and taxes — it also requires that we rethink our views regarding the economic “success” of the Clinton administration.

Getting back to the quote from masaccio at the top of the post… The old structures (policy prescriptions from orthodox economists, either saltwater and freshwater) haven’t worked and aren’t working. Recognizing that is step one. Step two is learning to think away from the formal structures learned in school. Yes, it may be hard… but we are lucky: We have a community of heterodox economists who are in the business of developing a new macroeconomics, who have a track record unmatched by orthodox economists and who want to teach us, all of us — from Paul Krugman to a random pseudonym on the web — what they know.

We ordinary citizens have no standing to complain about the blindered and ignorant ideology of our country’s economists and politicians if we are unwilling to take off our own blinders and consider, with an genuinely open mind, these new ideas…

Too much is at stake not to try.

Progressives in Ireland will get to hear three MMT stars, Randlall Wray, Marshall Auerback and Stephanie Kelton in Dublin on the 9th of May 2011.  Conference title; ‘Learning from the Crisis’, Croke Park Conference Centre.   Details on this site and on TASC soon.  The visit was instigated by Smart Taxes and partnered by TASC.

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