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Clint Ballinger Profile picture
@clintballinger
Nov 15, 2021 • 24 tweets • 7 min read • Read on X
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Economic Schools as paintings:
Classical Image
Mercantilism Image
Marxism Image
Institutional Image
Neoclassical Image
Chicago School Image
New Keynesian Image
"New Consensus" Macro/Monetary Policy (just missing a pin) Image
Post Keynesian Image
MMT Image
Austrian (I don't know why...just feels right) Image
Sociology (and real business/sectoral research) Image
Microeconomics (as often defined) Image
Economic History Image
Environmental Economics Image
Austrian Economics #mises Image
Modern Monetary Theory #mmt Image
Modern Monetary Theory #mmt Image
Internet version of MMT Image
Mainstream & Marxist critiques of MMT Image
Chicago School Image
Econometrics #econometrics Image
Bullionism (chrysohedonism) Image
Note mercantilism ≠ bullionism. See, e.g., "Mercantilism & Economic Development: Schumpeterian
Dynamics, Institution Building,
& International Benchmarking." #econtwitter
andreasaltelli.eu/file/repositor…

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More from @clintballinger

Clint Ballinger Profile picture
Apr 9
US Gov spends. What it doesn’t tax back is necessarily held by non-gov.

Why oh why does anybody think it makes sense to then make the economy 10 trillion times more complex by packaging up those $ as securities varying in rates & maturities from weeks to 30 years?
Literally no one knows wtf is going on.
Seriously. Just read the financial press. And I don’t mean now.
I mean ever.

And don’t give me any Chesterton’s fence bs.

Just let $ savers be $ savers. No interest, no varying rates, no maturities.

The whole ecosystem=waste of time
Ps this is nothing against Brad, who knows more than most.
The point is there are literally scores of posts & finance articles daily, often saying the exact opposite things, about a system we don’t need, wasting everyone’s time, and lining the pockets of some for no reason at all
Read 8 tweets
Clint Ballinger Profile picture
Oct 26, 2023
1970s and Monetary Policy Today

A 🧵…

In a recent twitter thread I outlined why I believe the new Reg Q inflation theory can be seen as supporting post-keynesian views. However, there is a meta issue I was not able to address in such a short format.
The DSS paper argues that by putting a ceiling on bank-deposit interest rates, Regulation Q stopped the transmission of interest rate hikes (Fed funds rate), thereby breaking the primary tool of the Fed from 1965~1980 when Q became binding on bank deposit rates.
Besides the importance for understanding 1970s inflation, the meta point their paper makes can be interpreted as supporting mainstream monetary beliefs. Chiefly, that *but for* Reg Q stopping proper transmission, monetary policy was (before 1965) and later (post ~1980) working..
Read 12 tweets
Clint Ballinger Profile picture
Oct 23, 2023
1970s Inflation Revisited: New Reg Q Theory Supports *Heterodox* Economic Policy

A🧵1/X

“we offer a different explanation for the Great Inflation..The explanation is simple, yet so far completely overlooked”

Drechsler, Savov, Schnabl (DSS) #econtwitter cepr.org/voxeu/columns/…
Image
Myths on 1970s inflation sadly still shape the beliefs of the economists who have the ears of policymakers.
The belief interest rates “fixed” the problem rather than worsening it,
combines w an only weak acceptance of the Vietnam War/73/79 Oil shocks as prime causes, has led to decades of wasted time on “monetary policy” (read: fiddling w a single knob, interest rates) at the expense of the real economy and investment in fiscal expertise and policy
Read 22 tweets
Clint Ballinger Profile picture
May 10, 2023
🧵
SUPPLY, DEMAND, INVESTMENT & INFLATION

If you lack something you truly need, you are better off figuring out how to get it rather than just deciding to give up and go without. You increase supply rather than reduce your wellbeing by giving up on your demand 1/x
When it comes to inflation, oddly, popular opinion is to do the opposite. The primary policy against inflation governments turn to is to raise interest rates with the end goal of reducing the public's consumption of goods and services rather than increase production & capacity 2/
Worse still, that goal is attempted through using rate hikes to *reduce* investment, *reduce* employment, and *stifle* wages; the latter makes life less, not more, affordable for workers 3/
Read 19 tweets
Clint Ballinger Profile picture
Apr 22, 2023
"We use several formal representations of the consumption–investment trade-off in growth theory, found in the Harrod–Domar growth model, the Feldman–Mahalanobis model and Kalecki’s 1963 growth model" #econtwitter @paulkrugman @Noahpinion academic.oup.com/cje/advance-ar…
(2018) I would change some things now or say differently, but some basic ideas hold that are relevant to the OP. clintballinger.com/2018/11/08/the…
Also, this superbly details how development policy faces profound issues that transcend the framework in the "Weaknesses" article:
"The Long, Slow Death of Global Development"
americanaffairsjournal.org/2022/11/the-lo…
@davideoks @humford
Read 6 tweets
Clint Ballinger Profile picture
Oct 14, 2022
Imagine this is the world. There are no countries (& no world government). It is full of people making & doing things.
How do people exchange/trade?
Now imagine the people in A have carved out a country.
They create a fully chartal system (tax/tax-credits).
The "A" tax-credit unit is used to organize public goods (infrastructure, healthcare, education etc.) as well as for general use
Now imagine there are two countries, each with its own tax-credit currency.
Why would one want the other's tax credits? Presumably to buy something from the other country.
What would the accounting look like?
Read 7 tweets

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