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Clint Ballinger Profile picture
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15 Nov, 24 tweets, 7 min read
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
4 Aug
IN DEMOCRACIES, the non-government has its government impose a liability on the non-government and then extend credit for that liability in exchange for goods and services. 1/n
The credits are used by the non-government to extinguish the imposed liability. The system this creates is useful for the non-government, and thus its ongoing existence is maintained by ongoing imposed liabilities. 2/n
Currency issuing states spend by crediting accounts and tax by debiting accounts. If they credit more than they debit, then there is a remainder of credits held by non-government. Credits spent by gov = Debits from non-gov + Credits saved by non-gov. 3/
Read 36 tweets
Clint Ballinger Profile picture
1 Aug
On Belief that spending occurs from taxing, and public saving (i.e., "deficit spending") from borrowing. First is directly false but indirectly true (the tax-credit must be created; no 1:1 ratio tho). The second is completely false. 1/4
Indirect argument heard against "deficits": that either taxes will rise in future or inflation act as a tax.
Neither holds as long as 1) there are ongoing savings desires, which there always will be and 2) spending doesn't surpass (desired) available real resources. 2/4
Simplistic inflation caricatures ignore 1) bad finance regulation 2) useful supply signals (e.g., we should have let energy costs cause innovation in 70s rather than allow Volcker to tank the economy w absurd monetary policy bc "iNflaTion")... 3/4
Read 5 tweets
Clint Ballinger Profile picture
7 Jul
Exhibit number 1 of why we have to get rid of treasuries for the public to ever elect representatives who will understand fiscal. The vast majority of public,...
..& many if their econ "teachers," will always think there is a "debt" problem as long as we have our current rococo system. Smart ppl know all spending by currency issuers shakes out to be direct spending,& the repo/primary dealers/treasuries system is irrelevant. Public doesn't
MMT explains and explains, but the media has something to point at, there is the "debt clock," "think" tanks point at the savings #, the public is afraid that # & China having $ (we buy from them tho!) & so on. The change to a no treasury system IS worth the political capital
Read 4 tweets
Clint Ballinger Profile picture
13 Oct 20
@Graham_Noblit @Daniel_VonAhlen Well, MMT is about real resources really, not (paradoxically-sounding) "money". Looking for a link for you, moment ....
@Graham_Noblit @Daniel_VonAhlen I think this is it: Fadhel, in the first 20 min or so, gives a masterclass in development econ here pileusmmt.libsyn.com/12-fadhel-kabo…
@Graham_Noblit @Daniel_VonAhlen Bruno Bonizzi is a super nice guy; his paper brings up important considerations for developing countries. I think they are resolvable; presented here paecon.net/PAEReview/issu…
Read 6 tweets
Clint Ballinger Profile picture
14 Sep 19
"Raw Materials in the History of Economic Policy; or, Why List (the Protectionist) and Cobden (the Free Trader) Both Agreed on Free Trade in Corn" cambridge.org/core/books/vis…
Any correct heterodox theory of international trade must highlight the factors of decreasing vs increasing returns industries (primarily impact on domestic economy). #mmt
"Mercantilism and Economic Development:
Schumpeterian Dynamics, Institution Building and International
Benchmarking" google.com/url?sa=t&sourc…
Read 12 tweets

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