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Clint Ballinger Profile picture
@clintballinger
Apr 22 • 6 tweets • 5 min read Twitter logo Read on Twitter
"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
The “MMT & Developing Countries” Criticism
clintballinger.com/2021/01/16/the…
Warren Mosler's comments on the above post (Part 1)
clintballinger.com/2021/01/16/the… ImageImageImageImage
Warren Mosler's comments (Part 2) clintballinger.com/2021/01/16/the… ImageImageImageImage

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More from @clintballinger

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
Clint Ballinger Profile picture
Dec 27, 2021
There is a pervasive, annoyingly simplistic, & neverending online debate: Libertarian/free market vs socialism/communism, as if these are stark choices 1/
This scene looks like it works pretty well as a "free" market. Probably don't want the gov running our restaurants. (I used to work in the restaurant scene in this alley in the financial district, San Francisco) 2/ Image
I think most of us don't want corporations or "free market" controlling these folks tho. In other words, a military, & restaurants/ entertainment/retail, are two easy to agree on areas for most regarding gov 3/ Image
Read 24 tweets
Clint Ballinger Profile picture
Dec 7, 2021
There is a great deal of confused discussion/bad assumptions around what CB interest-rate/monetary policy achieves, why rates are where they are, and why they might be changed. 1/x
Currency-issuing countries are always pushing the overnight rate up, never down. If the overnight rate goes down, it is because the government/its CB has pushed it up less. Without CB/Treasury intervention (IOR or other means) the overnight rate will always fall to zero. 2/
Relatedly- There is no “natural” rate “r*” (r-star) from which rates are being “lowered” from. The idea of a natural rate depends on a combination of disproven loanable funds & efficient markets theories. 3/
Read 18 tweets
Clint Ballinger Profile picture
Dec 6, 2021
With friends like these...
A big source of developing country problems
"Issuing [Eurobonds]: A Guidance Note" World Bank 2019
documents1.worldbank.org/curated/en/491…
"African governments are paying interest of 5%-16% on 10-year gov bonds, compared to near 0 to negative rates in Europe/America. On avg, - highest expenditure portion/fastest growth expenditure in sub-Saharan Africa’s fiscal budgets." theconversation.com/african-countr…
The Conversation piece above misses this aspect
Read 5 tweets
Clint Ballinger Profile picture
Nov 15, 2021
Economic Schools as paintings:
Classical Image
Mercantilism Image
Marxism Image
Read 24 tweets
Clint Ballinger Profile picture
Aug 4, 2021
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

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