@18:30 A bit unfair of Asad to claim MMT does not study the history. Has he even read Randall Wray and Michael Hudson? "Modern Money" is dated back 6000 years. So I really do not know what Dr Zaman is on about here.
Thanks Esha. Point of fact though, plenty of MMT scholars have written about such history. So there is no "defect" in MMT literature. It still seems to me Asad has read too superficially, or has not attended UMKC and MMN Conferences, Rosa Luxemborg Stiftung Conferences, and more, where such issues have been thoroughly discussed, and beyond. I do not fault people for saying ill-informed things, but I do when it is a slur that has not been researched, which "it is a serious defect" is, no?
As an academic you have to appreciate MMT scholars get routinely rejected from mainstream journals, so an academic using only journal sources is not going to get the full MMT picture. Bill Mitchell's blog is almost a de facto one-man journal, and he discusses these issues regularly.
I agree that he’s probably not seen a lot of the documented history and incorrectly assumes it to not exist. He’s clearly extremely friendly to and actively learning MMT. He regularly requests me to send him sources on various MMT topics.
I also see it as believing MMT should be more than it is. It accommodates many other things that it does not explicitly discuss. An example is ecological economics. Mainstream makes all these things impossible. They want to be gatekeepers of the entire world.
Thanks for listening, Bijou. I hope overall you found this series valuable.
@29:40 "...therefore that theory prevailed..." I think Asad misspoke. He did not give an antecedent before the "therefore". The reason the wrong theory (financial liquidity cause) prevailed was not because it was a causal or good parsimony theory, it was a "favours the rich" theory, THAT is why it prevailed.
C'mon Jeff. You were not giving enough push-back. The "go back to nature and be self-sufficient" solution is a non-solution, it strongly favours the rich just as much as fossil fuel basis. The only way forward to avoid catastrophe is massive cooperation, not retreat to isolated libertarian communes. The Amish are selfish. A poor worker in the global south cannot afford to live, nor survive living like, Amish.
This particular topic is not my strength, nor was it the focus of this interview. If memory serves, he was riffing and I wasn’t interested in going deeper regarding it. I see your point, though.
@18:30 A bit unfair of Asad to claim MMT does not study the history. Has he even read Randall Wray and Michael Hudson? "Modern Money" is dated back 6000 years. So I really do not know what Dr Zaman is on about here.
I understand what he means...often, there is an ignorance about colonialism, and how monetary countries lose their monetary sovreignty. Here is my article on colonialism: https://historicly.substack.com/p/when-the-looting-starts?s=w
and
https://historicly.substack.com/p/africa-needs-monetary-sovereignty?s=w#details
Maybe, it will help clear up what he means in this context.
Thanks Esha. Point of fact though, plenty of MMT scholars have written about such history. So there is no "defect" in MMT literature. It still seems to me Asad has read too superficially, or has not attended UMKC and MMN Conferences, Rosa Luxemborg Stiftung Conferences, and more, where such issues have been thoroughly discussed, and beyond. I do not fault people for saying ill-informed things, but I do when it is a slur that has not been researched, which "it is a serious defect" is, no?
http://www.mes-africa.org/
https://mronline.org/2019/05/26/money-on-the-left-confronting-monetary-imperialism-in-francophone-africa/
As an academic you have to appreciate MMT scholars get routinely rejected from mainstream journals, so an academic using only journal sources is not going to get the full MMT picture. Bill Mitchell's blog is almost a de facto one-man journal, and he discusses these issues regularly.
Again, thanks so much for your articles.
I agree that he’s probably not seen a lot of the documented history and incorrectly assumes it to not exist. He’s clearly extremely friendly to and actively learning MMT. He regularly requests me to send him sources on various MMT topics.
I also see it as believing MMT should be more than it is. It accommodates many other things that it does not explicitly discuss. An example is ecological economics. Mainstream makes all these things impossible. They want to be gatekeepers of the entire world.
Thanks for listening, Bijou. I hope overall you found this series valuable.
@29:40 "...therefore that theory prevailed..." I think Asad misspoke. He did not give an antecedent before the "therefore". The reason the wrong theory (financial liquidity cause) prevailed was not because it was a causal or good parsimony theory, it was a "favours the rich" theory, THAT is why it prevailed.
C'mon Jeff. You were not giving enough push-back. The "go back to nature and be self-sufficient" solution is a non-solution, it strongly favours the rich just as much as fossil fuel basis. The only way forward to avoid catastrophe is massive cooperation, not retreat to isolated libertarian communes. The Amish are selfish. A poor worker in the global south cannot afford to live, nor survive living like, Amish.
This particular topic is not my strength, nor was it the focus of this interview. If memory serves, he was riffing and I wasn’t interested in going deeper regarding it. I see your point, though.
No worries. Glad you see the point. That was my point. So all is good. Keep up your good work. Peace.