• masaccio commented on the blog post Unlearning and Relearning

    2013-01-20 16:27:03View | Delete

    Thanks for the link to Beggs; I took a look at the article. A significant part of his argument has to do with inflation. Many of the current restrictions on US government policies are designed to deal with fears of inflation. Wray and others in the MMT area are all over this problem.

    Beggs’ attack on Graeber is based in large part on Beggs’ perception of Graeber as an anarchist, a really scary term for him. I can’t find any evidence of anarchism in the text myself, not that it matters to the quality of the argument. Beggs doesn’t deal with the violence that is always associated with capitalism, which I have discussed several times in my posts, and which Graeber discusses in detail. That’s outside the mindset of those who practice mainstream economics. They rarely even deal with the externalities connected with such commodities as oil, including both international violence and climate-changing pollution, and any work in that vein is totally ignored by politicians.

    I certainly don’t think much of economics as it is currently practiced, and I’m open to listening to people who don’t mouth the party line of the elites, and who feed from the crumbs of their tables, like the Mercatus Center hacks and the Cato Institute. Wray fits that category, and so does Graeber. Maybe Beggs could use some more open-mindedness.