Pavlina Tcherneva


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A Counter Narrative to Peterson's

By Joe Firestone
October 30, 2012

Stephanie Kelton writes:

The US is broke. Government deficits are de facto evidence of a government gone wild. We’re careening toward Greece. Entitlements are the root cause of our fiscal woes, and the Chinese are coming for our grandchildren. more »

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The Fiscal Summit Counter-Narrative: Pt 8, Narrative and Counter-Narrative

By Joe Firestone
June 26, 2012

(Author's Note: This is the concluding post in an eight part series on the counter-narrative to the austerian/deficit hawk/long-term deficit reduction approach to fiscal policy that is dominant in Washington, DC today. At the end of this post I list and link the seven earlier posts in the series. more »

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The Fiscal Summit Counter-Narrative: Pt 7 Fiscal Sustainability Polices Q&A

By Joe Firestone
June 16, 2012

My last post covered the Session 5 presentations of Professors L. more »

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The Fiscal Summit Counter-Narrative: Pt 6, Policy Proposals

By Joe Firestone
June 15, 2012

The way we designed the program of the Fiscal Sustainability Teach-In Counter-Conference, was to introduce the fundamental ideas of Modern Monetary Theory (MMT) in the f more »

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The Fiscal Summit Counter-Narrative: Pt. 5, Inflation and Hyperinflation

By Joe Firestone
June 5, 2012

One of the raps on deficit spending in neoliberal circles is that it will trigger substantial inflation or hyper-inflation. Even when mainstream economists grant the MMT point about the impossibility of the US becoming involuntarily insolvent, they will still insist that sustained deficit spending is a bad idea because it will inevitably lead to unmanageable inflation. more »

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The Fiscal Summit Counter-Narrative: Part Four, The Deficit, the Debt, etc.

By Joe Firestone
May 30, 2012

(Author's Note: The full title of this peace is: "The Fiscal Summit Counter-Narrative: Part Four, The Deficit, the Debt, the Debt-To-GDP Ratio, the Grandchildren, and Government Economic Policy")
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The Fiscal Summit Counter-Narrative: Pt 3, Are There Spending Constraints?

By Joe Firestone
May 23, 2012

An issue at the core of all the fuss about fiscal sustainability is Government solvency. The deficit hawks and doves believe that Governments sovereign in their own currency can run out of money if they keep deficit spending, and keep borrowing to do it. more »

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One + One = Two (Not Too Wonkish)

By Joe Firestone
February 16, 2012

After reading one of my rants about the stupidity of policies aiming at a balanced budget, somebody in my Facebook environment, commented by saying: “1 + 1 = 2.” Here's my answer.

Yes, 1+1 = 2. more »

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Alternative Fiscal Policies: Why the Job Guarantee is Superior (Wonkish)

By Joe Firestone
February 13, 2012

By

Pavlina Tcherneva

A few weeks ago I called for a technocratic debate on the merits of the JG, relative to other fiscal policies. A number of bloggers took the charge but the debate was not immune to ideological biases, which proved the starting point of my piece that one cannot separate fact from theory or ideology (and by ideology I do not mean the derogatory use of the word, but that which signifies ‘ontology’ or a ‘world view’). What I didn’t expect is for friends and sympathizers to resurrect one particularly invidious charge we have long heard from MMT deniers, namely that MMT is pushing authoritarian policies.

Oh, boy. How did we even get here? I thought this was going to be a technocratic debate. more »

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The Job Guarantee and the MMT Core: Part Twelve, Theory and Fact

By Joe Firestone
January 18, 2012

Cullen Roche continued his extensive and multi-faceted critique of the Job Guarantee policy and the Modern Monetary Theory approach to economics with a piece attempting to distinguish “theory” and “fact.” His piece is based on the common sense idea that there's a distinction be more »

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