pet rock (@petrock) header
pet rock (@petrock) profile picture

pet rock

@petrock

MEcon (het) student. Econ teacher (orth/het). GNU/Linux user. Secular. #LetsGoBlueJays

 The United States of Canada
Joined November 2007
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  • Followers2K
It can't be repeated enough: Believing federal taxes are used to finance spending leads to fear-driven politics, misinformed policy, unnecessary austerity, rising inequality, economic stagnation, and poor inflation management. All based on a false household budget analogy.
Image from pet rock (@petrock)
Image from pet rock (@petrock)
Image from pet rock (@petrock)
Image from pet rock (@petrock)
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"Bernie called, two weeks before Christmas in 2014 ... What would you do if you were me? Second Bill of Rights." And off I went to work for him in the Senate. I always believed that returning to FDR was the unfinished business of the Democratic Party.
Aaron Regunberg (@AaronRegunberg) profile pictureAaron Regunberg
@AaronRegunbergNov 4
I have an idea for what Dems could try to do with their big new majorities!
Image from Aaron Regunberg (@AaronRegunberg)
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Replying to @drqerqay
tools.bard.edu/wwwmedia/reso… levyinstitute.org/pubs/wp261… levyinstitute.org/publicatio…
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Chuck Schumer loves Jon Ossoff and you should ask yourself why that is
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My fab daughter Alex has just won a Leverhulme Prize. Her forensic analyses of illicit markets, freeports and special economic zones are on the cutting edge of a criminology coming of age to produce the most revealing insights into the global economy. northumbria.ac.uk/about-us/n…

Criminologist wins acclaimed Philip Leverhulme Prize to pioneer a new criminology of the offshore...

A Northumbria University criminologist has been awarded a Philip Leverhulme Prize, one of the UK’s most prestigious awards for early-career researchers whose work has had an international impact.

northumbria.ac.uk
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Replying to @davidstadelmann @wollmersdorfer @DEhnts @GrimmVeronika
My prediction is clear: you have not ready any of the empirical literature on the actual cost structure of firms. Like this one for instance, by Alan Blinder.
Image from Prof. Steve Keen (@ProfSteveKeen)
Image from Prof. Steve Keen (@ProfSteveKeen)
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This is how I depicted it in a book chapter in 2005.
Image from Stephanie Kelton (@StephanieKelton)
Lawrence H. Summers (@LHSummers) profile pictureLawrence H. Summers
@LHSummers22 Aug 2019
Replying to @LHSummers
This can be illustrated using a textbook macroeconomic diagram with a very steep, non-linear or even backward-bending IS curve. 16/
Image from Lawrence H. Summers (@LHSummers)
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pet rock retweeted
Lessig 🇺🇦 (@lessig) profile picture
Lessig 🇺🇦
@lessigOct 21
Exactly right. Citizens United is the most misunderstood decision in SCT history. The mistake was SpeechNow. We're in the 1st Circuit to fix it, and end Super PACs. equalcitizens.us/against_sup…
Against Super PACs - Equal Citizens

Against Super PACs - Equal Citizens

Join our fight to end the corruption of our democracy

equalcitizens.us
David Gaw (@davidgaw) profile pictureDavid Gaw
@davidgawOct 19
Replying to @DarrigoMelanie
Musk's contribution is through his super PAC and has nothing to do with Citizens United, which was about people acting through corporations. Individuals have been able to spend unlimited money on independent ads since Buckley v. Valeo (1976), and via super PACs since SpeechNow v. FEC (2010).
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In my experience, a lot of the debates around MMT ultimately boil down to differing views on the following 3 questions: 1) the substitutability of money and Treasury bonds 2) the determinants and effects of interest rates 3) whether the economy tends toward full employment 🧵
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Replying to @foscaecon
Exactly. If you actually create the financial statements for a DSGE model, you quickly see that what is going on is incredibly simple (with micro foundations and various shocks added such that the math itself isn't simple, obviously), unrealistic, and frankly uninteresting.
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We're nearing 5 years of hikes/higher rates and inflation remains well above target. We had nearly a decade of ZIRP and inflation stuck to the floor the entire time. Hate MMT all you want, but this is precisely what MMTers have been arguing would happen the entire time.
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The winners of the Nobel Prize in Economics tend to have one thing in common: they’ve passed through an elite US university. This year’s award reinforces the trend. And the problem of elite concentration, while perhaps unsurprising, is more severe in economics than in any other field. A recent study compared the institutional clustering of award-winning researchers across academic disciplines. The study looked at around 6,000 prizewinners from 18 areas of the natural sciences, engineering and the social sciences. The study found that economics is *the only field* in which elite concentration is increasing over time.
Image from Jostein Hauge (@haugejostein)
The Nobel Prize (@NobelPrize) profile pictureThe Nobel Prize
@NobelPrizeOct 12
BREAKING NEWS The Royal Swedish Academy of Sciences has decided to award the 2026 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Robert E. Hall and Michael Woodford “for microeconomic foundations of macroeconomic stabilisation.” #NobelPrize
Image from The Nobel Prize (@NobelPrize)
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Mr. Keynes (@TyKeynes) profile picture
Mr. Keynes
@TyKeynesOct 13
I think we should make economists wear their forecasting accuracy on their shirts like sports statistics.
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Heterodox economists face an intellectual asymmetry. They must study mainstream economics rigorously to identify and critique its theoretical flaws, while mainstream economists can largely ignore heterodox theories without even engaging with the criticisms directed at their own.
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Amazing bit of revisionism - the intellectual authors of the models that allowed central banks to ignore the shadow banking instability that exploded into 2008 global financial crisis are now presented as 'transformers of crisis central banking' ft.com/content/1d3b1c4f-823d… via @ft

Two economists who transformed crisis management win Nobel Prize

Robert E Hall and Michael Woodford helped central banks respond to 2008 financial turmoil

ft.com
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Replying to @NobelPrize
Umm... There's an error in your illustration. This is the actual data.
Image from Prof. Steve Keen (@ProfSteveKeen)
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Replying to @mattybram @DeficitOwls @RobBaxter19 @FadhelKaboub @GISP_Tweets
When will it appear in budgets?
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Esteban Cruz (@Evanshm) profile picture
Esteban Cruz@EvanshmOct 8
What if the economics Nobel rewarded studying capitalism? Scandalous, I know. Twenty one names. One demand: stop treating heterodox economics as a footnote. Open the prize, the journals and the curriculum to real intellectual pluralism
🤖 Made with AI
Image from Esteban Cruz (@Evanshm)
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"variously disparaged as" 🤔
Sam Taylor (@staylorish) profile pictureSam Taylor@staylorishOct 5
Replying to @Williamgallus
Erm… MMT figures spend vast amounts of time attacking other schools of thought which are variously disparaged as “neoclassical”, “mainstream”, “orthodox”…etc. Your own output is full of such stuff!
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Me: But Sam, those ter– Sam: Don't disparage me by calling me Sam!
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How many #MMT academics spend their time writing books attacking Austrian Economics? Exactly. Only one discipline is scared of the other.
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