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View Diary: Mint the Coin vs the Debt Ceiling (26 comments)

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  •  Hestal (1+ / 0-)
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    was born before WW-II and has a slightly longer perspective than you or me, who are "boomers" - so do look at it from his perspective.

    •  Sorry I got hear late (1+ / 0-)
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      MMTers are understandably skittish about doing anything but debunk the family model However, it is used from time to time. I've seen Warren do it at talks where he asks people to think about a mother and father who have control over a fiat currency, and also children who must work at household chores to earn the fiat currency so they can get goodies. So, MMTers will use a household analogy from time to time when it's properly modified.

      Also, Randy Wray recently had a reframing post which adopted Bruce Springsteen's meme "we take care of our own." That is a family-based meme. I've used it also in this post.

      •  It all depends on who your customers are... (1+ / 0-)
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        If you want to sell MMT to ordinary citizens then use the family model. I can't say what to use if you want to sell it to other schools of economic thought, but I can say that such an effort is largely a waste of time.

        I guess I would like to know just what you MMTers are after. Is this simply an intramural argument between economists? If it is, then color me "gone."

        But if you are trying to change the world then go straight to the People.

        Right now this whole kerfuffle feels like a purely academic argument. I got sick and tired of those in graduate school fifty years ago. I was at the board explaining a proof of a theorem in Ring and Group Theory class when I was seized with an overpowering urge to go water skiing. I turned to my professor, thanked him for his time, and went straight to the administration building. I withdrew from school and within two hours I was on the lake. It was a beautiful day, the water was like glass, the sun was warm, and the girl driving my boat was a knockout. Best decision I ever made.

        My father, who had the outlook of a philosopher, used to say that there are three eternal questions which engage mankind: Where did I come from? Where am I going? What should I do while I am here?

        My mother, who had the outlook of an engineer, would counter with her four eternal questions: Where do we stand? How did we get here? Where do we want to go? How do we get there from here?

        I would often talk to my father about the myriad answers to his questions, and it was lots of fun. But he always closed the discussion with a reminder that I should answer his third eternal question, What should I do while I am here? by trying to answer Mother's four eternal questions. They were wise.

        Might and Right are always fighting, in our youth it seems exciting. Right is always nearly winning, Might can hardly keep from grinning. -- Clarence Day

        by hestal on Wed Jan 09, 2013 at 04:34:11 AM PST

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