@clintballinger.bsky.social
(Short) book: https://app.thestorygraph.com/books/1f999e87-8e3c-40b4-8067-4741100ae1a5
Some random thoughts on economics https://clintballinger.wordpress.com/
Some random thoughts on economics https://clintballinger.wordpress.com/
Pinned
There is a pervasive, annoyingly simplistic, & neverending online debate: Libertarian/free market vs socialism/communism, as if these are stark choices 1/ #econsky
"Ancient Tally Sticks Explain the Nature of Modern Government Money" (2025)
www.tandfonline.com/doi/abs/10.1...
www.tandfonline.com/doi/abs/10.1...
Ancient Tally Sticks Explain the Nature of Modern Government Money
Money is fundamental in the functioning of many ancient and all modern economies. Orthodox economists argue that money is primarily a medium of exchange to facilitate trade, whereas chartalists cou...
www.tandfonline.com
October 27, 2025 at 7:42 AM
"Ancient Tally Sticks Explain the Nature of Modern Government Money" (2025)
www.tandfonline.com/doi/abs/10.1...
www.tandfonline.com/doi/abs/10.1...
"Endogenous money and Chartalism: Are they compatible?" (2025)
www.cambridge.org/core/journal... #econsky
www.cambridge.org/core/journal... #econsky
October 27, 2025 at 5:09 AM
"Endogenous money and Chartalism: Are they compatible?" (2025)
www.cambridge.org/core/journal... #econsky
www.cambridge.org/core/journal... #econsky
"Modern Monetary Theory: A Comprehensive and Constructive Criticism" (2024)
www.routledge.com/Modern-Monet... #econsky
www.routledge.com/Modern-Monet... #econsky
October 26, 2025 at 2:13 PM
"Modern Monetary Theory: A Comprehensive and Constructive Criticism" (2024)
www.routledge.com/Modern-Monet... #econsky
www.routledge.com/Modern-Monet... #econsky
"Currencies Come and Go, But Employment Always Takes Root: Rethinking External Constraints and Monetary Sovereignty in the Periphery" (2025)
www.mdpi.com/2227-7099/13... #econsky
www.mdpi.com/2227-7099/13... #econsky
October 26, 2025 at 2:00 PM
"Currencies Come and Go, But Employment Always Takes Root: Rethinking External Constraints and Monetary Sovereignty in the Periphery" (2025)
www.mdpi.com/2227-7099/13... #econsky
www.mdpi.com/2227-7099/13... #econsky
"Modeling Monopoly Money: The Neochartalist Theory of the Price Level" (2025)
rosa.uniroma1.it/rosa04/psl_q... #econsky
rosa.uniroma1.it/rosa04/psl_q... #econsky
October 26, 2025 at 1:29 PM
"Modeling Monopoly Money: The Neochartalist Theory of the Price Level" (2025)
rosa.uniroma1.it/rosa04/psl_q... #econsky
rosa.uniroma1.it/rosa04/psl_q... #econsky
"Revolution or evolution? A critical analysis of the divergence between MMT and mainstream economics" (2025)
www.sciencedirect.com/science/arti... #econtwitter
www.sciencedirect.com/science/arti... #econtwitter
October 26, 2025 at 1:12 PM
"Revolution or evolution? A critical analysis of the divergence between MMT and mainstream economics" (2025)
www.sciencedirect.com/science/arti... #econtwitter
www.sciencedirect.com/science/arti... #econtwitter
"Making Money Modern: Keynesianism and the Search for Noninflationary Growth" (2024)
muse.jhu.edu/pub/56/artic... #econsky
muse.jhu.edu/pub/56/artic... #econsky
October 26, 2025 at 1:01 PM
"Making Money Modern: Keynesianism and the Search for Noninflationary Growth" (2024)
muse.jhu.edu/pub/56/artic... #econsky
muse.jhu.edu/pub/56/artic... #econsky
"The Applicability Analysis of Modern Monetary Theory System to Government" (G.G. Luo, 2024)
www.ewadirect.com/proceedings/... #econsky
www.ewadirect.com/proceedings/... #econsky
October 26, 2025 at 12:45 PM
"The Applicability Analysis of Modern Monetary Theory System to Government" (G.G. Luo, 2024)
www.ewadirect.com/proceedings/... #econsky
www.ewadirect.com/proceedings/... #econsky
"Populism and Modern Monetary Theory:
Exploring the Rise of Milei in Argentina" (2026)
books.google.co.jp/books?hl=en&... #econsky #mmt
Exploring the Rise of Milei in Argentina" (2026)
books.google.co.jp/books?hl=en&... #econsky #mmt
Populism and Modern Monetary Theory
Centred on Javier Milei’s recent ascent, this book explores the cyclical nature of Argentina's economic crises and the corresponding rise of populist leaders. It argues that populism represents a revo...
books.google.co.jp
October 26, 2025 at 12:32 PM
"Populism and Modern Monetary Theory:
Exploring the Rise of Milei in Argentina" (2026)
books.google.co.jp/books?hl=en&... #econsky #mmt
Exploring the Rise of Milei in Argentina" (2026)
books.google.co.jp/books?hl=en&... #econsky #mmt
"Full monetary finance has the benefit that the government can sustain a higher deficit for a given inflation target. However, that benefit must be weighed against the elimination of the bond market" www.researchgate.net/profile/Geor... #econsky
October 26, 2025 at 10:35 AM
"Full monetary finance has the benefit that the government can sustain a higher deficit for a given inflation target. However, that benefit must be weighed against the elimination of the bond market" www.researchgate.net/profile/Geor... #econsky
"Modern Monetary Theory and Fiscal–Monetary Policy Frameworks"
link.springer.com/article/10.1... #econsky
link.springer.com/article/10.1... #econsky
Modern Monetary Theory and Fiscal–Monetary Policy Frameworks - Eastern Economic Journal
The U.S. federal government fiscal–monetary policy framework is the organizational and operational structure that ties the state’s budgeting to the means of payment. There have been eras of government...
link.springer.com
October 26, 2025 at 10:21 AM
"Modern Monetary Theory and Fiscal–Monetary Policy Frameworks"
link.springer.com/article/10.1... #econsky
link.springer.com/article/10.1... #econsky
HOW spend & tax is the real issue-
"MMT’s view is different. The composition of both taxes and spending matters, and so there are two reasons that trying to match them is misguided..."
www.levyinstitute.org/wp-content/u... #econsky
"MMT’s view is different. The composition of both taxes and spending matters, and so there are two reasons that trying to match them is misguided..."
www.levyinstitute.org/wp-content/u... #econsky
October 22, 2025 at 3:16 PM
HOW spend & tax is the real issue-
"MMT’s view is different. The composition of both taxes and spending matters, and so there are two reasons that trying to match them is misguided..."
www.levyinstitute.org/wp-content/u... #econsky
"MMT’s view is different. The composition of both taxes and spending matters, and so there are two reasons that trying to match them is misguided..."
www.levyinstitute.org/wp-content/u... #econsky
Crazy that if you asked economists if modern monetary systems are chartal they would say “yes.”
But if you asked them if sovereign bonds are needed for ‘deficit’ spending they will also say yes.
They can’t seem to wrap their heads around the disconnect
#econsky
But if you asked them if sovereign bonds are needed for ‘deficit’ spending they will also say yes.
They can’t seem to wrap their heads around the disconnect
#econsky
October 19, 2025 at 12:21 PM
Crazy that if you asked economists if modern monetary systems are chartal they would say “yes.”
But if you asked them if sovereign bonds are needed for ‘deficit’ spending they will also say yes.
They can’t seem to wrap their heads around the disconnect
#econsky
But if you asked them if sovereign bonds are needed for ‘deficit’ spending they will also say yes.
They can’t seem to wrap their heads around the disconnect
#econsky
Reinert, Tilly, Vries, McNeill, E.L. Jones, E.W Fox, Bairoch, Goldstone, Curtis, Crosby—wonderful literature in the area of Mokyr, actually understanding the economy.
And—THOSE are models! Of the highest order: natural language+syllogistic reasoning.
Whole field needs recognition
And—THOSE are models! Of the highest order: natural language+syllogistic reasoning.
Whole field needs recognition
October 14, 2025 at 2:46 AM
Reinert, Tilly, Vries, McNeill, E.L. Jones, E.W Fox, Bairoch, Goldstone, Curtis, Crosby—wonderful literature in the area of Mokyr, actually understanding the economy.
And—THOSE are models! Of the highest order: natural language+syllogistic reasoning.
Whole field needs recognition
And—THOSE are models! Of the highest order: natural language+syllogistic reasoning.
Whole field needs recognition
What’s the difference between an activist minarchist neoliberal using obsolete 1800s interest rate beliefs & an Austrian Economist?
Just the obsession w the word “malinvestment”?
(I guess also the otherwise correct rejection of the mainstream’s modeling scholasticism)
#econsky
Just the obsession w the word “malinvestment”?
(I guess also the otherwise correct rejection of the mainstream’s modeling scholasticism)
#econsky
October 14, 2025 at 2:28 AM
What’s the difference between an activist minarchist neoliberal using obsolete 1800s interest rate beliefs & an Austrian Economist?
Just the obsession w the word “malinvestment”?
(I guess also the otherwise correct rejection of the mainstream’s modeling scholasticism)
#econsky
Just the obsession w the word “malinvestment”?
(I guess also the otherwise correct rejection of the mainstream’s modeling scholasticism)
#econsky
Now, when a government imposes taxes in ☈, *everyone* is unemployed in terms of ☈.
So what must the government do?
@mamomvpy.bsky.social
So what must the government do?
@mamomvpy.bsky.social
“There Is No Such Thing As Fiscal Policy”
‘The way we normally think of microeconomics is an Arrow-Debreu world with no money. Hence, we have a barter economy…there is no such thing as recessions in a barter economy and hence no excess capacity and no unemployment.’
#econsky
‘The way we normally think of microeconomics is an Arrow-Debreu world with no money. Hence, we have a barter economy…there is no such thing as recessions in a barter economy and hence no excess capacity and no unemployment.’
#econsky
October 13, 2025 at 2:38 AM
Now, when a government imposes taxes in ☈, *everyone* is unemployed in terms of ☈.
So what must the government do?
@mamomvpy.bsky.social
So what must the government do?
@mamomvpy.bsky.social
“There Is No Such Thing As Fiscal Policy”
‘The way we normally think of microeconomics is an Arrow-Debreu world with no money. Hence, we have a barter economy…there is no such thing as recessions in a barter economy and hence no excess capacity and no unemployment.’
#econsky
‘The way we normally think of microeconomics is an Arrow-Debreu world with no money. Hence, we have a barter economy…there is no such thing as recessions in a barter economy and hence no excess capacity and no unemployment.’
#econsky
October 13, 2025 at 2:34 AM
“There Is No Such Thing As Fiscal Policy”
‘The way we normally think of microeconomics is an Arrow-Debreu world with no money. Hence, we have a barter economy…there is no such thing as recessions in a barter economy and hence no excess capacity and no unemployment.’
#econsky
‘The way we normally think of microeconomics is an Arrow-Debreu world with no money. Hence, we have a barter economy…there is no such thing as recessions in a barter economy and hence no excess capacity and no unemployment.’
#econsky
All of #econtwitter converging on post keynesianism without even realizing it (“yes the real world is more complex than our models can capture, complexity science doesn’t really help per se, but if we add in real world dynamics & observations our work can matter…but that’s *haaard*!) #econsky
September 27, 2025 at 9:54 PM
All of #econtwitter converging on post keynesianism without even realizing it (“yes the real world is more complex than our models can capture, complexity science doesn’t really help per se, but if we add in real world dynamics & observations our work can matter…but that’s *haaard*!) #econsky
It’s 2025.
This is a top 5 journal.
People are still writing as if a currency issuer is financially constrained in its own currency
ifs.org.uk/sites/defaul... #econsky
This is a top 5 journal.
People are still writing as if a currency issuer is financially constrained in its own currency
ifs.org.uk/sites/defaul... #econsky
September 16, 2025 at 5:57 PM
It’s 2025.
This is a top 5 journal.
People are still writing as if a currency issuer is financially constrained in its own currency
ifs.org.uk/sites/defaul... #econsky
This is a top 5 journal.
People are still writing as if a currency issuer is financially constrained in its own currency
ifs.org.uk/sites/defaul... #econsky
It’s 2025. This is a top five journal.
Crowding out, bond issuance driving rates
onlinelibrary.wiley.com/doi/10.3982/...
Crowding out, bond issuance driving rates
onlinelibrary.wiley.com/doi/10.3982/...
September 16, 2025 at 4:55 PM
It’s 2025. This is a top five journal.
Crowding out, bond issuance driving rates
onlinelibrary.wiley.com/doi/10.3982/...
Crowding out, bond issuance driving rates
onlinelibrary.wiley.com/doi/10.3982/...
Definitive.
Lending creates deposits out of “thin air.”
“Selgin…has confirmed that the Endogenous Money view is correct. But he didn’t see this because, like almost all Neoclassical economists, he doesn’t use double-entry bookkeeping”
profstevekeen.substack.com/p/selgins-ho... #econsky
Lending creates deposits out of “thin air.”
“Selgin…has confirmed that the Endogenous Money view is correct. But he didn’t see this because, like almost all Neoclassical economists, he doesn’t use double-entry bookkeeping”
profstevekeen.substack.com/p/selgins-ho... #econsky
Selgin’s Hot Air on Bank Money Creation
George Selgin announced some weeks back that he planned to write a definitive critique of the argument that “banks do not simply act as intermediaries, lending out deposits that savers place with them...
profstevekeen.substack.com
September 15, 2025 at 10:02 AM
Definitive.
Lending creates deposits out of “thin air.”
“Selgin…has confirmed that the Endogenous Money view is correct. But he didn’t see this because, like almost all Neoclassical economists, he doesn’t use double-entry bookkeeping”
profstevekeen.substack.com/p/selgins-ho... #econsky
Lending creates deposits out of “thin air.”
“Selgin…has confirmed that the Endogenous Money view is correct. But he didn’t see this because, like almost all Neoclassical economists, he doesn’t use double-entry bookkeeping”
profstevekeen.substack.com/p/selgins-ho... #econsky
