Friday, March 16, 2012

New blog feature - the dumbest MMT statement of the day

Today, it's a tie.  Both employ the typical A.D.D. symptom of definitional Whac-a-mole.

Commenter Septeus7 wrote in response to my serious inquiry:

Quote: "Clearly, MMT depends upon the alleged truth of the Keynesian assertion that the free market fails and results in stagnation and unemployment"  

No. MMT rests on the notion that "Free Markets" can't exist (because it's a non-defined concept) and real markets do fail that results in stagnation and unemployment.   Bob, most of us here are tired of dealing with you theoclassical religious fundamentalist of all kinds. American is being crushed by fundamentalism. You don't know any economics. All you have is a religious belief in a false God called the "Free Market." I have news for you. That God doesn't exists. It never did. 

Then he outdid himself.

The Austrian school denies the existence of human beings with their apriori assumptions about human action which deny the possibility of human creativity which of course is man's most defining characteristic.  The Austrian school also denies the existence of accounting. 

Our other daily winner is L. Randall Wray, Crown Princeling of the MMTers, who completes the final smack down of the Austrians:
Q:  Austrians use a bait and switch operation—denying that what we have is capitalism and comparing it to some sort of ideal utopian capitalism.

A: Agreed. That makes it easy to blame all of real world capitalism’s problems on its deviation from utopia. It is fundamentally an anti-scientific approach. Let’s analyze what we have and try to make it better. We cannot have utopia. We’re dealing with human society, after all.
It's safe to say that no MMTer on this planet has the slightest familiarity with even basic Austrian School concepts. 

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