Teddies, Prams

I have resigned from those organisations I have been linked with that promote modern monetary theory.

I have done so without regret.

I remain convinced by the core argument of MMT as I see it, as explained here.

I have no time for being told this leads to one inevitable course of action that is the only available option if one wants to be theoretically compliant with the prescriptions of MMT.

I will say in future in response to that claim what I often think when faced with academic nonsense, which is that I live my life in practice and not in theory.

How long before there are no organisations left that he has even a modicum of agreement with?

28 comments on “Teddies, Prams

  1. ‘I will say in future in response to that claim what I often think when faced with academic nonsense, which is that I live my life in practice and not in theory.’

    It’s incredible that someone who generates the most ridiculous theories on an almost hourly basis considers himself to be some kind of ‘practical man’ – he really needs to be an object of study for psychiatric journals – absolutely insane

  2. What’s happened? I guess Murphy’s tied himself into knots trying to claim that tax is still the most important thing in the world (and he is therefore the most important person) even under MMT, and someone has corrected him.

  3. Once again, the ridiculous, overwhelming pomposity.

    He thinks he’s a cabinet minister or something. Absurd. No-one cares what he has or has not resigned from.

  4. In the link in spuds original article (yes i was bored) he basically claims to have invented MMT “I have thought a lot about modern monetary theory of late. I think I can rightly claim to have introduced quite a lot of people to this idea in the UK. I arrived at the thinking that is, in effect, modern monetary theory via work I did on money fifteen or so years ago (before this blog existed) and through my thinking about taxation.

    People’s Quantitative Easing was one of the manifestations of that process, which I do think is an MMT variant even if some would appear to deny it.

    What I wrote about tax and money in The Joy of Tax is further evidence of this direction of travel. The tax angle, in particular, is very unusual amongst modern monetarists. In fact, it was precisely because many modern monetarists showed little or no appreciation of the importance of tax justice in their work I was very wary of directly aligning with MMT for quite a long time.”

    his brain rests (or never starts) but his ego is like a perpetual motion machine. I wonder what invention he will next try to claim as his?

  5. “many modern monetarists showed little or no appreciation of the importance of tax justice”

    Ah, looks like my guess was right. He’s basically tried to shoe-horn his work into another fashionable left-wing theory, they’ve told him he’s talking bollocks, and he’s had a hissy fit.

  6. “Just wait till we hear his views on string theory or quantum electrodynamics”

    It doesn’t bear thinking about that in the multi-universe hypothesis there could be a sensible Murphy somewhere.

  7. BraveFart said:
    http://www.t*xresearch.org.uk/Blog/2017/10/31/45-theses-on-taxation-and-related-issues-my-homage-to-martin-luther/

    Good grief, that’s a gold mine of lunacy!

    “4. all fiat money is backed by the promise that there will be an obligation to pay taxes in the future.
    “5. without taxes there would, then, be no fiat money.”

    The vitamin content of my diet is assisted by me eating carrots. Therefore without carrots I would starve.

    “15. The concentration of wealth within an economy reduces the well-being of all within it as those with excess resources derive lower marginal utility from their consumption than those with below average resources.
    “16. The redistribution of income and wealth to achieve greater equality in the distribution of both does, therefore, increase well-being.”

    Ignores the benefits to consumers of entrepreneurship and invention, for which gaining wealth is an incentive. Ignores the economic damage caused by redistributive taxation.

    “18. Land cannot be owned: it can only be tenanted.”

    Really? That one ought to be repeated whenever anyone with any support for private property quotes Murphy.

    “20. Markets tend towards monopoly.”

    Free markets with low barriers to entry don’t; shows that his idea of markets is a regulated, corporatist one.

    “23. To prevent [monopoly] profits arising markets must be regulated by governments”

    To prevent monopolies, we should increase regulation, the main thing that helps monopolies arise?

    “25. The payment of interest concentrates wealth.”

    Only if someone borrows money to keep it in their mattress. Productive investment of borrowed money diversifies wealth.

    “31. The use of taxation to change behaviour with regard to wealth and income distribution, the ownership of land, the abuse of markets, the payment of interest and the exploitation of natural resources is a necessity.”

    There is a problem. I have a hammer. Therefore the solution is to hit things with a hammer.

  8. @Ironman
    If the Spud endorses something, it’s almost certainly nonsense. If he rejects something, it may still be nonsense. See also under Guardian.

  9. “I have resigned from those organisations I have been linked with that promote modern monetary theory.”
    Maybe there’s a membership fee.

  10. He hasn’t said which organisations he is talking about or which positions he has held! Does anyone know what he is talking about?

  11. He’s headed straight into William McGonagall territory.

    The only question now is how long before we can pay good coin of the realm for the chance to pelt him with herrings while he recites passages from The Joy Of Tax.

    I’d fly to Wogland for that.

  12. Thanks for caring, Dennis.

    I’ve got herrings for you. In Cricklewood, they fall out of the trees.

  13. As soon as the catastrophe came to be known
    The alarm from blog to blog was blown,
    And the cry rang out all o’er the town,
    Good Heavens! Modern Monetary Theory is fallen down,
    Level’d by that fat Spud o’ Ely (not Edinburgh),
    Which fill’d all the people’ hearts with sorrow,
    And made them for to turn pale,
    Because none of his readers were sav’d to tell the tale
    How the disaster happen’d on that memor’ble day of 2019,
    Which will be remember’d for a very long time.

  14. My guess is he jumped ever-so slightly before he was kicked out of whatever bunch of fruit-loops had been batty enough to let him in in the first place.

  15. “I have resigned from those organisations I have been linked with that promote modern monetary theory.”

    Certain organisations had a small party the other day then.

  16. “I have resigned from those organisations I have been linked with that promote modern monetary theory.”

    There’s something strange about that sentence. Others (not him, obviously) have ‘linked him’ to certain orgs., but he’s resigned from them.

    You can imagine the discussion:

    Host : ‘Welcome everybody, lets have a constructive discussion about MMT’.

    Murph : ‘This is how MMT (which I sort of invented) works’

    Host (trying to get a word in edgeways) ‘Sorry, who are you ?’

    Murph : ‘I resign’

    Host ‘Err…’

  17. @aaa – see here – http://www.timworstall.com/2019/01/22/teddies-prams/ where
    Murphy criticises Bill Mitchell because…..
    First, it seems Bill cannot help but be hyper-aggressive….
    Second, Bill turns tedium into an art form….
    Third, and by far the most important, is the fact that Bill is just so often hopelessly wrong.”
    I doubt he was was flavour of the month anyway.

  18. @Richard “There is a problem. I have a hammer. Therefore the solution is to hit things with a hammer.”

    It seems to be that with the left, the thinking process is “I have a hammer. Therefore I must find something to hit it with”

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