OK, I’ll bite

What we now need is a revival of Aristotelian ethics. We need to find the new Golden Mean.

The challenge we face is as philosophically basic as that.

And what would that mean look like?

It would search for economic truth based on observation, not abstract theory.

Sure. So, monetisation of fiscal policy has failed in Venezuela, Zimbabwe, Hungary, Germany and everywhere else it has been tried with any vigour.

No, not because it cannot, in theory, be balanced by taxation to offset the inflation. But because democratic political incentives mean that it never is.

Excellent, that’s the abstract theory of MMT killed off by observation then.

Next?

Or is that not what the Senior Lecturer means?

13 thoughts on “OK, I’ll bite”

  1. Presumably he also believes the sun revolves around the earth, that is what the observations he has show after-all. Gravitation and relativity are all very abstract theories afterall..

  2. It’s rare to see that much classic comedy in a single blog post:

    ‘ The West is good; the East was bad.’ – I foresee one of his regular contributors seizing on that comment but lest I blow his cover, I will refrain from identifying him. I have aalways suspected Murphy of being a shrill for the USSR, East Germany and North Korea. Good to have that confirmed.

    ‘It would recognise our finite capacities.’ – I have never seen an ounce of awareness that his own capacities are constrained. Otherwise the statement is inherently meaningless. As Straw Men goes, this is another in a long line.

    ‘It would ensure each could tend in their own lives towards the mean so that they could be fully integrated into the society of which they are a member.’ This sounds like something from the writings of Mussolini – what the hell does that mean anyway? Everyone could ‘tend their lives towards the mean’ – i.e everyone has the same job, same haircut, same car? It’s a vision of a new Pyongyang on a global scale – What a halfwit.

    ‘And it would view compromise as the greatest virtue’ Says the man who has blocked more than 20,000 people on Twitter for disagreeing with him

    Fair play to you for carrying on ragging on the guy Tim. Hopefully with Corbyn gone and the necessary purges following his defeat beginning he can be sent off to Caracas where he can do less harm.

  3. ”…But because democratic political incentives mean that it never is.

    Excellent, that’s the abstract theory of MMT killed off by observation then.

    Next?”

    Have a simple carbon tax to replace various silly, expensive and damaging goverment climate interventions. But because democratic political incentives means that it never does replace.

    Have a land value tax instead of all the hidden and unfair taxes that goverment uses to hide its activities. But because democratic political incentives means that it never is instead of.

    Quite fun this.

  4. Just when you thought you knew all the areas of human accomplishment in which our Polymath Prof was expert, he surprises you again. Now we learn that in addition to the known topics: accounting, tax, economics, money creation, queuing theory in model trainset operation, etc etc, he is also a philosopher with original ideas and of a stature to rival (if not surpass) Aristotle!

    Truly the Leonardo da Vinci of our times. It would not surprise if Murphy were a talented painter too and I venture perhaps in future times people will pay vast sums for his watercolours of (allow me some imaginings) Ducklings and Shopping Trolleys in the Great Ouse at Ely; Irritated Passenger on 9.45 to Liverpool Street Departing From Ely After a 9 Minute Delay.

  5. It would not surprise if Murphy were a talented painter too…

    That would be in keeping with his sentiments on Dachau.

  6. Bloke in Costa Rica

    Aristotle: the guy who maintained that men have more teeth than women based on a theory but never thought to check by looking in their mouths. Yes, a great example to adduce of the superiority of observation over theory, Murphy, you utterly ignorant cunt. God, he’s a fuckwit.

  7. Wasn’t Adam Smith’s work based on observation?

    I don’t recall Ritchie being all that keen on Smith.

  8. But I *don’t* *want* to tend to the mean! I *like* being good at programming. I wouldn’t give up that innate skill even if there was some way of transplanting that skill into somebody else.

  9. BraveFart “Ducklings and Shopping Trolleys in the Great Ouse at Ely”

    I assume this masterpiece is a Venn diagram?

  10. Ah but some things do not need to be proved. They just are.

    Like the existence of God, I suppose.

    Barry Maltravers says:

    “search for economic truth based on observation, not abstract theory.”

    Hi Richard. You said the above in an earlier blog.

    Where do we search for truth based on observation about MMT?

    Which modern economy has used in most successfully?

    Richard Murphy says:

    It’s not a matter of choosing to use it

    It is how things simply are

    The problem has been not recognising the fact

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