What's "modern" in Modern Monetary Theory?

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Econlib Newsletter March 2021   Dear friends, Whether it looks like spring or not where you live, we hope this month brings some sunshine and hope. We hope this spring brings a re-expansion of your world as we-hopefully- see the easing of the pandemic's influence on our lives. It is so hard to believe that we have been living with this now for one year (at least for those of us here in the U.S.).  This month, we are dreaming of travel. And even if some of us aren't ready to do go yet, we're happy to share the travels of Adam Smith as he accompanied the young Duke of Buccleugh on his Grand Tour. You can travel vicariously with Smith in the new book review below, and then perhaps you'll be inspired to explore some culinary history and create a meal like Smith would have enjoyed. Speaking of Smith, he shared many of our favorite things:     His mother, his friends, his books- these were Smith's three great joys. He had a library of about 3000 volumes, as varied a collection in point of subject-matter as it would be possible to find. Professor Shield Nicholson, who saw a large portion of it, says: "I was most struck by the large number of books of travel and of poetry..." ~John Rae, Life of Adam Smith And speaking of poetry, if you missed the EconTalk episode with Dana Gioia, we hope you'll visit our collection of links and related resources. It's about much more than poetry. If you're still hungry for more, check out this lovely collection of spring poems from the Poetry Foundation. Finally, we continue our series exploring perspectives on Modern Monetary Theory with two new articles. Scott Sumner continues his piece, looking for the ideological home. Nicolás Cachanosky takes us around the world to explore MMT's appeal- modern though it's not. Until next month, we wish you well, and look forward to seeing you online. You can always reach us at econlib@libertyfund.org. We love to hear from you.   Share Tweet Forward NEW Econlib Articles: February 2021 Modern Monetary Theory: Nothing New Under the Sun by Nicolás Cachanosky   Nicolás Cachanosky argues that "looking for something new in MMT is a pointless exercise." We've been exploring why MMT continues to excite the popular imagination–if not that of many economists. Says Cachanosky this month, "If MMT is found confusing by a large audience of professional economists, as seems to be the case, then the problem is not with the audience but with MMT." Read More. Understanding Modern Monetary Theory: Part 2 by Scott Sumner     In his previous essay, "Understanding Modern Monetary Theory: Part 1," Scott Sumner explained how adherents of Modern Monetary Theory (MMT) overestimate the role of fiscal policy because they underestimate the role of monetary policy. In this essay, he explores where MMT fits on the ideological spectrum, relative to other schools of thought.  Read More. A Grand Tour with Adam Smith by Maria Pia Paganelli   In this new review, Maria Pia Paganelli revisits Adam Smith and his young charge the Duke of Buccleuch on his Grand Tour. She concludes, "The influence that the tour of France had on Smith is through his observation and study of the culture, economy, politics, and society of France." Read More. Accidents, Increments, and Scientific Progress by Arnold Kling What's the future of genetic engineering, and what is the role of the CRISPR discovery? How does ideology play into science–particular when science offers awards? In this review, Arnold Kling recommends Davies's new book and raise fascinating questions about the allocation and adjudication of intellectual property.  Read More. Highlights from EconTalk Dana Gioia on Learning, Poetry, and Studying with Miss Bishop  Poet and author Dana Gioia talks about his book Studying with Miss Bishop with EconTalk host Russ Roberts. They talk about the craft of being a poet, the business world, mentorship, loss, why poetry no longer seems to matter, and how it might begin to matter again. More Recent Episodes: John Cochrane on the Pandemic Michael McCullough on the Kindness of Strangers Lamorna Ash on Dark, Salt, Clear Join us for our next Virtual Reading Group: Wretched Refuse? The Political Economy of Immigration and Institutions. with Steven Horwitz   Participation is offered at no-cost, and there is no need to be an expert on the topic for discussion!  The only requirement is that participants be eager to read and engage in conversation. Space is strictly limited, and registration required. Participants who successfully complete all sessions will receive an e-gift certificate from Amazon.com. If you are interested, you can find more information here. Copyright © 2021, Liberty Fund, Inc. All rights reserved. 11301 North Meridian Street, Carmel, IN 46032-4564 Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.