Speaking of Woj, on a few occasions Nanute has asked me what Woj is-economically speaking. I always answer that he's an MMTer-or Post Keynesian-but Nanute has the impression that he's an Austrian.
Just reading some posts there recently tells me that it's actually a bit of both. Which is interesting-you normally think of MMTers and Austrians to be diametrically opposed antipodes.This question is personally relevant given my selection of PhD programs and the direction of this blog. Many readers are likely aware of my decision to attend the PhD in Economics program at George Mason University, a school known primarily for promoting Austrian economics. However, readers are also presumably aware that a majority of my blog posts focus on monetary and fiscal policy from a typical Post-Keynesian vantage point. Mike points out something that several colleagues have also picked up on this semester about the Austrian - Post Keynesian dichotomy:
It's a very interesting amalgamation: but I'm not sure how you practically can choose between policy prescriptions if you are both skeptical about government spending for malinvestment reasons and yet agree that fiscal deficits are necessary at least countercylically.Are these two schools of economics mutually incompatible or are there sufficient overlapping ideas to create a unique vision? Which of the schools do you associate this blog with? Mike does an excellent job laying out some of my views on the topic and hopefully others will chime in here as well. After a few days, I will try to shed some light on Mike and Nanute’s debate with a more comprehensive take on the question from my own perspective.
Finding Common Ground
Hayekian Limits of Knowledge in a Post-Keynesian World
Are Theories of Modern Money and Heterogeneous Capital Compatible?
Post Keynesian and Austrian Perspectives on Heterogeneous Capital and the Capital Debates