New Economic Perspectives has the article The Millennials’ Money Pt. 1 by J. D. Alt. The author is presenting several parts of a proposed new book to get feedback from the readers of the New Economic Perspectives blog. I chose to comment on this statement in the article:
While the “idealist” BGX generations have been less interested in desired outcomes than on insisting that those outcomes be achieved in accordance with their ideological “rules”, the “civic” Millennials view the world as a pragmatic problem to be solved by whatever method works best.
Here is the feedback that I intended to give:
Is yet another book based on wild over-generalizations what we really need right now? I am now over 70, and I have always claimed to believe I viewed “the world as a pragmatic problem to be solved by whatever method works best.”
We don’t need to set up another system to achieve good ‘in accordance with their ideological “rules”’ you intend to put forth as MMT. MMT is a theory that is a good model of the way the world works within the simplifications of what can only be a model of a reality that is too complex to handle without simplification. As long as the world is mostly acting within the assumptions of the model, then the model’s predictions will be close to reality. We always need to keep in mind what the simplifications are, so that we can know when the model is likely being over-extended.
Grand over statements of the generality of a model in the introductory chapter are not good signs for the rest of the book.
As I submitted this comment on the February 26th article (only 4 days old) that had 18 comments, the web site informed me that this post was closed to further comments. Also not a good sign for the actual intentions of the author of this proposed book. Perhaps he had so much positive feedback in the 18 comments, that he felt he didn’t need to hear any more.
March 4, 2015
I have a previous post Diagrams and Dollars: Modern Money Illustrated (Part 1 & 2) about the ebook to which J. D. Alt refers in the above article The Millennials’ Money Pt. 1.