Tuesday, October 26, 2010


My thoughts on Mish and M1 money focus on something Mish put in parentheses, something he thought important enough to mention, but just barely.

My problem with Robert Brenner's analysis lies not in what he observes, but rather in what he fails to observe.

In neither of these cases is it the main point of the discussion that concerns me. In both cases it is some minor point -- an incidental explanation, or something altogether overlooked -- that grabs my attention.

It is always the little things, the things we put our faith in, the things we see no need to reconsider, that turn out to be the stumbling blocks.

For if orthodox economics is at fault, the error is to be found not in the superstructure, which has been erected with great care for logical consistency, but in a lack of clearness and of generality in the premisses.

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