Econintersect: (Updated and corrected 1:40 pm 15 May 2012.) III Offshore Opportunities Fund, III Offshore Advisors, was awarded Best High Yield Hedge Fund at the annual awards for 2012 hosted by Credit Flux. The fund won one of the twelve categories that were recognized. The fund and was founded in 1983 and the management company was headed until 1997 by frequent Global Economic Intersection guest author Warren Mosler. He still retains 10% ownership interest in the company. Mosler has been influential on economic thinking over recent decades and has run for president (briefly in 2012) and for the U.S. Senate from Connecticut. Note: Prior version of this article erroneously said that Mosler still headed the management of the investment company.
Mosler is widely recognized as one of three founders of what has become known as Modern Monetary Theory (MMT), the modern day formulation of a century-old monetary theory called Chartalism. Chartalism was very influential on the thinking of John Maynard Keynes, among others, in the first half of the twentieth century. MMT has been widely criticized by some, such as Austrian school economists, and dismissed as irrelevant to economic theory by many prominent mainstream economists (so-called neo-classical economists) who do not include money and debt in their basic models of the macroeconomy.
Click on graphic for larger image.
Sources:
- Managers triumph at credit event of the year (Credit Flux News, 11 May 2012)
- Award Finalists Unveiled (Credit Flux PDF)
- About III Offshore (Off Shore Advisors web site)
- Modern Monetary Theory (Wikipedia)
- Chartalism (Wikipedia)
Hat tip to Roger Erickson.
