Global Economic Intersection
Advertisement
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
  • Home
  • Economics
  • Finance
  • Politics
  • Investments
    • Invest in Amazon $250
  • Cryptocurrency
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
No Result
View All Result
Global Economic Intersection
No Result
View All Result

Framing L. Randall Wray

admin by admin
October 12, 2014
in Uncategorized
0
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter

Random Thoughts from the High Desert

Written by Sig Silber

I do not like to see anyone framed for a crime they did not commit but L. Randal Wray is clearly guilty of kidnapping the terms “Conservative” and “Progressive”.

prison

The consequences in this case are complicating the teaching of the basic principles of Modern Monetary Theory (MMT).

In thinking about the Jason Kessler article “Framing MMT”, my initial reaction was wondering why a robust observation needed to be “framed” in order to be convincing. This then led me to think about what is meant by the term. I am not able to find a reliable definition of “framing”. It appears to be a non-standard conversion of a noun into a verb and essentially means to provide a framework for considering an issue. Thus one can view this as benign: simply providing context. Or it can be considered as an attempt to convince by embedding a concept in a context that disguises the implications of the concept and is intended to elicit an emotional response.

That is why I say that the Framing Document presented appears to show that Wray has co-opted or appropriated (sometimes colloquially referred to as kidnapped) the terms “Conservative” and “Progressive” to use these terms to sell his perspective. But again this raises the question of why is it necessary to “frame” an interpretation, if that interpretation is as clearly correct as MMT claims?

Another way of looking at this is to ask the question: “Has Wray framed the issue or has he framed himself?” Here is the evidence that he framed himself more than he framed an issue in order to make it more comprehensible.

In the Introductory Chapter Wray says:

“MMT will lose the argument by precisely presenting the facts. Because one can see facts only through framing. Without the proper framing, MMT cannot win policy debates.”

So a motive seems to have been established. We also know that Randall Wray is well known and is a major contributor to a blog so he has the opportunity to kidnap those terms from the public domain. What is missing are the details of the strategy for not only kidnapping but putting these terms to work for the benefit of the napper.

This part of the plot is revealed in Chapter 2. One need read no further than:

“According to Lakoff, there are two competing views of the parent: the strict father figure who constrains and punishes versus the nurturing parents; most individuals simultaneously hold both views—but the conservative views about the dominant father who needs to discipline the kids is most prominent in political discussion. Adults, of course, want to escape the strict father represented by government, and so want to limit its power. Conservatives emphasize that we need to “get government off our backs”. In Lakoff ’s terminology, progressives need to emphasize the nurturing characteristics of the state—the mother and father working together in the interest of the “family”, rather than the stern, punishing, “strict father model” with rules and constraints.

With respect to money, the conservatives emphasize “fiscal discipline” and “inflation targets” enforced by our Father Chairman who art at the controls of the Central Bank. Progressives can win this debate only by taking a higher moral stance, emphasizing the nurturing role that can be played by our government working with our monetary system to support us, to help us to achieve more, and to make us better people.”

So I conclude that Wray has not been framed in the sense of being improperly portrayed but he has been framed in the sense of unnecessarily using language which may seem divisive to some. I think his argument is weakened by hiding behind emotion-laden terminology like “conservative” and “progressive”.

The argument that he adopts from Jim Lakoff is particularly revealing as it basically is that our childhood relationships with the important people in our lives determines our attitudes towards government and this in turn impacts the willingness to accept the wisdom of MMT. There is probably some insight provided here, but for most people their perspective evolves over a lifetime of experiences not just their relationship with their parents. I think Wray might have been better off using the analysis of Dan Kahan et al from Yale who has shown that people filter their ideas through their value systems. You can read more about this here. There is some similarity between the two analyses but Kahan as far as I can tell does not suggest that people’s values be disregarded which is my interpretation of the position that Wray is taking. Please do not misunderstand. I am not saying that Wray is totally off base but rather that he is being disrespectful by assuming that a discussion of the way money works is a task for public relations or copy writing.

Furthermore, he is using a debating slight of hand and is attempting to sell the premise on the basis of the listener liking the implications of the premise. I once knew what that debating fallacy is called but I although I have forgotten the name, I do know you lose points for it in a formal debate. Liking the results of larger government or improved services to the poor or whatever one thinks is desirable is not proof that debt is not a lien on our children but rather an accounting transaction with government debt being balanced by assets held in the private sector (or sometimes in the foreign sector). As it turns out, I tend to find MMT very convincing but reject the approach taken by Wray in his Framing Document. MMT should not be viewed as a tool for one Political Party to gain domination over the other Political Party but an important clarification of money and debt.

Use of terms that are intended to divide people into two groups, Conservative and Progressive, and the concept that one needs to provide a description of how money works in terms that appeals to different audiences suggests an attempt to win an argument by emotion rather than logic. To me, a divide and conquer approach to discussing national accounting equations seems improper.

The MMT (website can be found here) understanding of money is about 80% correct, in my opinion. I personally do not believe that fear is a prerequisite to money having value nor do I believe that money is only created within the Central Government. So I do not think that MMT is a complete understanding of money but it is a very good start. Being 80% correct is a lot better than being 100% incorrect as is the case with the general population including many in leadership positions.

I find a more satisfying definition coming from Cullen Roche and Monetary Realism. I think his ideas may be a bit more precise than MMT and far less ideological. His web site can be found here.

And what about this George Lakoff person who Randall Wray seems to be using to defend the need to deceive or at least the need to spin? The following appears in a footnote so I gather that is the source of Randall Wray’s thoughts on the matter. “George Lakoff, Don’t Think of an Elephant: Know Your Values and Frame the Debate“, Chelsea Green Publishing, 2004.

Here is the description of the book on the Amazon.com website.

“Don’t Think of an Elephant! is the definitive handbook for understanding what happened in the 2004 election and communicating effectively about key issues facing America today. Author George Lakoff has become a key advisor to the Democratic party, helping them develop their message and frame the political debate.

In this book Lakoff explains how conservatives think, and how to counter their arguments. He outlines in detail the traditional American values that progressives hold, but are often unable to articulate. Lakoff also breaks down the ways in which conservatives have framed the issues, and provides examples of how progressives can reframe the debate.

Lakoff’s years of research and work with environmental and political leaders have been distilled into this essential guide, which shows progressives how to think in terms of values instead of programs, and why people vote their values and identities, often against their best interests.

Don’t Think of An Elephant! is the antidote to the last forty years of conservative strategizing and the right wing’s stranglehold on political dialogue in the United States.

Read it, take action–and help take America back.

How Democrats and Progressives Can Win (DVD) features a lively interview with George Lakoff, television news clips, and illustrative graphics, this is a must-see media tool for everyone who wants to better understand and communicate the progressive agenda. Includes “How to Debate a Conservative,” “Know Your Values,” and much more. Each DVD includes a summary card of key points. Produced by Educate the Base, LLC.

That seems like a political handbook to me not a treatise in how to communicate an idea objectively. There is nothing wrong with political activism per se, but some people would not send their children to a university where that was the training manual for professors.

MMT is a valuable and insightful formulation of monetary operations as they operate today. I feel it is incomplete in that it does not clearly separate the creation of money by action of a sovereign issuer from the creation of money as credit by private banking. These are clearly two functionally different things and the differences deserve specification and focus. This is a framing that would be most worthwhile.

Finally, MMT will gain a wider audience if it can separate monetary operations into one frame and policy applications into a separate frame. I think that the advancement of dialog can be improved if economic theory and political economy are kept at a distance and interact only in clearly defined “inter-frame” discussions. An analogy I would suggest is a framing such as exists for science. The laws of physics do not depend on whether the application of physics is desirable or undesirable. One does not argue for the Law of Gravity on the basis that it makes it easier to keep needed documents on ones desk rather than floating around the room.


Previous Post

Treasuries Now Looking Down

Next Post

World Premiere: CITIZENFOUR

Related Posts

Bitcoin Flirts With $24K, How High Will It Go?
Economics

Bitcoin Flirts With $24K, How High Will It Go?

by John Wanguba
February 3, 2023
Venezuela's PDVSA Toughens Oil Prepayment Terms
Business

Venezuela’s PDVSA Toughens Oil Prepayment Terms

by John Wanguba
February 2, 2023
German Economy Unexpectedly Contracts In Q4, Renewing Recession Fears
Economics

German Economy Unexpectedly Contracts In Q4, Renewing Recession Fears

by John Wanguba
February 2, 2023
Judge Dismisses Proposed Class-Action Suit Claiming Coinbase Securities Sales
Business

Judge Dismisses Proposed Class-Action Suit Claiming Coinbase Securities Sales

by John Wanguba
February 2, 2023
Aesop Targeted In $2bn Bidding War Between French Groups
Business

Aesop Targeted In $2bn Bidding War Between French Groups

by John Wanguba
February 1, 2023
Next Post

World Premiere: CITIZENFOUR

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins banking banks Binance Bitcoin Bitcoin adoption Bitcoin market Bitcoin mining blockchain BTC business China crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum Europe finance FTX inflation investment market analysis markets Metaverse mining NFT nonfungible tokens oil market price analysis recession regulation Russia technology Tesla the UK the US Twitter

Archives

  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • August 2010
  • August 2009

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized
Global Economic Intersection

After nearly 11 years of 24/7/365 operation, Global Economic Intersection co-founders Steven Hansen and John Lounsbury are retiring. The new owner, a global media company in London, is in the process of completing the set-up of Global Economic Intersection files in their system and publishing platform. The official website ownership transfer took place on 24 August.

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Recent Posts

  • Bitcoin Flirts With $24K, How High Will It Go?
  • Venezuela’s PDVSA Toughens Oil Prepayment Terms
  • German Economy Unexpectedly Contracts In Q4, Renewing Recession Fears

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

No Result
View All Result
  • Home
  • Contact Us
  • Bitcoin Robot
    • Bitcoin Profit
    • Bitcoin Code
    • Quantum AI
    • eKrona Cryptocurrency
    • Bitcoin Up
    • Bitcoin Prime
    • Yuan Pay Group
    • Immediate Profit
    • BitIQ
    • Bitcoin Loophole
    • Crypto Boom
    • Bitcoin Era
    • Bitcoin Treasure
    • Bitcoin Lucro
    • Bitcoin System
    • Oil Profit
    • The News Spy
    • British Bitcoin Profit
    • Bitcoin Trader
  • Bitcoin Reddit

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

en English
ar Arabicbg Bulgarianda Danishnl Dutchen Englishfi Finnishfr Frenchde Germanel Greekit Italianja Japaneselv Latvianno Norwegianpl Polishpt Portuguesero Romanianes Spanishsv Swedish