 December 00, 0000 at 0:00 AM Matt Franko said... This comment has been removed by the author. December 00, 0000 at 0:00 AM Matt Franko said... "So in terms of MMT, the previous equation is just an ex post accounting identity that has to be true by definition and has no real economic importance. But for the mainstream economist like Greg Mankiw, the GBC represents an ex ante (before the fact) financial constraint that the government is bound by." Ok that is an acceptable description of the time domain aspects but what are the cognitive aspects? 