James K. Galbraith – Is there a better model to explain economics in the Trump era?

Summary:
The mainstream economists are running scared, as more and more academics look into MMT and see that it is viable. If neoclassical and Austrian School economists shout loud enough together they are hoping it will go away, but it's a good working model ready to be tried, and then people will find out that they didn't understand economics, despite their prestigious awards and acclamation, and that they had wrecked our economy.MMT is built on the work of John Maynard Keynes and Hyman Minsky. A core insight is that money in “modern States” — meaning, as Keynes wrote, for the “past four thousand years at least” – is defined by government. Money is created (mostly) by public spending and bank loans. Money is not something “out there” that the government must borrow from the public in order to

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