by Summary:
Brad DeLong apparently missed the part about role of the job guarantee in mopping up residual unemployment after the implementation of fiscal policy based on functional finance and using automatic stabilization to maintain output close to an optimal level with respect to growth, full employment and price stability. This would be done using Godley-inspired SFC macro modeling rather than the conventional approach to econometrics. I mention DeLong's criticism even though it is getting thinner and thinner since it is marginally serious. Most of the other criticism I see is complete nonsense. I don't have time to waste on nonsense, and I doubt you do either. If you want to know about the nonsense for some reason, set a Google alert for "MMT" and "Modern Monetary Theory." There's plenty
Topics:
Mike Norman considers the following as important: MMT, MMT criticism, MMT critics
This could be interesting, too:
Brad DeLong apparently missed the part about role of the job guarantee in mopping up residual unemployment after the implementation of fiscal policy based on functional finance and using automatic stabilization to maintain output close to an optimal level with respect to growth, full employment and price stability. This would be done using Godley-inspired SFC macro modeling rather than the conventional approach to econometrics. I mention DeLong's criticism even though it is getting thinner and thinner since it is marginally serious. Most of the other criticism I see is complete nonsense. I don't have time to waste on nonsense, and I doubt you do either. If you want to know about the nonsense for some reason, set a Google alert for "MMT" and "Modern Monetary Theory." There's plenty
Topics:
Mike Norman considers the following as important: MMT, MMT criticism, MMT critics
This could be interesting, too:
Mike Norman writes Jared Bernstein, total idiot. You have to see this to believe it.
Steve Roth writes MMT and the Wealth of Nations, Revisited
Matias Vernengo writes On central bank independence, and Brazilian monetary policy
Michael Hudson writes International Trade and MMT with Keen, Hudson
Brad DeLong apparently missed the part about role of the job guarantee in mopping up residual unemployment after the implementation of fiscal policy based on functional finance and using automatic stabilization to maintain output close to an optimal level with respect to growth, full employment and price stability. This would be done using Godley-inspired SFC macro modeling rather than the conventional approach to econometrics.
I mention DeLong's criticism even though it is getting thinner and thinner since it is marginally serious. Most of the other criticism I see is complete nonsense. I don't have time to waste on nonsense, and I doubt you do either. If you want to know about the nonsense for some reason, set a Google alert for "MMT" and "Modern Monetary Theory." There's plenty of it.
"Job Guarantee" vs. "Functional Finance"
Brad DeLong | Professor of Economics, UCAL Berkeley