by Summary:
David Howdle posted a commenton this blog in which he said: Professor Murphy, thank you for your thoughts which I find most interesting. I share a lot of your blogs on pro Scottish independence Facebook group. I find that MMT resonates with many supporters. However, not with all by any means.In response to sharing this blog someone has said “Check his blog. Murphy is peddling a new-ish economic fad called Modern Monetary Theory. This controversial and untested approach is evangelised by small clique of left-leaning economists and intellectuals mostly in the US who are looking for an unsuspecting guinea pig. Step forward Scotland”. Are you able to point me to something robust to show that MMT is not as he labels it? That is “untested”. I’d be most grateful. I take the comment
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Mike Norman considers the following as important: MMT
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David Howdle posted a commenton this blog in which he said: Professor Murphy, thank you for your thoughts which I find most interesting. I share a lot of your blogs on pro Scottish independence Facebook group. I find that MMT resonates with many supporters. However, not with all by any means.In response to sharing this blog someone has said “Check his blog. Murphy is peddling a new-ish economic fad called Modern Monetary Theory. This controversial and untested approach is evangelised by small clique of left-leaning economists and intellectuals mostly in the US who are looking for an unsuspecting guinea pig. Step forward Scotland”. Are you able to point me to something robust to show that MMT is not as he labels it? That is “untested”. I’d be most grateful. I take the comment
Topics:
Mike Norman considers the following as important: MMT
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
David Howdle posted a commenton this blog in which he said:Professor Murphy, thank you for your thoughts which I find most interesting. I share a lot of your blogs on pro Scottish independence Facebook group. I find that MMT resonates with many supporters. However, not with all by any means.In response to sharing this blog someone has said “Check his blog. Murphy is peddling a new-ish economic fad called Modern Monetary Theory. This controversial and untested approach is evangelised by small clique of left-leaning economists and intellectuals mostly in the US who are looking for an unsuspecting guinea pig. Step forward Scotland”.
Are you able to point me to something robust to show that MMT is not as he labels it? That is “untested”. I’d be most grateful.I take the comment seriously. Modern Monetary Theory does suffer from being called a theory. It also suffers on occasion from being a little too dogmatic (I include myself in that criticism, perhaps). And sometimes it just needs to be explained for what it is.
The truth is that modern monetary theory is as much a theory about money creation as sexual intercourse is a theory of how procreation in humans happens. In other words, it's a description of what happens and not an explanation of what might be....Tax Research UK
MMT: economics for an economy focussed on meeting the needs of most people
Richard Murphy