by One of the things that Modern Monetary Theory (MMT) obviously needs are good short "explainers" aimed at people who already consider themselves experts in economics. (In addition to people trained as economists, that would include market practitioners -- like myself -- who consider themselves macro experts.) There are plenty of primers aimed at people unfamiliar with economics, and academic journal articles -- but not a lot in between. The new textbook -- Macroeconomics, by Mitchell, Wray, and Watts -- covers this ground, but it is lengthy (a textbook), as well as being introductory. As can be seen in an earlier discussion of the book, that misses the mark. I would obviously like to write such an explainer, but the need for brevity is the problem I face. If the reader has stumbled onto
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One of the things that Modern Monetary Theory (MMT) obviously needs are good short "explainers" aimed at people who already consider themselves experts in economics. (In addition to people trained as economists, that would include market practitioners -- like myself -- who consider themselves macro experts.) There are plenty of primers aimed at people unfamiliar with economics, and academic journal articles -- but not a lot in between. The new textbook -- Macroeconomics, by Mitchell, Wray, and Watts -- covers this ground, but it is lengthy (a textbook), as well as being introductory. As can be seen in an earlier discussion of the book, that misses the mark.
I would obviously like to write such an explainer, but the need for brevity is the problem I face.
If the reader has stumbled onto this article and looking for such an explainer, all I can offer is the following: instead of looking for a one thousand word summary of MMT, look for a one thousand word summary of MMT views on a particular topic.Must-read.
It seems to me that what is needed is a statement of the framework for theorizing, e.g, scope and scale, and a list of specific assumptions, both methodological and substantial, that distinguish MMT from other theoretical approaches to macroeconomics.
For example, neoclassically oriented economics including New Keynesianism assumes equilibrium and maximization (Krugman). MMT assumes a monetary production economy using "modern money." The two theories differ based on articulating the implications of the foundational assumptions.
Bond Economics
Everything You Need To Know About MMT...In One Thousand Words?
Brian Romanchuk