by Summary:
The bottom line is that MMT’s aims are exemplary but an aggressive fiscal stance carries some risk. The doctrine’s theoretical synthesis adds little to the vintage ideas of Godley, Lerner, and Keynes. MMT revamps them with an expansionary thrust but is no striking intellectual synthesis. A better acronym would be VFT, or Vintage Fiscal Theory. Another "we knew it all along and it's no big deal" critique that cites no MMT economists. Lance Taylor does cite his own work, however, and that of MMT critic Tom Palley. Pseudo-scholarship based on personal opinion? INETNot So Modern Monetary Theory Lance Taylor | Arnhold Professor of International Cooperation and Development, New School for Social Research
Topics:
Mike Norman considers the following as important: MMT, MMT criticism, MMT critics
This could be interesting, too:
The bottom line is that MMT’s aims are exemplary but an aggressive fiscal stance carries some risk. The doctrine’s theoretical synthesis adds little to the vintage ideas of Godley, Lerner, and Keynes. MMT revamps them with an expansionary thrust but is no striking intellectual synthesis. A better acronym would be VFT, or Vintage Fiscal Theory. Another "we knew it all along and it's no big deal" critique that cites no MMT economists. Lance Taylor does cite his own work, however, and that of MMT critic Tom Palley. Pseudo-scholarship based on personal opinion? INETNot So Modern Monetary Theory Lance Taylor | Arnhold Professor of International Cooperation and Development, New School for Social Research
Topics:
Mike Norman considers the following as important: MMT, MMT criticism, MMT critics
This could be interesting, too:
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
Matias Vernengo writes Modern Money Theory in the Tropics: A Reply to Agustin Mario
The bottom line is that MMT’s aims are exemplary but an aggressive fiscal stance carries some risk. The doctrine’s theoretical synthesis adds little to the vintage ideas of Godley, Lerner, and Keynes. MMT revamps them with an expansionary thrust but is no striking intellectual synthesis. A better acronym would be VFT, or Vintage Fiscal Theory.Another "we knew it all along and it's no big deal" critique that cites no MMT economists. Lance Taylor does cite his own work, however, and that of MMT critic Tom Palley. Pseudo-scholarship based on personal opinion?
INET
Not So Modern Monetary Theory
Lance Taylor | Arnhold Professor of International Cooperation and Development, New School for Social Research