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The State Of MMT? — Brian Romanchuk

Summary:
I have been catching up after travelling to the Modern Monetary Theory (MMT) Conference in Stony Brook, and see that there was a full issue on MMT in the Real-World Economic Review. Since I referred to the relationship between MMT and Post-Keynesian Economics in my talk, I might as well update my comments based on that RWER issue.... I agree with Brian. Tempest in a teapot with the world falling apart around us.  People taking themselves too seriously, but that is the story in most of academia. MMT is "winning" because it cuts to the chase instead of wandering in the weeds. People wanting change are provided with direct answers in terms they can understand and relate too. Nor do MMT economists shy from debate about the weeds if it is seriously informed.And as Scott Fullwiler observed

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I have been catching up after travelling to the Modern Monetary Theory (MMT) Conference in Stony Brook, and see that there was a full issue on MMT in the Real-World Economic Review. Since I referred to the relationship between MMT and Post-Keynesian Economics in my talk, I might as well update my comments based on that RWER issue....
I agree with Brian. Tempest in a teapot with the world falling apart around us.  People taking themselves too seriously, but that is the story in most of academia. MMT is "winning" because it cuts to the chase instead of wandering in the weeds. People wanting change are provided with direct answers in terms they can understand and relate too. Nor do MMT economists shy from debate about the weeds if it is seriously informed.

And as Scott Fullwiler observed recently on Twitter, the critics still have not deal with the fundamental issue regarding a universal job guarantee, for example. That is, the choice is between a universal job guarantee and some involuntary unemployment being created regardless of what other welfare programs are instituted if a universal job guarantee is not provided, too.  There is no alternative short of abolishing wage labor, that is, abolishing capitalism for some form of socialism without wage labor.

Bond Economics
The State Of MMT?
Brian Romanchuk

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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