Chris Dillow wrote a review of Stephanie Kelton's The Deficit Myth. It was a fairly positive review, but I wanted to discuss some of his commentary on MMT. In my view, the aspects of the book that Dillow questioned are probably the reasons why the look is a best seller.I agree that the strategy is working and MMT is positioning itself to become the next big thing. If there is a global recession as a result of the pandemic and it looks like there will be one, then MMT stands ready with policy to address it. If there is a global depression, which could also happen, then all alternatives would be on the table, and MMT could be the basis for a new New Deal. In this case, you would likely see MMT economists either in the administration or as advisors. My deeper views is that systems
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I agree that the strategy is working and MMT is positioning itself to become the next big thing. If there is a global recession as a result of the pandemic and it looks like there will be one, then MMT stands ready with policy to address it.
See Lars Syll, Keynes on microfoundations, for what Keynes thought about social systems. See also, AFP, Pandemic drives broadest economic collapse in 150 years: World Bank.
Brian Romanchuk