by Summary:
We agree with everything but don’t want anybody to know anything! That is where the evolution of Modern Monetary Theory (MMT) is heading at the moment. The critics started off just shouting insults – getting as many nasty epithets into an Op Ed as possible – in between sniping about ‘printing money’, Zimbabwe, chaos etc. That showed they were realising that their dominance was under threat. Then the criticisms were along the lines that what is old in MMT is correct and what is new is incorrect and variations on that argument. The variation ranged from ‘we knew it all along’ claims to denial that there was anything interesting to know – which always amused me. More recently we are hearing the story line – MMT is correct (although they don’t express it that way) but god save us if anyone
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Mike Norman considers the following as important:
This could be interesting, too:
We agree with everything but don’t want anybody to know anything! That is where the evolution of Modern Monetary Theory (MMT) is heading at the moment. The critics started off just shouting insults – getting as many nasty epithets into an Op Ed as possible – in between sniping about ‘printing money’, Zimbabwe, chaos etc. That showed they were realising that their dominance was under threat. Then the criticisms were along the lines that what is old in MMT is correct and what is new is incorrect and variations on that argument. The variation ranged from ‘we knew it all along’ claims to denial that there was anything interesting to know – which always amused me. More recently we are hearing the story line – MMT is correct (although they don’t express it that way) but god save us if anyone
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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We agree with everything but don’t want anybody to know anything!Falling back on the Noble Lie — deceiving the public "for their own good." But cui bono?
That is where the evolution of Modern Monetary Theory (MMT) is heading at the moment.
The critics started off just shouting insults – getting as many nasty epithets into an Op Ed as possible – in between sniping about ‘printing money’, Zimbabwe, chaos etc.
That showed they were realising that their dominance was under threat.
Then the criticisms were along the lines that what is old in MMT is correct and what is new is incorrect and variations on that argument.
The variation ranged from ‘we knew it all along’ claims to denial that there was anything interesting to know – which always amused me.
More recently we are hearing the story line – MMT is correct (although they don’t express it that way) but god save us if anyone finds out.
An MMT understanding allows us to appreciate that most choices that are couched in terms of ‘budgets’ and ‘financial constraints’ are, in fact, just political choices.
Given there are no intrinsic financial constraints on a currency-issuing government, we understand that mass unemployment is a political choice.
Imagine if citizens understood that.…
Paul Samuelson: The balanced budget myth
Bill Mitchell – billy blog
MMT blows the cover on the fictional world of mainstream economics that serves class interestsBill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia