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Bill Mitchell — MMT blows the cover on the fictional world of mainstream economics that serves class interests

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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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 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.…
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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

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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