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I spend quite a bit of time (more than I should) engaged in Twitter debates with advocates of Modern Monetary Theory (MMT). Some are generally sensible, while others are convinced they have learned a deep secret which enables us to have whatever we want without paying for it. Unfortunately, the sensible ones (Meaningful Monetary Theory) don’t do the hard work of correcting the others (Magical Monetary Theory)….I think MMT economists and advocates face a problem from two directions. The first is, of course, criticism of MMT that more caricature than fact. The second is MMT advocates that don't understand the nuances of MMT. Both are unqualified.I don't think that it is reasonable to suggest, however, that MMT economists or others highly literate in MMT should spend time addressing such
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I spend quite a bit of time (more than I should) engaged in Twitter debates with advocates of Modern Monetary Theory (MMT). Some are generally sensible, while others are convinced they have learned a deep secret which enables us to have whatever we want without paying for it. Unfortunately, the sensible ones (Meaningful Monetary Theory) don’t do the hard work of correcting the others (Magical Monetary Theory)….I think MMT economists and advocates face a problem from two directions. The first is, of course, criticism of MMT that more caricature than fact. The second is MMT advocates that don't understand the nuances of MMT. Both are unqualified.I don't think that it is reasonable to suggest, however, that MMT economists or others highly literate in MMT should spend time addressing such
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
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I spend quite a bit of time (more than I should) engaged in Twitter debates with advocates of Modern Monetary Theory (MMT). Some are generally sensible, while others are convinced they have learned a deep secret which enables us to have whatever we want without paying for it. Unfortunately, the sensible ones (Meaningful Monetary Theory) don’t do the hard work of correcting the others (Magical Monetary Theory)….I think MMT economists and advocates face a problem from two directions. The first is, of course, criticism of MMT that more caricature than fact. The second is MMT advocates that don't understand the nuances of MMT. Both are unqualified.
I don't think that it is reasonable to suggest, however, that MMT economists or others highly literate in MMT should spend time addressing such misunderstandings or misrepresentations, since they abound on social media.
John Quiggin's Blog
Two problems with Modern Monetary Theory
John Quiggin | Professor and an Australian Research Council Laureate Fellow at the University of Queensland, and a member of the Board of the Climate Change Authority of the Australian Government