Tag Archives: MMT ciritcism

On October 13, 2019, the Bank of International Settlements published a paper – Exiting low inflation traps by “consensus”: nominal wages and price stability – (which was based on a speech one of the authors was to make in late November at a conference in Colombia). The reason I cite this paper is because it talks about Modern Monetary Theory (MMT) – in pejorative terms, without really knowing what MMT is. But the most interesting aspect of it was the admission that the mainstream theory...

In this part, I’ll resume with comments on the critical contributions to the special issue of rwer. We finished Part 2 with a discussion of the shocking lack of citations to MMT literature in the critiques—especially the dearth of citations to the more academic contributions (as opposed to the summaries of MMT written for undergrads and the general public). Let me return to the oversight of contributions made by scholars such as Fullwiler and Tymoigne—who have mostly written academic...

In Monte Python’s Life of Brian we were introduced to the “People’s Front of Judea”, which was “one of many fractious and bickering independence movements, who spend more time fighting each other than the Romans”. The segments featuring the Front were very amusing. It was humour but redolent of the sort of historical struggles that have divided the Left over the centuries. In Australia, the history of the Communist Party, for example, is one of many factions, splintering into new parties...

Neutral to slightly positive for MMT. NKH News (Japan)Is Japan a "model" for modern monetary theory?Shuji Noguchi | Senior Correspondent, NHK General Bureau for America

Positive and accurate. The scope is brief but Milton Ezrati uses it his limited space to show how most negative criticism of MMT fails to take into consideration what Stephanie Kelton, the public face of MMT in the US, actually says.ForbesWhat Is Modern Monetary Theory?Milton Ezrati |senior economist for the NY communications firm, Vested

The iconic business magnate and philanthropist also dismissed “modern monetary theory” as “crazy talk”. The theory has been embraced by progressive US politicians such as Bernie Sanders and Ocasio-Cortez, and, curiously, President Donald Trump. It dictates that governments should not be concerned about deficits because they control the printing of their own currency. This leads to the conclusion that inflation should instead be managed with interest rates. Does Bill Gates implicitly advance...