Tag Archives: MMT criticism

Scraping the bottom of the barrel. Mocked on Twitter. Michael Strain is straining. The Establishment is grabbing at straws as their world begins to collapse. Of course, the "joke" is not funny when the joke is on you. Actually, his attempted screed is pretty funny. He is forced to admit that MMT has it right and then look for reasons like political irresponsibility that admitting it will blow up the world.Bloomberg Opinion‘Modern Monetary Theory’ Is a Joke That’s Not Funny Michael R....

Half-informed.Many of the points made have been dealt with in the MMT literature, but the author seems to be only superficially informed about it. Almost no one has taken the time to educate themselves on MMT in a serious way before offering shoot from the hip criticism.On the other hand, these are valid considerations and if people are not informed about the MMT solutions, more education is required. That includes educating MMT evangelists so that don't just spread slogans or perpetuate...

Zimbabwe!Tim Worstall doubles down.(Tim covers himself in the concluding paragraphs though.)Continental TelegraphThe Problem With Modern Monetary Theory – Explained For Children So MMT Enthusiasts Can Understand Tim Worstall

No, this is not the Onion.Can't even spell the name "Modern Monetary Theory" right. OK, finance and economics is hard, but spelling?Columbia Daily TribuneModeren [sic] Monetary Theory is unsustainable hypocrisy Craig A. Van Matre, retired attorney formerly with Van Matre, Harrison, Hollis and Taylor

This passes for serious criticism now? In addition, Tim Worstall doesn't seem to realize that MMT is not a policy proposal but rather based on how the existing monetary system operates currently. Understanding this and using this knowledge opens up policy space by correctly describing existing fiscal space. Nothing needs to change with respect to the actual potential of the existing monetary system. This misunderstood by most economists, politicians and the public, with the result that...

Finally, a useful MMT critique.Philosophy of MoneyMMT and fiscal rules (part I) – a prologueEric Lonergan

"Weimar," "Zimbabwe" get replaced by "Venezuela in this puerile pseudo-criticism of MMT. What Jon Hall does get, is that a nation's currency is "the people's money." Unfortunately, he doesn't understand the implications of that for accomplishing public purpose through the political process in a democratic republic. Worse, he doesn't seem to care about understanding it other than superficially in terms of his cognitive-affective bias.The American ThinkerThe 'Limitless' Capacity of...

In a Jacobin article earlier this year, Thomas Fazi and Bill Mitchell argued in favour of a hard Brexit. We published a reply, also in Jacobin. Fazi and Mitchell (FM) responded with accusations of strawman arguments, false claims, bias and muddled thinking. We intended to write a reply at the time, but other commitments got in the way. However we believe that FM’s reply was sufficiently inaccurate – and in places, dishonest – that a reply is required, even if belatedly.... Critical Macro...

Part 1 is here if you missed it when linked to here at MNE when it came out. The post begins with an analysis of geopolitics that is quite good. Its' a long piece and this is the most section that is most relevant to current events. Williams sets up a hypothetical scenario to examine the relevance of MMT to the issue has he has constructed it, which I think is a "good move." The future is uncertain, of course, so it makes sense to address a hypothetical case that seems to be...

Over the last few years, it is clear that Modern Monetary Theory (MMT) is achieving a higher profile and the attacks are starting to come thick and fast. I see these attacks as being a positive development because it demonstrates that recognition has been achieved and a threat to mainstream ideas is now perceived by those who desire to hang on to the status quo. Hostility and attack is a stage in the process of a new set of ideas becoming accepted, ultimately. Clearly, some new...