Tag Archives: MMT critics

In Part 1 I discussed the third annual MMT conference that was recently held at Stony Brook, and you can find the program as well as videos of the conference here: (https://www.mmtconference.org/). In this Part 2 I discuss a special issue of real-world economics review devoted to MMT (http://www.paecon.net/PAEReview/issue89/whole89.pdf). As usual, my report stretched out to become too long for just 2 blogs so there will be a Part 3, coming later this week. And who knows, maybe I’ll need a...

This is interesting from the point of view of evolution of MMT criticism.It's not the same old "printing money" argument but a refurbished one that at least attempts to get what MMT says, even though it fails. I think that it is more likely ill-informed rather than intentional caricature.But it does indicate that the opposition is realizing that it has to deal with MMT in a way that appears serious rather than back of the hand, just dismissing as "obvious" nonsense.So I would count this as...

It is my Wednesday blog post and my relative ‘blog day off’. But there has been an issue I want to write briefly about that has come up recently and has become a recurring theme. I am writing today to put the matter on the public record so that spurious claims that arise elsewhere have no traction. As our Modern Monetary Theory (MMT) work gains popularity, all manner of critics have started coming out of the woodwork. There is now, quite a diversity of these characters, reflecting both ends...

Gerald Epstein has written a book critiquing neochartalism from a policy perspective. On an initial look he seems to attack the neochartalists on two things: their reluctance to talk about rise in tax rates and the international aspect — the limited applicability of their ideas to a few rich countries.... Good. The debate is engaged. Having written a book about MMT, the author has no excuse for not knowing the MMT literature in detail and citing it where appropriate for a scholar. I am...

This is Part 2 (and final part) of my series on printing money, debt and power. The two-part series is designed to draw a line through all the misconceptions and errors that abound on the Internet about the Modern Monetary Theory (MMT) treats deficit spending and bond issuance. The social media debate about MMT is at time nonsensical, thriving on falsehoods and fantasy. I get many E-mails after some robust Twitter exchange between some self-proclaimed expert who has found the latest fatal...

In 2017 when a nurse pointed out that her wages had not increased for several years, then-prime minister Theresa May quipped: “There is no magic money tree.” Well, maybe Mrs May was wrong. I believe there is a magic money tree and it is coming to western economies very soon. I am talking about MMT. And strangely, MMT doesn’t stand for “magic money tree”; it’s Modern Monetary Theory.... The question, "Can we trust politicians," is really a question about the viability of democracy. The...

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...

The epithets being used as put-downs for Modern Monetary Theory (MMT) are growing. But some of the good old terms – that one might actually apply to mainstream macroeconomics – are also in currency. An article in Project Syndicate (May 27, 2019) – Japan Then, China Now – declared MMT to be “the latest strain of voodoo economics” that is “alluring for the Trump administration”. The article by a Yale University lecturing staff member (and former investment banker) really just reminds us why...

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

Progress. The author admits that MMT makes sense economically and financially. However, Eric Winograd hopes it won't go mainstream based on expanding the size and role of government. So now it is ideology rather than theory or empirics.equities.comWill Modern Monetary Theory Go Mainstream? Eric Winograd