Tag Archives: MMT

One of the things that Modern Monetary Theory (MMT) obviously needs are good short "explainers" aimed at people who already consider themselves experts in economics. (In addition to people trained as economists, that would include market practitioners -- like myself -- who consider themselves macro experts.) There are plenty of primers aimed at people unfamiliar with economics, and academic journal articles -- but not a lot in between. The new textbook -- Macroeconomics, by Mitchell, Wray,...

On October 2, 2019, I received an E-mail from Gregory Mankiw. It was sent to me, Randy Wray and Martin Watts and asked us some questions about our textbook – Macroeconomics – which had been published by leading textbook publisher Macmillan in March 2019. The book has been selling strongly with a third printing already in the pipeline and a second edition coming, hopefully, later next year. Macmillan also publish Greg Mankiw’s macroeconomics textbook, which has been the dominant teaching...

Another good summary. Winning.Yahoo NewsAmerica Turns From Tea Party to MMT in a DecadeBrian Chappatta, Bloomberg

By J.D. ALT With the essential collapse of the U.N. Framework Convention on Climate Change in Madrid (“Climate meeting goals go unmet” Washington Post, 12-16-19) we now approach the first day of 2020 with much less to celebrate, much more to fear, and much more to accomplish. Here’s a little parable for the coming New Decade: “One evening of a December day 2019, several observatories in the International Asteroid Warning Network are startled to discover a cluster of incoming asteroids of...

The only interesting thing is why Gundlach so badly misses the mark. Two possible explanations appear to be. He watched the wrong videos. The concepts of MMT were presently either incorrectly, or in a fashion that would be misunderstood by someone with a conventional mindset. It is part of a deliberate strategy to push MMT outside the acceptable bounds of discourse. (For example, it is a signal that nobody working for Gundlach should mention MMT in internal meetings.) Although that sounds...

Michael Roberts reviews and critiques The Debt Delusion by John Weeks.Michael Roberts Blog — blogging from a marxist economistThe debt delusionMichael Roberts

Bill Mitchell, the leading Australian proponent of modern monetary theory, argues that governments should abandon their obsession with budget surpluses The Guardian Turning the economic tide: could a radical monetary theory fix Australia's woes? Martin Farrer

This is the final part of a two-part discussion about the consequences of a currency-issuing government exercising different bond-issuing options. The basic Modern Monetary Theory (MMT) position is for the currency-issuing government to abandon the unnecessary practice of issuing debt (which is a hangover from the fixed exchange rate, gold standard days). Currency-issuing governments should use that capacity to advance general well-being and providing corporate welfare to underpin and...

From 30 October but I just saw it. Harris Poll.The HillMajority of voters support a federal jobs guarantee program

After more than four decades of dominance, free market capitalism is facing a challenge. Its rival, the blandly named modern monetary theory (MMT), has entered the ring promising to return economic planning to a less ideological footing.... Pretty good summary presentation of the kerfuffle between MMT and conventional economics. ABC News (AU)Modern monetary theory is gaining traction. But can it knock out free market capitalism?Antony Funnell for Future Tense