Tag Archives: MMT

Useful critique of MMT. Martin Wolf at least took the time to read Randy Wary's Modern Money Theory. His areas of agreement with MMT are mostly factual, whereas his criticisms appear to be mostly opinion. In addition, he is unaware of what some of the other MMT economists have written about his areas of concern. Most seriously, his solution is more technocracy, which ignores the agency problem. But worth a read. Financial TimesStates create useful money, but abuse it Martin Wolf

The post is interesting from the POV of history of economics. Antony P. Mueller points out how MMT owes more to Kalecki than to Keynes. His criticism of MMT goes astray in assuming the conventional economic view of debt-financed fiscal deficits crowding out private sector productive investment. MMT shows how this assumption is erroneous in that the net spending after taxes injects the exact amount of bond issuance in offset. It's the spending that funds Treasury security issuance.  In...

MMT gone viral. Untested economic model has big implication on country's planned tax hike and debt policy Nikkei Asian ReviewGrowing Modern Monetary Theory debate rattles Japan officials Staff

Most important, after a 40-year period in which capital has won out decisively over labor, there is much likelihood that global economic policy is to shift back in a much less business-friendly direction. Not only will that weigh on economic growth, but it’s also likely to push inflation higher. And that’s something markets are not currently prepared for. FinenewsDarren Williams: «How Populism Affects Our Business» Darren Williams | Global Economic Research Group for Fixed Income

GND and MMT make it to India.LiveMint (India)Opinion | India's ailing economy needs a green pill for revival Rajrishi Singhal | consulting editor of MintCritical article on MMT but well-researched and worth reading. Modern monetary theory has provided hope that the current economic problems can be solved if we look at things in a "new" light. Blinded by this hope, the fact that this theory is not "new" and has failed in the past has remained hidden. Business Today (India) Ravi Saraogi, CFA...

Another positive article. (Ukiah was my home town for awhile.)The Ukiah Daily Journal — OpinionAnother Voice: Escaping the black hole of debt Crispin B. Hollinshead, Ukiah resident

RT runs a Renegade piece featuring MMT and Stephanie Kelton. I guess MMT can now be blamed on Putin and the Russians.RTMMT – Letters from America

For all the talk of Modern Monetary Theory representing a brave new frontier, it is easy to forget that the United States has gone down this road before, when the US Federal Reserve financed the war effort in the 1940s. Then, as now, the question is not about government debt, but about the debt's purpose and justification. Lays out basic questions about implementing MMT politically in a politically divisive environment like the contemporary US. Project SyndicateModern Monetary...

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

By J.D. ALT I’ve spent the last month or so tinkering with and observing a diagram-machine representing the workings of the U.S. monetary system. In the process, I can see that I’ve bored a lot of people beyond their capacity with the tedium of the tinkering. I apologize for that, and I’ll hereby discontinue the torture. Nevertheless, I’d like to share a few insights the tinkering revealed—at least to me—that made the exercise worthwhile. 1. Money-creation is a response to what the...