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Tag Archives: MMT

A Refutation of Academic Agent’s “Debunking Modern Monetary Theory (MMT)”

Academic Agent – a YouTube libertarian and unusually ignorant advocate of Austrian economics – tries to refute Modern Monetary Theory (MMT) in this video:[embedded content]Let us run through this video and refute Academic Agent’s arguments point by point:(1) Academic Agent fails to Refute the Three Core Principles of MMT There are three fundamental principles in Modern Monetary Theory (MMT), as follows:(1) Most sovereign governments today are the monopoly issuers of their own fiat currencies...

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Progressives should never work within the mainstream macroeconomics straitjacket — Bill Mitchell

There was an interesting article posted on Alternet (April 12, 2020) – Leftist policy didn’t lose. Marxist electoral theory did – in response to the dismal showing by Bernie Sanders in the current Democratic Primaries. I think it summarises the confusion that is now abundant on the progressive side of the political struggle. The arguments presented highlight the dilemma facing the progressive side of politics. Should Leftists compromise with centrists to get more traction? Compromise with...

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Bill Mitchell — The provenance of the Job Guarantee concept in MMT

As the public scrutiny of the body of work we now refer to as Modern Monetary Theory (MMT) widens there is a lot of misinformation abroad that distorts or otherwise undermines what has been done to date. Most, but not all the misinformation or emphasis comes from those who attack our work. Their criticisms usually disclose an incomplete understanding of where MMT came from and what the core propositions and logic are. They stylise, usually using terms and constructs that are present in...

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How the Government Pulls Coronavirus Relief Money Out of Thin Air — Matt Phillips

I am going to break a rule and link to this at the New York Times because it is noteworthy owing to its implicit support of MMT. The New York Times is "the paper of record" so this is a big deal.But aware that you may encounter a paywall. I don't usually link to paywalled sources.New York TimesHow the Government Pulls Coronavirus Relief Money Out of Thin Air Matt Phillips

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IMF Urges Post-Pandemic Stimulus to Avoid Depression Mistake — Rich Miller

The International Monetary Fund wants policy makers to avoid repeating the Depression-era mistake of ratcheting back budget deficits. Instead, it’s urging them to ramp up fiscal stimulus when the coronavirus contagion starts to abate.…  This doesn’t sound all that different from the prescription of Modern Monetary Theory proponents -– a heterodox economic school that contends countries such as the U.S. can run bigger budget shortfalls without worrying about going broke because they print...

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Bill Mitchell — A 10 per cent unemployment rate is not a “tremendous achievement” – it is a sign of total policy failure

It’s Wednesday, and a quiet day for writing blog posts for me. But I want to comment briefly on the latest economic news that sees the IMF claiming the Australian economy will contract by 6.7 per cent in 2020 and the Treasury estimates that the unemployment rate will rise to 10 per cent (double) by June this year. While this all sounds shocking, the emerging narrative in the media and among politicians is that this is sort of inevitable given the health crisis and the Government’s Job...

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