Tag Archives: MMT

I was hoping that Pavlina would bury Noah's criticism of her paper, and she greatly exceeded my expectations.MUST-READ. This is much more than a smackdown. Lotsa links, too.New Economic PerspectivesMMT, Models, MultidisciplinarityPavlina Tcherneva | Assistant Professor of Economics at Bard College, Research Scholar at The Levy Economics Institute, and Senior Research Associate at the Center for Full Employment and Price Stability

By Pavlina R. Tcherneva The attacks on MMT are taking a comical turn. A recent one, courtesy of Noah Smith, takes aim at a paper I wrote in the 90s titled “Monopoly Money: The State as a Price Setter”. It focused on a key MMT idea—that the currency-issuing monopolist (just like any other monopolist) is a price setter. The economics that I was taught didn’t even consider the implications. So I wrote down a few equations to look at different scenarios of prices paid and real resources...

Historian Rebecca Spang’s latest History News Network piececon MMT and history is both timely and thought-provoking. In addition to its biting critique of economic orthodoxy and other valuable insights, the essay sets into relief a productive ontological debate about money and its historical manifestations. Part of the present breakdown of the neoliberal consensus, the insurgent popularity of MMT in contemporary discourse has enlivened conservations about the nature of money and its role in...

Breaking a rule not to give the Times exposure for a variety of reasons since a pretty decent article on MMT appears in the "paper of record" in the Economy section. No doubt that many of the nay-sayers are upset by what amounts to Wall Street endorsement of the basic ideas of MMT, if not the all policy recommendations. But it's the basic ideas o MMT that make Wall Street money — Goldman's chief economist Jan Haztius uses them — not the policy proposals. Can't argue with success.New York...

Quote from the new MMT textbook, Macroeconomics, by Bill Mitchell, Randy Wray, and Matin Watts on the MMT JG that operates as a buffer stock and a price anchor. Lars P. Syll’s BlogJob Guarantee and inflation controlLars P. Syll | Professor, Malmo University

The objections to an independent fiscal authority – continued... Who needs more technocracy when "democracy" is already a shambles? Bill Mitchell – billy blog The effectiveness and primacy of fiscal policy – Part 3Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

With human survival on the line the message needs to be loud, clear and repeated ad nauseam:The spending of a government like the UK which is a sovereign currency issuer is not constrained by its ability to collect tax. In other words, it is not like a household budget which needs income before it can spend. Whilst it is a good idea to review global corporate tax rules as a mechanism to redistribute wealth and resources more fairly Christine Lagarde’s claim that doing so will allow...

The second article in this series deals with Modern Monetary Theory’s (MMT) predictive and policy successes. The article has three, separately published, parts. Part 2A deals explains why predictive ability and policy success are so critical – and notes that MMT’s critics have been conspicuously unable to provide a record of predictive failure by MMT scholars. Part 2B deals with MMT successes in microeconomics. The MMT work on microeconomics constitutes a powerful refutation of the...

Number 2A in the MMT Series By William K. Black March 31, 2019     Bloomington, MN Introduction The second article in this series deals with Modern Monetary Theory’s (MMT) predictive and policy successes.  The article has three, separately published, parts.  Part 2A deals explains why predictive ability and policy success are so critical – and notes that MMT’s critics have been conspicuously unable to provide a record of predictive failure by MMT scholars. Part 2B deals with MMT...