Tag Archives: MMT

Gerald Epstein and V. Ramanan bring up potential objections to the MMT position based on the international financial situation, an issue that Wynne Godley had pointed out previously.Ramanan has brought up questions around balance of payments issues in the past as well. Now this may sound as a pessimistic view for any individual nation or the world as a whole. The real problem is free trade – the most sacred tenet of the economics profession. Another paradox of (bourgeois) liberalism, where...

A mainstream summary of MMT that is actually pretty fair and balanced and reasonably accurate, too. The tide is turning.This is a good pice to share with others curious about MMT. I am bookmarking it as a reference to pass on in the future.In a media world of sloppy journalism and outright propaganda, this article stands out. Kudos to Bloomberg for putting it up. Bloomberg BusinessweekA Beginner’s Guide to MMT Peter Coy, Katia Dmitrieva, and Matthew Boesler, New Economy Forum

The latest developments about Trump’s relationship to Deutsche Bank could be the unraveling with Deutsche Bank and Trump facing a serious legal probe on bank fraud by the House Financial Services Committee chaired by Rep. Maxine Waters. NEP’s Bill Black appears on The Real News Network to discuss. You can view here with transcript. [embedded content] [Translate]

By William K. Black March 14, 2019     Bloomington, MN Number 6 in a Series of Articles on MMT Justin Wolfers is an economist who is disgracing the university I love, the University of Michigan.  I had the great fortune to be born in Detroit and receive the first seven years of my higher education as an instate student at the University of Michigan.  I was able to graduate with virtually no debt.  Wolfers is also a native of Australia, which means he is familiar with kangaroos.  That...

By L. Randall Wray MMT continues to inflame hysterical attacks. Who would have thought that it would take MMT to bring together everyone from the crazy right to the insular left to unite in common cause against an obscure theory of money and government finance? The attacks seem to be so concerted and coordinated that one starts to think there just might be a conspiracy behind them. But why? Bill Black’s recent column The Day Orthodox Economists Lost Their Minds and Integrity exposes the...

Kenneth Rogoff's criticism of Modern Monetary Theory assumes that MMT advocates don't care about budget deficits or the independence of the US Federal Reserve. But these assumptions are wide of the mark, and Rogoff himself sometimes undermines his own arguments. Project SyndicateModern Monetary Realism James K. Galbraith | Lloyd M. Bentsen Jr. Chair in Government/Business Relations and Professor of Government at the Lyndon B. Johnson School of Public Affairs, The University of Texas at...

William K. Black March 14, 2019     Bloomington, MN Fifth Article in a Series on MMT Something extraordinary happened yesterday.  Orthodox economists, frustrated by their inability to intimidate progressive elected officials, have launched a coordinated assault on MMT in hopes of making it politically dangerous for elected officials to embrace MMT.  Yesterday brought three remarkable revelations about orthodox economists’ willingness to engage in naked intellectual dishonesty in their...

William K. Black March 13, 2019     Bloomington, MN Fourth article in the Series on MMT Honest debaters do not create strawmen arguments about opposing theories and then claim victory by attacking their own strawmen. When Krugman and a bevy of the “Very Serious People” (VSP) Krugman used to ridicule created and then attacked strawman MMT positions (e.g., using Roche’s rant), they were unintentionally revealing their knowledge that they did not believe they could dispute successfully MMT...

William K. Black March 13, 2019      Bloomington, MN Third article in a series on MMT[1] I urge readers to review Scott Fullwiler’s brief paper on the theoretical and predictive successes of MMT scholars on a topic of enormous theoretical and practical importance.  You do not need economics training to understand it.  Fullwiler reports the results of two “natural experiments.”  In this context, this means an unplanned experiment.  The twin experiments were: What would happen if orthodox...

For now a brief excursion into the Dutch press, which has decided to join the wannabees attacking Modern Monetary Theory (MMT). The scenario outlined in the article I read earlier today takes the criticisms to a new level. We are no longer worried about hyperinflation, crowding out, sky high interest rates. No, things are likely to get much worse than that. If any government takes on MMT (noting it is not a regime that can be taken on) to operationalise a Green New Deal then tax rates will...