Tag Archives: MMT

Frequent contributor to MNE, Detroit Dan, just posted this piece, with links. I think you will like it.MindorenyoMMT Elevator Speech Detroit Dan

I don't link to the NYT since it stopped being a newspaper. Alex Douglas explains Paul Krugman's criticism there of MMT based on r > g.This is not a new criticism. It is a neoclassically based argument. It was raised when Thomas Piketty's Capital in the 21st Century made r > g famous.The expression r > g itself was criticized at the time, and I won't repeat it. Suffice it to say that that is a monetarist view that suffers from the insufficiency of neoclassical assumptions about...

The iconic business magnate and philanthropist also dismissed “modern monetary theory” as “crazy talk”. The theory has been embraced by progressive US politicians such as Bernie Sanders and Ocasio-Cortez, and, curiously, President Donald Trump. It dictates that governments should not be concerned about deficits because they control the printing of their own currency. This leads to the conclusion that inflation should instead be managed with interest rates. Does Bill Gates implicitly advance...

Nassim Taleb gets the smackdown. Bill Mitchell – billy blogThose Imbecilic Keynesianisticists are loose – lock up your … whatever!Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia

It occurred to me recently that everything has gone wrong since Milton Friedman died in 2006. Enuff said. PowerLineThe Laffer Curve of the Left? Steve Hayward

Gates also took exception to “modern monetary theory,” which is an economic theory with growing prominence on the policy teams of Ocasio-Cortez, Bernie Sanders, and others. MMT, as it’s known, suggests that governments need not worry about deficits because they can simply print their own currency, and should instead manage inflation with interest rates. (You can read more about it in this Vox explainer.) What does Gates think of MMT?“That is some crazy talk,” he told me. “It will come back...

Now that MMT is in the news big time, it's high time to repost a link to Brian's post on MMT and hyperinflation.Bond EconomicsA MMT View On The Theory Of HyperinflationsBrian Romanchuk

  "Radical socialists" now. This person has no idea of what a radical socialist is based on history and policy, or else he is using the term as a smear. Oh wait, Cato Institute. There's a third possibility. Ideological bias. Ocasio-Cortez and her cohorts are disciples of a new macroeconomic worldview called “Modern Monetary Theory” (MMT). This postulates that governments with sovereign currencies face no financing constraints, and can spend as much as they like through new printed money....

A perennial question for Marxists is how to overturn capitalism. Will institutional changes that improve the lot of workers but fall short of ending capitalism immediately help or harm this cause? To the extent that social struggle is a learning-by-doing process, it may be that the securing of small gains can whet the appetite for more significant gains and that institutional reforms of a transformational nature can place revolution on a more secure footing if and when it does occur. But...

It is February 2019 and modern monetary theory (MMT), a heterodox theory born in the late 1990s, has made its way into mainstream discussions, on the back of public support from political figures both in the United States and the United Kingdom. Interest around MMT is now at its peak (Figure 1) and the economic blogosphere and #econtwitter have been having heated discussions on the matter. A few weeks ago, we reviewed some of the opinions around MMT, most of which tied with the debate on...