Wednesday , August 5 2020
Home / Tag Archives: Modern Monetary Theory (page 5)

Tag Archives: Modern Monetary Theory

Democracies With Sovereign Currencies Can Dance

By Anonymous April 9, 2019 The mainstream attack on MMT is nothing less than an attempt to disguise the glaringly obvious error at the center of the mainstream view of economic thinking.  Mainstream economics is a nihilistic theory devoid of moral anchor.  Mainstream economics ceased to explore the operation of the real economy decades ago and has become an intellectual exercise that assumes the organization of modern society is justified simply because that is how it is.  While some...

Read More »

MMT Scholars’ Predictive and Policy Successes – Part A

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...

Read More »

A Must Read: Why does everyone hate MMT?

By L.Randall Wray The attacks on MMT continue full steam ahead. Janet Yellen (former Fed chair, but clueless on money and banking)—a centrist–has joined the fray. Jerry Epstein—on the official left–has ramped up his ridiculous claims, now associating MMT with “America First” and fascism (you knew that was coming—it has always been the refuge of critics who couldn’t come up with valid critiques). But there are some rays of light. Bloomberg published a more balanced assessment...

Read More »

Billions From Deutsche Bank Despite Trump’s Bankruptcies, Defaults, and Financial Malfeasance

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. [Translate]

Read More »

Wolfers Blames MMT for Orthodox Economists’ Ignorance of MMT

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...

Read More »

A Conspiracy Against MMT? Chicago Booth’s Polling and Trolling

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...

Read More »

The Day Orthodox Economists Lost Their Minds and Integrity

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...

Read More »

Four “Tells” That Show Krugman Knows He Cannot Win an Honest Debate

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...

Read More »

Three Natural Experiments Documenting Krugman’s Bias Against 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...

Read More »

Big Guns Shooting Holes in the Sky

The New Keynesian monetary mainstream has brought out the big guns. Paul Krugman, Kenneth Rogoff, and Larry Summers have come out to shoot down the rising star known as “MMT,” which stands for Modern Monetary Theory. For a while, it was academically convenient to withhold paying any public attention that could foster competition in the field. Like other non-mainstream ideas in economics, MMT was simply ignored by our star mainstream economists, who are always ready and keen to lend...

Read More »