….A lot of people have asked me to comment on the ‘mainly macro’ attack on Modern Monetary Theory (MMT). I don’t think it would be a productive exercise (read: it would be a waste of my time).
The author is a New Keynesian, who has little to offer of relevance to the public debate.
He suggests that he (and his ilk) knew all of the propositions advanced by MMT all along anyway – so ‘there is nothing new about it’.
Which then begs the question as to why they are still teaching things like:
1. The money multiplier.
2. Crowding out.
3. Fiscal deficits cause higher interest rates.
4. Central bank controls the money supply.
5. Inflation is higher if governments ‘print money’ to match their deficits relative to issuing debt.
So they knew all of the myths in the mainstream macroeconomics textbooks all along but still choose to teach them in their courses……
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