Thursday, 6 March 2014

MMT 101: A Reply to Critics Part 1

By  Eric Tymoigne and L. Randall Wray
Source: http://neweconomicperspectives.org/2013/12/mmt-101-reply-critics-part-1.html

This is Part 1 of a six part series in which we deal with critics of MMT. As readers of this blog know, our critics continually raise the same old tired critiques of MMT. They scapegoat MMT by attributing to us claims we’ve never made. They take our words out of context to build up a strawman that they attempt to destroy. No matter how many times we respond to a particular critique, another critic tries to use it again. Warren Mosler used to use the analogy of the “Bop a Gopher” game at the arcades: you bop one and another pops up.


Critiques of MMT can be classified according to five categories: views about origins of money and the role of taxes in the acceptance of government currency, views about fiscal policy, views about monetary policy, the relevance of MMT conclusions for developing economies, and the validity of the policy recommendations of MMT.
Diagrams!!!
Read part 1 in full, then all the others up to part 7. Of course, there's always the modern money and public purpose seminars on youtube.




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