Monday, 18 May 2015

The opponents of MMT are all Strawmen

So may strawmen arguments in this article.
Steve Keen is intentionally misrepresented, him disagreeing with those people who argue that the solution to the crisis is more private debt (proponents of QE for instance). MMTers do not prescribe increases in private debt as solution. 1st LOL.
MMR (strawmans) criticizes Mosler’s bank reform proposal as if it were a description of the present private banking system. 2nd LOL.
The article gets Zimbabwe wrong, claiming that excess money printing caused the hyperinflation, not the failed land reform which crippled output, caused shortages, social unrest, and led to the increase of the trade deficit to begin with. 3rd LOL.
The JG scheme is ‘unsustainable’ according to MMR because workers would require ‘too large amounts of money’ to be paid. Yeah, I guess those automatic stabilizers are just there as part of the decor, they don’t actually work or anything. Clinton Surpluses period proves that fiscal policy is WEAK (sarcasm).

Also, see JG different scenarios simulation cost/benefit here https://prezi.com/login/?next=/odd1akrwoptt/simulating-the-logic-effects-and-costs-of-the-job-guarantee/
On the supposed ‘weaknesses’ of MMT, read this: http://www.economonitor.com/lrwray/2012/07/26/on-the-supposed-weaknesses-of-mmt-response-to-palley/
So awesome to see that all the ‘debunking’ of MMT is just a collection of arguments based on ethics and sophistry.
PS: The difference between a paralogism and a sophism is that the former is unintentional, while the latter is intentional.

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