Why is it that the more I read about Modern Monetary Theory (MMT) the less I understand what it is?
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Keynes. "In the long run, my dear chap, we're all dead." MMT: "Fuck it! We're all gonna die soon. Let's just crank up the printing press!"
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Except of course that Keynes advocated for running a surplus in the boom years to pay for the deficits in the down years.
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MMT advocates raising taxes to keep inflation down, same thing
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more or less. the big difference is that in economics, there are things which are mostly treated as variables and things which are mostly treated as constants, and MMT suggests that there would be advantages to swapping the treatment of the variables and constants.
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basically, consumer demand and government demand are both fulfilled by a common pool of supply. when we tax, we're pulling from consumer demand to satisfy government demand. but we could do it the other way, instead: print money to fill government demand and increase inflation.
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The important take away is that all economics is phrenology.https://www.wired.com/story/econ-statbias-study/ …
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Exhibit A is the persistent US practice of running high deficits over the past 2 decades while inflation has stayed flat at 2 percent for the past decade
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Yes, but if you say that they get mad.
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I see MMT as the Left playing chicken with the Right. The Left shouldn’t have to worry about fiscal responsibility. Our job is to expand social services, government, provide redistributive public services. If we go too far, let the right raise taxes and cut spending.
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