I am sympathetic to some MMT concepts, but I also think they have some confused ideas.https://www.pragcap.com/modern-monetary-theory-mmt-critique/ …
A lot of people are talking about #MMT. I would like to be able to pass an #IdeologicalTuringTest. Is this a fair characterization? If not, what do I get wrong? #Thanks @cullenroche @StephanieKelton @wbmosler @mattybram @stf18 @tymoignee @ptcherneva @billy_blog @WilliamKBlackpic.twitter.com/0poQ5X8kGP
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How is that different from old-school Fiscal Keynesianism?
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I read MMTers as saying the economy is *usually* below potential. So underproduction isn’t merely a cyclical issue.
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1) yes there are usually idle resource so gov can spend to use them. MMT does not want to just raise G to reach FE. No pump priming. We take seriously (as did Keynes) the issues of bottlenecks and uneven regional conditions. The JG, & "socialization of I" it implies, are MMT ways
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4) the gov does not control its fiscal position. That depends on the desired net saving of the other sector. MMT is not for deficit or for surplus. fiscal position should be left alone to be whatever it needs to be. Don't formulate policies to fix a deficit or use a surplus.
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1. requires a fiscal adjustment. Could be tax cuts, spending increases or a combo 2. is not revenue constrained 3. ok, but see
@tymoignee response 4. MMT does not target any particular budget outcome. macro outcomes are what matters. -
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Where there's smoke, there's some fire, the fact that
#MMT intuitively appeals to so many people who think about these matters, indicates there's plenty of substance, food for thought, not ideological worship but more importanly for crucial economic and social policy changesThanks. Twitter will use this to make your timeline better. UndoUndo
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Also, key point for me: government does not sell bonds to finance the deficit, which is really just robbing peter to pay paul, and creates a risk free gravy train for investors.
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