Poll: What do you think of MMT?
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Replying to @vgr
I think that MMT is an interesting reframe with two major truths: (1) It's the real economy stupid, and (2) monetary/fiscal policy is just fiat power by abstracted means.
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Replying to @NickPinkston @vgr
My interactions with their community have been pretty poor so far. It seems like MMT is adding epicycles to essentially do automatic Keynesian spending (via jobs guarantee, etc.) / taxing the rich / externalities.
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Replying to @NickPinkston @vgr
That said the idea that printing money != inflation and that we shouldn't think of the national debt as a complete limiter seems to both be true, ie the real economy / productivity actually drive what you can spend and modest inflation could be kept within limits.
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Replying to @NickPinkston @vgr
My fear though is that they don't have "advanced" FAQs that I've seen. Nothing addresses: the affects MMT would have on dollar as reserve currency, what their assumptions on the limits of MMT to gov't spending actually are, how governance could limit political meddling, etc.
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Replying to @NickPinkston
Also... what jobs? Covid is killing the biggest low-skill service sectors dead. Retail etc. My hair clippers are being delivered now, I might be permanently exiting the haircut market.
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Replying to @vgr
There's plenty of jobs we could do. Their jobs guarantee idea would have gov't jobs created automatically during downturns, but the issue I have is that there's no policy I've heard them describe that has accountability for those programs.
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Replying to @NickPinkston @vgr
They make a good point that there is a lot of work to be done that isn't profitable (care, infrastructure, other social services, etc.), but I'd argue that they need to better define their social returns and hold the funding bodies accountable.
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Replying to @NickPinkston @vgr
For instance, I just read
@ptcherneva's "The Case for a Job Guarantee" yesterday, but I wish it would've covered other versions of the proposal like I've heard her say in interviews, re: public-private partnerships.1 reply 0 retweets 0 likes -
In my world, any entity (for/non-profit, gov't, etc.) should be able to make a "shovel ready" proposal for achieving certain social goals / metric: carbon captured, jobs created, social work delivered, GDP increased, etc. and the authorities would just fund / measure impact.
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Shovel-ready is a good phrase. If you’re going to pay people to dig holes and fill them up again...
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Replying to @vgr @ptcherneva
Haha - that's what I'm trying to avoid! Essentially, I can imagine a more market-based automated Keynesian spending (with the goal amongst others to reduce unemployment) actually having an ROI beyond straight UBI types of proposals, the latter seem quite wasteful by comparison.
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