MMT is going to win the battle and loose the war. Orthodoxy has demonstrated itself to be extremely flexible when confronted with serious theoretical challenges such as the capital controversies, acknowledging its short comings and then returning to the central narrative. It has done the same with empirical short comings as well. In each case, it has first responded with derisive missives, then acknowledged in a limited sense its own short comings and then invented a work around so that it can come back to the basic glib classical proposition: all is for the best in the best of all possible worlds and any attempt to fuck with ‘nature’ is folly.
Read it at Relentlessly Progressive Political EconomyThis view has always served as an ideological resource ready hand. The benefactors don’t really care if it is true in some narrow technical sense. That is not why they pay the rent and heating for the incubation of such thought.
by Travis Fast
(h/t Clonal Antibody via email)
Ravi Batra makes the same point. In an age dominated by the acquisitive mindset, those of intellectual mindset who are smart and ambitious serve the interests of the Grand Acquisitors by providing "expert testimony" that justifies the rationale for a few being so privileged. They are amply rewarded for their dedicated service.