I am interested in exploring what seems to be a basic compatibility between MMT (Modern Monetary Theory) and Marx. Compatibility of two theories, of course, does not require agreement, and there is no suggestion that either MMT proponents or Marxists will find a synthesis between the two approaches fruitful. Compatibility simply means that the two approaches are mutually consistent and that, if desired, the insights of both could be integrated into a unified understanding of the capitalist economy. At the same time, there is no claim that the idea of a connection is new. I have linked in the past to work by MMTers Randall Wray and Mathew Forstater concerned with various aspects of Marx’s theory, and Bill Mitchell has often noted in posts at billy blog an influence on his work of Marx. Suffice to say that, personally, I think a synthesis could prove worthwhile. Some MMTers may agree, some not, and likewise for Marxists.…heteconomist
Marx & MMT, Part 1 – Three Kinds of Macro Variables
Peter Cooper
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