Sunday, November 12, 2017

Steve Keen: Does Modern Monetary Theory make sense?

New interview: What is Steve Keens take on MMT and how does his theories differ? He agrees with most of what MMT says and he then goes to describe how the Chinese government runs a MMT type economy by making its own money and spending it on projects like the One Belt Road Initiative - The New Silk Road - creating full employment. At 23 minutes he describes where he differs from MMT (there is also a bit at 1.30 minutes). He says he differs from MMT in how he sees the role of private banks in creating money and I would say his position is closer to that of Positive Money.

1 comment:

Clint Ballinger said...

Weird at about 23 he mentions a sovereign, under trade imbalance, needing to support currency with market - weird because he knows this isn't the case surely