This is a repost by Socialist Economist of an earlier article by Nick Johnson. If you didn't catch it here at MNE the first time, here it is again. If you did, well, it's more evidence of MMT getting media exposure.
Socialist Economist
Modern Monetary Theory and Inflation – Anwar Shaikh’s Critique
Nick Johnson, The Political Economy of Development
3 comments:
Well I read the first thousand words or so and almost died of boredom. Plus the word "w*nk*r" sprang to mind for some strange reason.
Yes, not the most interesting reading. The post is on socialisteconomist.com, but seems to argue that insufficient profitability is the danger. All very theoretical with no examples. 6 problems are listed with regard to "MMT and its associated politics". But there don't seem to be any conflicts, just stuff like "MMT ignores.. ", "MMT assumes away class conflict", "MMT ignores Marx's theory of the reserve army of labour", etc. I think the author and the reviewer are comparing apples with oranges for the most part. Alternatively, they are communicating from within a shared perspective (bubble) which is unintelligible to the outsider. To be fair, the latter also happens with those of us inside the MMT bubble.
I only gave it a cursory read but I didn't see any conflict with MMT at all. I saw assumptions that MMT assumes or ignores but clearly the author is not familiar with the broader literature. As I can't recall the specific titles, journals and articles I've read over the years that are relevant I would encourage the author to reach out to the MMT scholars if they wish to genuinely engage the community.
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