Wednesday, April 10, 2019

Ramanan — Two Thomas Palley Papers On Neochartalism

While I tried to keep up with the barrage of criticism when MMT went viral recently, after a while I ceased posting links to criticism of MMT unless it added something to the debate. Most of the things I see, and there's a ton of it spewing out, reiterates straw man arguments or is just uninformed nonsense. Not worth wasting time on.

Thoughtful critics of other economists are worthwhile considering, however. No one has the ocean in their bucket and we should not think that MMT economists are beyond constructive criticism. Open inquiry and free debate are characteristics of liberalism as a political philosophy and intellectual tradition.

Post Keynesian economist Thomas Palley has long been a critic of MMT, and MMT economists have answered his past criticisms.

Here is some more to consider.

The Case for Concerted Action
Two Thomas Palley Papers On Neochartalism
V. Ramanan


Detroit Dan said...

A quick glance shows nothing new there. Or did I miss something?

Tom Hickey said...

From the POV of the MMT paradigm, he's confused.