Tuesday, July 14, 2020
The Fiscal Deficit, Modern Monetary Theory and Progressive Economic Policy — Andrew Jackson
A socialist economist critiques The Deficit Myth and MMT.
Socialist Project — The Bullet
The Fiscal Deficit, Modern Monetary Theory and Progressive Economic Policy
Andrew Jackson former Chief Economist at the Canadian Labour Congress and is a Senior Policy Advisor at the Broadbent Institute
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3 comments:
What a pompous ass Andrew Jackson is! As soon as I read the following I realised he has no true understanding of MMT:-
"MMT puts forward a powerful critique of mainstream macro-economic policy but discounts the need for truly radical change"
MMT makes very clear it's a description of how current monetarily sovereign fiat monetary systems actually create currency. It goes out of its way to explain that this system can be used by either left or right wing governments.
It means he's not an incrementalist.
Having skimmed thru Jackson's article, it didn't strike me as too bad. Re his claim that MMT is just Keynes writ large he's correct, but it's always a giggle to see what the Andrew Jacksons of this world were saying roughly 5 or 8 years ago in the middle of the recession. Half the time you find they were warning about the size of the deficit and the debt.
Then when MMT burst out into the open thanks to Cortez and convinced everyone that the D&D don't matter, long as they don't cause inflation, the Andrew Jacksons of this world suddenly changed their tune and claimed they knew that all along and that MMT is just Keynes writ large.
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