The rigid stances of Modern Monetary Theory’s devotees and detractors have not lent themselves to productive discussion. This is a serious loss for policymakers, because MMT includes both problematic propositions and perfectly reasonable – even highly useful – ones....Project Syndicate
The Power and Poison of MMT
Koichi Hamada, Professor Emeritus at Yale University, was a special adviser to former Japanese Prime Minister Shinzo Abe
https://www.project-syndicate.org/commentary/benefits-and-risks-of-modern-monetary-theory-build-back-better-act-by-koichi-hamada-2022-01
4 comments:
It's very interesting how wrong he gets it at the end
" MMT proponents would advocate tax hikes as a way to manage aggregate demand and control inflation."
No we would replace interest rate adjustments with a Job Guarantee, which would then control inflation. The Job Guarantee is the system stabilisation function in MMT.
Once again we see an economist that doesn't like the idea of full employment and can't get their head around how MMT inflation control works - by setting the price of an hour of unskilled labour and letting other prices form relative to that.
Apparently that is 'socialist', but artificially setting the price of money via a cabal of unelected wonks isn't.
“ unelected wonks”
They’re unelected morons and probably some are psychos….
How are Japaneses workers doing?
Are they desperate enough for Japanese capitalists?
No job guarantee over our dead bodies seems to be the message.
Nicely put Neil Wilson that's what I thought about Koichi Hamada he doesn't really care for people and he was showing it.
Post a Comment