Marshall Auerback — The New York Times, Intellectual Fashion, and Modern Monetary Theory

With regard to the spread of new ideas it is said that first they are ignored, then they are ridiculed, and then the new ideas win. If one is to judge from the new piece in the New York Times on "Modern Monetary Theory" (aka "MMT") then we're clearly in stage 2, which marks progress of a sort.

Several years ago, the "heretical" views expressed by the likes of Warren Mosler, Randy Wray, Bill Mitchell, Stephanie Kelton, Pavlina Tcherneva, and a host of others, wouldn’t have been seen anywhere near the Times. That said, the piece is rife with factual errors (for a good summary read this) but at least begins to challenge many of the prevailing misconceptions that dominate our current policy discourse.

INET Blog
The New York Times, Intellectual Fashion, and Modern Monetary Theory
Marshall Auerback