What puzzles me about Simon Wren-Lewis’s response to MMT is his claim that he finds nothing new or surprising in the theory. I think his claim can be understood in light of the fact that MMT is not a theory of economics. It is a bit of political economy, or, more generally, a bit of political philosophy.…Origin of Specious
MMT is political philosophy, not economics
Alexander Douglas | Lecturer in Philosophy at Heythrop College, London
I think this might be going a bit too far... there is a lack of empiricism with MMT or maybe not enough empiricism, but there is SOME there so idk if its correct to say it is "philosophy, not economics...."... there is SOME empiricism...
ReplyDeleteHe's joking? His statement belies his own presumption that orthodox econ IS philosophical acceptance, and defense, of Aristocracy!
ReplyDelete