Thursday, February 21, 2019

Brad DeLong — I would not have called MMT "nonsense economics".

Brad DeLong schools Jonathan Portes.

Grasping Reality
I would not have called MMT "nonsense economics".
Brad DeLong | Professor of Economics, UCAL Berkeley


AXEC / E.K-H said...

MMT for beginners
Comment on Bradford DeLong on ‘I would not have called MMT “nonsense economics”.’

For beginners, the 10 essential points are:

1. MMT is fake science.
2. The foundational MMT sectoral balances equation is provably false.
3. MMTers are too stupid for the elementary math that underlies macroeconomics.
4. Because the foundations are false, one can safely forget the rest.
5. The correct macroeconomic Profit Law entails Public Deficit = Private Profit.
6. Therefore, the MMT policy of permanent deficit-spending/money-creation is a permanent free lunch for the Oligarchy.
7. The lethal effect of MMT policy is NOT on inflation but on distribution.
8. Fabulous financial wealth is the mirror image of fabulous public debt ($22 trillion).
9. MMT policy is ultimately NOT for the benefit of WeThePeople.
10. MMT is political agenda pushing for the Oligarchy in a scientific/social bluff package.#1

Egmont Kakarot-Handtke

#1 For the full-spectrum refutation see cross-references MMT

S400 said...

For beginners, the 1 essential point is:

1. EKH is a troll.