James Meadway recently published "Against MMT" (Modern Monetary Theory), in which he lays out a number of criticisms of the theory. Although it might have helped my readership numbers, I really did not want to get drawn into the mudslinging around MMT that erupted this January. One of the public relations problems MMT faces is that it seems that MMTists are in continued arguments with seemingly everyone. The negative tone of these arguments distract from the constructive aspects of the theory.
This latest Meadway article illustrates the problem. Although some of my contacts on Twitter believe that this article has interesting points to address, I do not find them particularly novel, nor where they given a fashion that is designed to get a polite response from MMTists.
For example, I do not know who is responsible for the article summary: "Modern Monetary Theory disorients the Left by peddling simplistic monetary solutions to complex problems of political power."; it could either be Meadway or an editor. Nevertheless, this is not a summary that is designed to invite a friendly response.…Polemic rather than inquiry.
Bond Economics
Comments on Meadway's Criticisms of MMT
Brian Romanchuk
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