Tyler Cowen did a review of "The Deficit Myth" by Stephanie Kelton, which is to be released June 9 (Amazon affiliate link). Since I have not read the book yet myself, I cannot comment on his views about the book. However, Cowen makes some criticisms of Modern Monetary Theory (MMT) that are worthwhile responding to.
I am turning to writing a short primer on MMT, and will probably have a chapter on critiques that I feel are useful. (My estimate is that over 90% of "MMT critiques" consist of people making stuff up, based on the contents of other "critiques.") I expect that I could use some of the discussion here as examples. The review consists of a dozen numbered short points, and I will only respond to the ones that I see as being useful, and not solely related to the book....Bond Economics
Comments On Tyler Cowen's Review Of "The Deficit Myth"
Brian Romanchuk
3 comments:
"My estimate is that over 90% of "MMT critiques" consist of people making stuff up,"
That is what Art students are trained to do... this should not be surprising....
My estimate is that almost 100% of the MMT School turn a blind eye to privileges for private depository institutions - almost as if they were all bank toadies.
Wake up! The Gold Standard is gone and good riddance!
Why then does the MMT School cling desperately to the obsolete, inherently unjust Gold Standard banking model?
“That is what Art students are trained to do“
That’s what Einstein did.
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