Gower Initiative — ‘What if the Public (really) Understood How Money Works?’ Just think what we could achieve!

After having previously been ignored and disparaged for decades by mainstream economists and politicians, MMT has been making the headlines and finding its way into a growing public conversation.

Two significant publications over the last few weeks are challenging the very basis upon which government policy is determined; ‘does it fit with our political agenda, is it affordable’ and ‘how can it be paid for?’

‘The Deficit Myth’ by Stephanie Kelton was described by Professor Hans G Despain in a review in the LSE blog as a ‘triumph’ challenging, as he explained, the false idea that ‘deficits are irresponsible and ruinous towards the productive political activity of deciding which spending programmes should be prioritised’.

Hot on its heels came Pavlina Tcherneva’s book ‘The case for A Job Guarantee’ described by James K Galbraith as the ‘next big, common-sense idea for economic reform’. And in the words of Paul Prescod in the Jacobin Mag, the Job Guarantee ‘offers an inspiring vision of what society would look like if we utilized the various talents and skills working people possess’

Both these publications have stirred an already growing interest in that hitherto boring subject of economics, showing that far from being irrelevant to people’s lives it is critical to them in terms of human and planetary well-being....

The Telegraph (UK) aka "Torygraph" has a scathing article denouncing MMT today, and specifically, The Deficit Myth. I won't link to it since it is behind a paywall, but clearly the TPTB have mounted a head-on attack. Expect more to come.

The Gower Initiative for Modern Money Studies
‘What if the Public (really) Understood How Money Works?’ Just think what we could achieve!