I spend quite a bit of time (more than I should) engaged in Twitter debates with advocates of Modern Monetary Theory (MMT). Some are generally sensible, while others are convinced they have learned a deep secret which enables us to have whatever we want without paying for it. Unfortunately, the sensible ones (Meaningful Monetary Theory) don’t do the hard work of correcting the others (Magical Monetary Theory)….I think MMT economists and advocates face a problem from two directions. The first is, of course, criticism of MMT that more caricature than fact. The second is MMT advocates that don't understand the nuances of MMT. Both are unqualified.
I don't think that it is reasonable to suggest, however, that MMT economists or others highly literate in MMT should spend time addressing such misunderstandings or misrepresentations, since they abound on social media.
John Quiggin's Blog
Two problems with Modern Monetary Theory
John Quiggin | Professor and an Australian Research Council Laureate Fellow at the University of Queensland, and a member of the Board of the Climate Change Authority of the Australian Government
John Quiggin's Blog
Two problems with Modern Monetary Theory
John Quiggin | Professor and an Australian Research Council Laureate Fellow at the University of Queensland, and a member of the Board of the Climate Change Authority of the Australian Government
I don't think that it is reasonable to suggest, however, that MMT economists or others highly literate in MMT should spend time addressing such misunderstandings or misrepresentations, since they abound on social media.
ReplyDeleteYes, some online MMTers (as opposed to academic MMTers) are responsible for a lot of misunderstandings and misrepresentations. To say nothing of their zealotry and irrationality.
But to demand of academic MMTers to go around fighting online MMTers seems kind of crazy, particularly when people like Quiggin are not above adding their own crop of misunderstandings and misrepresentations to that of online MMTers.
Frankly, I don't know how that problem can be solved.
Five minutes in the mosh pit with Steve Grumbine should resolve that problem.
ReplyDeleteThere are accurate MMT sound bytes, but that should be seen as just a teaser.
ReplyDeleteMaybe he shouldn't spend so much time on twitter and then it wouldn't bother him.
ReplyDeleteA two hundred word "blog article" by John Quiggin (or anyone else) is hardly worth commenting on is it? ....:-)
ReplyDeleteOne liners don't qualify as comments :)
ReplyDelete