Bill Mitchell – IMF continue to demonstrate their neoliberal biases

The IMF published a new blog the other day (November 21, 2022) – How Fiscal Restraint Can Help Fight Inflation – which demonstrates that the organisation is still stuck in a New Keynesian world and despite all the empirical dissonance that has been building over the last decades to militate against that economic approach, little evolution in thinking is apparent. The battle to dispense with the mainstream approach is going to be harder and longer than many thought.…

Monetarism  ("Friedmanism") is entrenched in group think to the degree that it is considered an ideological fundamental functioning as a shibboleth. This is what beyond being a mere convention or meme. It's become an accepted criterion — a ticket of admission, as it were, to the club. "New Keynesianism" is Keynesian in name only, ignoring the major contributions of Keynes and even more so the development of Post Keynesianism and subsequently MMT. Uphill fight. The way things are going that fight may not be won in the West. The so-called developing world may be more open to new thinking.

Bill Mitchell – billy blog
IMF continue to demonstrate their neoliberal biases
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia