MMT: Heuristics versus Paradigm Shift? — Randy Wray

Randy Wray, one of the co-founders, critiques the current way of presenting MMT and finds it wanting. He suggests a path to a more realistic one. 

Randy's presentation of MMT was previously somewhat different from the most prevalent one, owing, for example, to his featuring of Hyman Minsky, under whom he studied. This is a much more radical and thorough break with the "old school" method of presentation.

It's a big step forward but still lacks inclusion of economic sociology, which emphasizes class as the basis of power asymmetry.

This piece is important for all interested in MMT. It's relatively short, longer than a blog post but shorter than an article. To stay current it is a must-read. Hopefully, it will provoke discussion in the MMT community.

Levy Economics Institute of Bard College
MMT: Heuristics versus Paradigm Shift?
L. Randall Wray | Professor of Economics, Bard College