tag:blogger.com,1999:blog-2761684730989137546.post1190743297915652054..comments2024-03-29T07:30:30.121-04:00Comments on Mike Norman Economics: The magic money does exist - but can we trust politicians to use it? — Paddy Dearmike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-2761684730989137546.post-64035539558116111292019-08-20T14:55:29.578-04:002019-08-20T14:55:29.578-04:00Very poor Telegraph article. The basic flaw in it ...Very poor Telegraph article. The basic flaw in it is the assumption that MMT claims the size of othe deficit should be controlled by politicians alone. MMT claims nothing of the sort: for example a system under which some sort of committee of economists (like the Office of Budget Responsibility in the UK) decided the size of the deficit would be perfectly compatible with MMT.<br /><br />Indeed I actually regard MMT’s vagueness on who should decide the size of the deficit a weakness in MMT. In contrast, Positive Money are more specific on the latter point: they claim that decision should be taken by some sort of committee of economists, perhaps based at the central bank. <br />Ralph Musgravehttps://www.blogger.com/profile/09443857766263185665noreply@blogger.com