The attacks on MMT continue full steam ahead. Janet Yellen (former Fed chair, but clueless on money and banking)—a centrist–has joined the fray. Jerry Epstein—on the official left–has ramped up his ridiculous claims, now associating MMT with “America First” and fascism (you knew that was coming—it has always been the refuge of critics who couldn’t come up with valid critiques).
But there are some rays of light. Bloomberg published a more balanced assessment (https://www.bloomberg.com/news/features/2019-03-21/modern-monetary-theory-beginner-s-guide). The authors of that piece actually took the time to go through our new textbook (Macroeconomics, by Mitchell, Wray and Watts—now available for purchase in the USA : And in Australia).
However, here is the best response to the critics I’ve seen:
WHY DOES EVERYONE HATE MMT? Groupthink In Economics, by James Montier, March 2019,
Not only does he take down prominent critics like Summers and Rogoff, he also provides a very useful 400 word summary of MMT. Some of you have asked for a concise statement, and this is as good as you’re likely to find....New Economic Perspectives
A Must Read: Why does everyone hate MMT?
L. Randall Wray | Professor of Economics, Bard College
Here is a more direct link to James Montier, WHY DOES EVERYONE HATE MMT?
