One of our network coordinators, Rohan Grey, has written a 5-part response to the debate, which can be found here:
- Part I: Preface
- Part II: Monetary Operations vs. Political Economy
- Part III: Democracy, Taxes, and the Currency Monopolist
- Part IV: The (Legal) Extension of the MMT Case
- Part V: Coda
Another summary and critique can be found here, by JP Hochbaum.
The status quo clearly is failing. But what should government do? It could step in and take more radical counter-cyclical steps to get the economy going, as Mosler suggests. Or it could get out of the way and let prices work, as Murray says.
Who do you agree with? Check back tomorrow for a “New Economic Thinking” interview with Mosler on Modern Monetary Theory and his suggestions for getting the economy back on track.
INET
How to Get the Economy Back on Track: Austrian Economics vs. Modern Monetary Theory
