The critics of modern money theory (MMT) are right
"Eric Tymoigne and Randall Wray's (T&W, 2013) defense of MMT leaves the MMT emperor even more naked than before (excuse the Yogi Berra-ism). The criticism of MMT is not that it has produced nothing new. The criticism is that MMT is a mix of old and new, the old is correct and well unde...
| Main Author: | |
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| Institution: | ETUI-European Trade Union Institute |
| Format: | TEXT |
| Language: | German |
| Published: |
Düsseldorf
2014
IMK |
| Subjects: | |
| Online Access: | https://www.labourline.org/KENTIKA-19110380124919385629-The-critics-of-modern-money-th.htm |
| _version_ | 1771659892836270081 |
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| author | Palley, Thomas I. |
| author_facet | Palley, Thomas I. |
| collection | Library items |
| description | "Eric Tymoigne and Randall Wray's (T&W, 2013) defense of MMT leaves the MMT emperor even more naked than before (excuse the Yogi Berra-ism). The criticism of MMT is not that it has produced nothing new. The criticism is that MMT is a mix of old and new, the old is correct and well understood, while the new is substantially wrong. Among many failings, T&W fail to provide an explanation of how MMT generates full employment with price stability; lack a credible theory of inflation; and fail to justify the claim that the natural rate of interest is zero. MMT currently has appeal because it is a policy polemic for depressed times. That makes for good politics but, unfortunately, MMT's policy claims are based on unsubstantiated economics." |
| format | TEXT |
| id | 19110380124919385629_d9330343604244e285037611cd528b38 |
| institution | ETUI-European Trade Union Institute |
| is_hierarchy_id | 19110380124919385629_d9330343604244e285037611cd528b38 |
| is_hierarchy_title | The critics of modern money theory (MMT) are right |
| language | German |
| physical | 26 p. Digital |
| publishDate | 2014 |
| publisher | Düsseldorf IMK |
| spellingShingle | Palley, Thomas I. fiscal policy macroeconomics monetary policy price The critics of modern money theory (MMT) are right |
| thumbnail | https://www.labourline.org/Image_prev.jpg?Archive=109407992768 |
| title | The critics of modern money theory (MMT) are right |
| topic | fiscal policy macroeconomics monetary policy price |
| url | https://www.labourline.org/KENTIKA-19110380124919385629-The-critics-of-modern-money-th.htm |