In my Twitter feed the other day, I came across a link to a website "dedicated to explaining and promoting awareness of Modern Monetary Theory." The site is called "We CAN Have Nice Things," and its summary of MMT seems to me to represent reasonably well how…
Modern Monetary Theory has been accused, not always fairly, of more serious shortcomings than you can shake a stick at. Among other things, critics have faulted it for not being all that modern, for passing-off tautologies as profundities, for wrongly assuming that the value of fiat money…
Editor's Note: Since I've been harping on the ways in which Modern Monetary Theory misrepresents institutional realities, I thought it worthwhile to republish the following essay by occasional Alt-M contributor Julien Noizet, from his personal blog Spontaneous Finance. The essay originally appeared on December 17, 2013. Two…
A couple posts ago, I criticized in general terms Modern Monetary Theorist Stephanie Kelton’s suggestion that the expense of the proposed Green New Deal need not make it “a drag on the economy” since the Fed could always foot the bill. That post steered clear of the…
This morning I responded to leading Modern Monetary Theory (MMT) proponent Stephanie Kelton's Huffington Post op-ed, "How We Can Pay for a Green New Deal," with a tweet observing that "MMT often boils down to nothing more than an especially naïve sort of Keynesianism: assume an unlimited…