Critique of MMT from a Monetary Localist • Easy There Entropy
Modern Monetary Theory is refocusing economics on an important set of ideas: monetary sovereignty, the resource constraint, and a basic jobs program. There are curious parallels to cryptocurrencies. But MMT still has some ways to go to become the ecologically and socially sound theory of money we so desperately need
Disclaimer: This critique is based almost entirely on a reading of Stephanie Kelton's popularization of MMT, The Deficit Myth. I have yet to really dive into the MMT academic literature. Update: I've read plenty more MMT and MMT-adjacent literature by now, and believe the thrust of my points here still stand :). MMT is refocusing economics on an important set of ideas: monetary sovereignty, the resource constraint, and a basic jobs program. There are curious parallels to cryptocurrencies. But MMT still has some ways to go to become the ecologically and socially sound theory of money we so desp
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