An essay that treats the claim “real resources are a constraint on what is otherwise infinite” as #MMT’s secret, reluctantly shared ingredient, when the reality is that it’s a central pillar. As with any unit of measurement, 💰 is indeed infinite. The stuff being measured is not.
The fact that money is infinite to the federal government is incontrovertibly true.
The fact that its use is limited by real resources is also incontrovertibly true.
The genius of #MMT is exactly that it so clearly separates the two concepts. This author strongly disagrees.
The fact that its use is limited by real resources is also incontrovertibly true.
The genius of #MMT is exactly that it so clearly separates the two concepts. This author strongly disagrees.
The author doesn’t just disagree that “money is infinite” is separate from “real resources limit its use,” she calls it “@videotroph’s delusion.” Which means it’s my delusion as well, because it *IS* the reality of our economy which, by definition, is what #MMT expresses. 
The Weimar Republic was forced into war reparations after WWI, with no resources to meet its foreign denominated obligations. “Printing infinite money” was a consequence, not a cause. It’s economy has nothing to do w/ that of the US or any fiat svrgn. See: nakedcapitalism.com/2010/05/mmt-fe…
Phew. It seems that #MMT has fully entered the “then they fight you” stage.
I may just an “untrained practitioner” who has “taken on a second career as a [non-expert] guru of #MMT’s strange religion” but this seems to me like a pretty lazy take. MMT has NO VIEW OF INFLATION!?
Here’s the first one I found, by @billy_blog in 2010: bilbo.economicoutlook.net/blog/?p=10554)
Here’s the first one I found, by @billy_blog in 2010: bilbo.economicoutlook.net/blog/?p=10554)
According to the author, #MMT-ers are delusional pyramid scheme adherents, good faith only in that they’re so delusional they don’t realize how duped they are. I think I’ve gone far enough down this highfalutin academic MMT smear job to say its reasonable to call it just that.
A related article by the same author. Phew indeed. shaneherron.com/blog/mmt-no-th…
This is the author who wrote this passage: “Indeed, many of #MMT’s practitioners are not trained economists at all. They are often, ironically, wealthy investors or financial advisors who have taken on a 2nd career as gurus of MMT’s strange religion.”
