Thread by @YohannesBecker

At a recent conference, everyone at the dinner table agreed that MMT is bullshit, but nobody seemed able to say anything meaningful about it.

Here are some links that I found helpful to get a basic understanding (though not enough for a sophisticated twitter fight).

(Btw, if the above tweet made you think I was the only exception at the table, you're a victim of my magic suggestive tweet writing skills.)

Here is a good overview by @dylanmatt

vox.com/future-perfect…

@dylanmatt This is the strongest piece that I read so far. blog.usejournal.com/whats-wrong-wi…

@dylanmatt Here is a little bit of background (which allows you to use "Abba Lerner" in a sentence - which elevates you in the eyes of certain insider circles).

creditwritedowns.com/p/mmt-for-dumm…

@dylanmatt And finally two pieces which won't add much but provide a more specific political perspective. Here is @jbarro ...

nymag.com/intelligencer/…

... and here is @RobertJShiller
nytimes.com/2019/03/29/bus…

@RobertJShiller My impression, so far, is the following. If MMT proponents were more precise about (i) semantics and (ii) their differing (more optimistic) view about fiscal policy-makers and were not confounding positive theory and policy proposals...

... and if (iv) the median commentator/economist had a slightly better macro understanding, we wouldn't have (had?) an MMT hype.

So, for now, I find it possible that Buiter and Mann are right in writing about MMT:

"What’s right is not new, what’s new is not right, and what’s left is too simplistic"

(okay, fine, I only quoted this because I like the rhythm 🙂.)

citivelocity.com/citigps/modern…