I am no MMTer but I'm struck by how the basic critique by @Noahpinion of MMT - 'they always claim they are right' - apply to failed mainstream models of economics. None of them got the financial crisis or free trade or shortages.
It's all garbage. All of it.
It's all garbage. All of it.
https://twitter.com/Noahpinion/status/1490565226722304004
Price controls are a good idea sometimes and a bad one sometimes. We are imposing controls for shipping right now, which no one in this debate seems to understand. We cannot impose broad price controls because we lack the capacity, which no one in this debate seems to understand.
The point of economics is not to be right or wrong, that's entirely incidental. The point is to develop a political language that excludes normal people from discussing political economy. That is it. mattstoller.substack.com/p/what-is-the-…
Janet Yellen is by all accounts a superb economist, and she is pushing aggressively to remove tariffs on Chinese goods because she thinks it'll address inflation and she's also a free trader. The equations and models reflect collectively insanity, not coherence.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
