Proponents of Modern Monetary Theory have predicted many of the crises that neoclassical economists completely whiffed on, because they actually measure and include data in their model that orthodox economics does not.

What is even more egregious, however, are the superficial criticisms of MMT deployed to criticize it, which amount to not understanding it, because they can’t see how it fits in with their own view. That, however, is the point. It doesn’t “fit in” with their view, it replaces it with a different one.

Links:

Original article:

https://open.substack.com/pub/dougaldlamont/p/if-mmt-is-wrong-why-is-it-so-much?r=9gk0j&utm_campaign=post&utm_medium=web&showWelcomeOnShare=false

https://www.telegraph.co.uk/business/2016/07/28/imf-admits-disastrous-love-affair-with-euro-apologises-for-the-i/

https://paulromer.net/the-trouble-with-macro/WP-Trouble.pdf

http://www.nytimes.com/2015/07/31/business/bailout-money-goes-to-greece-only-to-flow-out-again.html

https://www.3dpolicy.ca/node/459

https://www.gmo.com/north-america/research-library/why-does-everyone-hate-mmt/

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