The only response to MMT from mainstream - Economists is shame--that they've been lying Posted: Mar 19th, 2019 - 5:36 am In Reply to: Modern Monetary Theory Is a Recipe for Hyperinflation - sm
MMT is a description of the monetary system. It is not something you can “switch to”, “implement”, or “use”. It merely describes what already is.
The description, once understood, implies what is possible and not possible. MMT then gives us an essential structure to work with to derive economic policy.
So, it is clear that mainstream economists are not critiquing MMT. Rather, they are attacking the progressive possibilities uncovered by what MMT implies. They are virulently angry about the public discovering that the mainstream lied to them; what economists told the people was impossible is factually quite possible, and economists are lashing out with everything they have – mainly straw man arguments – in a fit of terror and panic. In other words, the public found out that the TINA mantra (There Is No Alternative) was and is total bullshit, and that mainstream economists don’t know what the hell they are talking about.
The only cohort for whom rage is justified is the public itself directed at the orthodoxy.
The only justifiable response to MMT from mainstream economists is shame.
Ellis Winningham
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