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Modern Monetary Theory debunked (ish)
(youtu.be)
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this post was submitted on 14 Feb 2024
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chapotraphouse
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To clarify, MMT is not Keynesian, and not even post-Keynesian. The key figures that influenced the MMT development (Minsky, Hudson, Mitchell) were/are Marxists.
Keynes proposed government stimulus (deficit spending) only during crisis of capitalism, and fully supported right-wing austerity when the economy is going well. MMT says that the government should run a perpetual deficit spending program to drive the economy. That’s the key difference between Keynesianism and MMT.
I’m aware there’s a difference. Hudson’s just all over the place. The other day I was listening to him and Radhika Desai and he started using Georgist talking points and then suggesting that Capitalism has fallen to feudalism with the “rentier takeover.”