It's akin to the the Magic Grandpa fanatics, back in the day, in the bad place. I'm guessing there's a Venn in there somewhere

James, John and Martin in their echo chamber, not show any data/links or actual argument for how they are right, must be wonderful

Dude, I don't think we're the ones on our own here!

All we have is *check notes* the overwhelming majority of economists support us

Yeah, it's not the economists you need, it's the bond traders

MMT started with a bond trader! Warren B. Mosler in the late 1990s started writing how he believed money worked. Stephanie Kelton then wanted to show him how he was wrong and did research and a paper on how he was wrong, but the more research she did the more she realised that Warren was right!

You are arguing against something you have very little knowledge about!

Kelton then developed those concepts into a book for the general public on MMT - The Deficit Myth. It's an awful work, which is wrong on both the facts and the critique.

It's obviously true that money in the current world differs markedly from when it was based on gold and silver - but this has been the case for a century or more. It's not news. Despite that, sensible governments still act as if economics still broadly operates within that framework, as it does.

In particular, while Kelton spends ages banging on about the NAIRU (a bodge to a behavioural hypothesis which had broken down and which is itself largely discredited and unused now), she doesn't reference the Philips Curve it builds on. It's a straw-man argument.

Even more tellingly, she doesn't reference the (true by definition) MV=PT classic monetary equation. That's a massive problem because the whole notion that you can print your way to prosperity as long as you don't overheat employment flies in the face of it.

This is one of those threads where I definitely wouldn't have guessed the topic of the OP from the later responses