I tried to read rebuttals to MMT.
First, as I mentioned, they are very boring, and not easy to catch the real content. and how they disagree with MMT.
Second, hm... have you ever tried read movie reviews on Rotten Tomatoes by top critics? I expected high level of professional opinion - and what do I got instead? Every time I have a doubt - if they really have watched the movie? I realized that they really discuss not the movie, but the movie director. They know him personally, and they like him (or not) and they have their own personal scores with him, and they try to settle these scores without even discussing the movie.
For example, the movie "Don't look up" - one of top critics starts with "This guy (movie director) again tries to show that he is smarter than all of us" and so on... You got the idea.
Why do I moved to Rotten Tomatoes? Discussion on MMT by top economists reminds me these top movie critics.
They just hate MMT, and they did not even try to prove which theory assumptions and conclusions are wrong - item by item. They discuss their own theories about MMT instead, and most of them are not related to MMT at all.
For example, Tom Friedman calls MMT "A modern shamanism" and after that provides a thesis on how bonds and particularly Treasuries affect credit and money supply. How it related to MMT? May be it does, may be not, not easy to grasp.
So, if you decided to find fundamental critical works on MMT, I wish you good luck - it may be a thorny and rocky road. |
