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This is all well and good, but it largely describes standard economic models - that reasonable inflation is generally good. MMT's only unique proposition was t

This is all well and good, but it largely describes standard economic models - that reasonable inflation is generally good. MMT's only unique proposition was that the upper bound of money creation was much higher than previously thought. MMT kind of promised an infinite money glitch hack of the economy, and the reality has been closer to a bit of loose change. Also, Kelton et al have severely underrated how much people hate inflation. So it's well enough to say we can pay for a ton of government programs with a bit of inflation, but people are going to hate, hate, hate it.

dctoedt 5y ago
> Kelton et al have severely underrated how much people hate inflation. And right-wing media had nothing to do with that, of course.
- uejfiweun 5y ago
  I don't really think it's fair to just say right wing media is the only reason people hate inflation. I certainly hate it, because well for one, the CPI is bullshit and doesn't include key items such as college tuition and housing prices. It's a common refrain in my generation that nobody will be able to afford a house, and you hear it on the right and the left.
  - dctoedt 5y ago
    > I don't really think it's fair to just say right wing media is the only reason people hate inflation. Agreed (and that's not what I said).
- legitster 5y ago
  Uh... I don't think inflation is any more popular in progressive circles. Or countries without conservative media.
  - orhmeh09 5y ago
    Countries without conservative media? Where?
- tharne 5y ago
  > And right-wing media had nothing to do with that, of course. In this case, they really don't have anything to do with that. The average person has a much better BS detector than economists give them credit for. Most people are quick to see inflation for what what it is: Theft from the average person for the benefit of government and banks. Money printing is great when you're the money printer or close to the money printer. It's crap when you're money doesn't go as far.
dctoedt 5y ago
From Kelton in April 2021: "The key to responsibly spending vast sums of money lies in carefully managing the economy’s real productive limitations. Just as my son’s Lego projects are limited by the amount of bricks we have bought for him, we can’t squeeze more goods and services out of our economy once we’ve made use of all available resources. ... Depending on how big Congress ultimately decides to go on infrastructure, and how quickly, it may need to unleash a whole suite of inflation-dampening policies along the way — all of it unrelated to deficit neutrality." (Emphasis added.) https://www.nytimes.com/2021/04/07/opinion/biden-infrastructure-taxes.html https://www.nytimes.com/2021/04/07/opinion/biden-infrastruct...

dctoedt 5y ago

> Kelton et al have severely underrated how much people hate inflation. And right-wing media had nothing to do with that, of course.

uejfiweun 5y ago
I don't really think it's fair to just say right wing media is the only reason people hate inflation. I certainly hate it, because well for one, the CPI is bullshit and doesn't include key items such as college tuition and housing prices. It's a common refrain in my generation that nobody will be able to afford a house, and you hear it on the right and the left.
- dctoedt 5y ago
  > I don't really think it's fair to just say right wing media is the only reason people hate inflation. Agreed (and that's not what I said).
legitster 5y ago
Uh... I don't think inflation is any more popular in progressive circles. Or countries without conservative media.
- orhmeh09 5y ago
  Countries without conservative media? Where?
tharne 5y ago
> And right-wing media had nothing to do with that, of course. In this case, they really don't have anything to do with that. The average person has a much better BS detector than economists give them credit for. Most people are quick to see inflation for what what it is: Theft from the average person for the benefit of government and banks. Money printing is great when you're the money printer or close to the money printer. It's crap when you're money doesn't go as far.

dctoedt 5y ago

From Kelton in April 2021: "The key to responsibly spending vast sums of money lies in carefully managing the economy’s real productive limitations. Just as my son’s Lego projects are limited by the amount of bricks we have bought for him, we can’t squeeze more goods and services out of our economy once we’ve made use of all available resources. ... Depending on how big Congress ultimately decides to go on infrastructure, and how quickly, it may need to unleash a whole suite of inflation-dampening policies along the way — all of it unrelated to deficit neutrality." (Emphasis added.) https://www.nytimes.com/2021/04/07/opinion/biden-infrastructure-taxes.html https://www.nytimes.com/2021/04/07/opinion/biden-infrastruct...