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Not even the MMT people understand MMT. The lack of formal models means everyone is working with wildly different and often contradictory definitions
by causalmodels 5y ago
Not even the MMT people understand MMT. The lack of formal models means everyone is working with wildly different and often contradictory definitions
- OGWhales 5y ago> everyone is working with wildly different and often contradictory definitions I’ve found the main MMTers to be mostly consistent amongst themselves in their theories. Now, I think some ideas are wrong, but they do seem mostly on the same page. I agree MMT does an excellent job convincing laymen of some pretty wacky ideas and that’s one of my bigger complaints with it. Also, I find the focus on mathematical models problematic in mainstream economics. It obfuscates a lot of erroneous assumptions. Models are great for testing, but words are useful for communicating ideas too and can sometimes be a better format, especially for wider audiences. To be clear, I’m not saying models are bad or that MMT shouldn’t use them, in fact I saw one MMTer post this paper recently: http://www.levyinstitute.org/pubs/wp_992.pdf http://www.levyinstitute.org/pubs/wp_992.pdf