Originally Posted by
Suzanimal
Modern Mone[tary] Theory.
I dunno what the hell that is but if Comrade Bernie is interested, I doubt I will like it. I guess I better read up on it but if anyone can explain it in plain English or direct me to a site or video that does a good job (maybe MMT for Dummies?), I would greatly appreciate it.
Maybe some of this will help. (It's pretty heavy on Bob Murphy - but that can never be a bad thing ... )
Here's the Wikipedia page for MMT: Modern Monetary Theory
Here's a 2011 mises.org article about MMT (by Bob Murphy): The Upside-Down World of MMT
Here's a collection of Bob's blog posts about MMT: http://consultingbyrpm.com/?s=MMT
(BTW, Bob Murphy is also cited in the "Criticisms" section of the Wikipedia article on MMT: https://en.wikipedia.org/wiki/Modern...ory#Criticisms)
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Here's a debate between Bob Murphy and one of the chief proponents of MMT, Warren Mosler (06 June 2013):
MMT vs. Austrian School Debate
https://www.youtube.com/watch?v=cUTLCDBONok
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Bob Murphy discussed MMT in episode #38 of The Tom Woods Show (13 November 2013): http://tomwoods.com/podcast/ep-38-murphy-takes-on-mmt/
I couldn't find a 'tube for this episode, so here's an audio file (mp3): http://traffic.libsyn.com/tomwoodssh..._13_2013_2.mp3
Here are some remarks by Bob about the show:
Tom Woods Talks MMT With Me
http://consultingbyrpm.com/blog/2013...t-with-me.html
Bob Murphy (14 November 2013)
[...] Two things:
(1) I misspoke early in the interview, when I confused Abba Lerner with Oskar Lange. They both advanced the "market socialist" response to Mises during the celebrated Socialist Calculation Debate, but it was Lange (not Lerner)
who wrote (somewhat tongue in cheek):
Both as an expression of recognition for the great service rendered by him and as a memento of the prime importance of sound economic accounting, a statue of Professor Mises ought to occupy an honorable place in the great hall of the Ministry of Socialization or of the Central Planning Board of the socialist state.
But just to be clear, I
was right that
Abba Lerner is the forerunner to today's MMT guys.
(2) I summarize my view on MMT near the end of the interview like this:
"[T]hey run around with these accounting tautologies that yes, technically are accurate mathematically, but how they deploy them in policy discussions is completely misleading."
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And finally, just for laughs:
You may remember the viral "Peter Schiff was right" YouTube video.
Mike Norman was one of the guys who infamously mocked Schiff in that video. Mike Norman is an MMTer.
Anyway, Norman tried to instigate a kerfuffle with Bob Murphy over the Murphy-Mosler debate (posted above). Big mistake ...
https://www.youtube.com/watch?v=ETPhXVME5Gs
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