[lbo-talk] [pen-l] What is MMT?

Marv Gandall marvgand2 at gmail.com
Wed Feb 13 12:58:53 PST 2019

Michael Roberts has a recent three-part criticism of MMT from a Marxist perspective:




“After two long and possibly turgid posts analysing Modern Monetary Theory, in this third post, I’m going to look at the practicalities – in other words, what are the policy proposals that MMTers put forward for the government to do in order to get more jobs at better wages and without provoking inflation?”


> On Feb 13, 2019, at 10:19 AM, raghu <mraghu01 at gmail.com> wrote:
> MMT is getting a lot of attention in leftist circles because it appears to be a sigficant influence on major political figures who identify as democratic socialists, notably Ocasio-Cortez and Sanders.
> But as with any theory of money, it seems to attract a lot of abstract commentary and criticism (is it *inherently* unstable? does it always *ultimately* end in hyper-inflation?) which don't seem to go anywhere, and in any case, like any "in the long run" arguments seem of no practical relevance.
> What then is a good *practical* way to think about MMT? Is it fair to think of MMT as simply the extreme opposite of gold-buggery? Given that gold buggery is a definitively right-wing ideology, isn't it natural for leftists to have at least some affinity for its extreme opposite? For example, given that in the present political moment leftists are unambiguously opposed to austerity and deficit hawkery, so at least in the short term, all leftists are MMTers?
> I found this handy FAQ on the NakedCapitalism site (which while fairly sophisticated, seems all in on MMT and so not a neutral source):
> https://www.nakedcapitalism.com/2019/02/modern-monetary-theory-mmt.html
> -raghu.
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