Some eminent economists think the former. She said Modern Monetary Theory should be "a larger part of the conversation," in an interview with INSIDER in 2019.) Modern Monetary Theory – which is neither modern nor a theory – is a post hoc rationalization of political expediency and power-expanding action. Modern Monetary Theory (MMT) is gaining traction. Mr. Krugman in his Friday NYT blog engaged Modern Monetary Theory on these facts and received considerable flack from MMT economists and supporters for misrepresenting MMT’s assertions. It makes us feel better about all the bad stuff we’ve done with money and debt for the political efficacy of Team Elite. Its adherents think it’s just common sense, but it’s actually destructive nonsense. Modern Monetary Theory (MMT) is a hip economic/financial paradigm apparently sweeping a world unsatisfied with mainstream economics. He last wrote about MMT in a two-part series on February 12-13, 2019.Although he’s had almost a … One of MMT’s most prominent advocates is Stephanie Kelton, a professor at Stony Brook University who advised Senator Bernie Sanders during his 2016 presidential … And all the bad stuff we’re going to do. In his latest New York Times column, he writes: [I]t’s a completely safe prediction that once Joe Biden is … OK, it’s a little more sophisticated than that, but not nearly as much as they think it is. Pushed by bipartisan support from prominent politicians like Alexandria Ocasio-Cortez and – some would argue Donald Trump himself – Modern Monetary Theory (MMT), which has hitherto been regarded as a borderline lunatic idea is making a serious comeback into the political and economic conversation. Why, governments can never “run out of money,” because they have a printing press! Paul Krugman first wrote about modern monetary theory on March 25, 2011. Yes, he says, you will have to raise taxes to pay for what progressives want. Over the past year, I have been hearing a growing number of people refer to MMT: either fans who think it blows up my Austrian views, or foes who think it deserves a full-scale critique. ... Paul Krugman, a Nobel prizewinner … Modern Monetary Theory (MMT) is picking up steam (thanks to Alexandria Ocasio-Cortez and Bernie Sanders), to the point that even Krugman is alarmed. After all, he is making the same arguments we’ve been addressing for the last … Although Paul Krugman has clashed with Stephanie Kelton over her absurd book claiming that deficits don't matter (See my rebuttal: Problems With Modern Monetary Theory: A Comment on Stephanie Kelton’s "The Deficit Myth"), Krugman sounds as though he is now part of the MMT camp. In recent years, a radical and unorthodox school of thought called “Modern Monetary Theory” (MMT) has become popular with some progressive economists, as well as with policymakers and activists on the political left. Frankly, I was pleased to see Mr. Krugman address our work and was really not surprised by some of his objections. Free exchange Is modern monetary theory nutty or essential? Respected and influential academics such as Paul Krugman, Kenneth Rogoff, and Larry Summers, among others, have stated that MMT makes little sense. Krugman Posts Discussed “What’s Wrong With Functional Finance? No one can sensibly accuse Nobel Prize-winning economist Paul Krugman of being averse to progressive economic ideas. This is the episode folks have been asking us for. 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