Seven Preliminary Propositions on Modern Monetary Theory (MMT)

Jack Rasmus

I’ve recently had an exchange on my Twitter account with a couple academic economists who believe MMT (Modern Money Theory) is the silver bullet answer to the growing instability of capitalist economy in the 21st century, it’s inability to generate sustained economic growth, and growing inequality (wealth, income, all forms) in the process of failure to provide sustained growth or stability (in employment, inflation, etc.). These economists too cleverly post their own views without acknowledging my points, so I’m here summarizing some of my views to date on MMT. (I reserve my final views pending my completion of my full analysis of the major advocates of MMT–Kelton, Wray, others). But for now, this is how I see it:

The 7 Propositions:

#MMT is a naive academic theory that thinks you can somehow get the capitalist Treasury & central bank (Fed) to abandon its primary mission to protect & preserve the…

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