Richard White Patato — Mmt: Economic Science For An Economic Scheme Focussed On Coming Together The Needs Of Nearly People

David Howdle posted a commenton this weblog inward which he said:

Professor Murphy, give thank y'all you for your thoughts which I uncovering most interesting. I portion a lot of your blogs on pro Scottish independence Facebook group. I uncovering that MMT resonates amongst many supporters. However, non amongst all past times whatever means.In reply to sharing this weblog individual has said “Check his blog. Murphy is peddling a new-ish economical fad called Modern Monetary Theory. This controversial in addition to untested approach is evangelised past times minor clique of left-leaning economists in addition to intellectuals by in addition to large inward the United States of America who are looking for an unsuspecting guinea pig. Step forrard Scotland”.

Are y'all able to betoken me to something robust to exhibit that MMT is non equally he labels it? That is “untested”. I’d live on most grateful.

I get got the comment seriously. Modern Monetary Theory does endure from existence called a theory. It also suffers on occasion from existence a petty likewise dogmatic (I include myself inward that criticism, perhaps). And sometimes it simply needs to live on explained for what it is.

The truth is that modern monetary theory is equally much a theory well-nigh coin creation equally sexual intercourse is a theory of how procreation inward humans happens. In other words, it's a description of what happens in addition to non an explanation of what mightiness be....

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MMT: economic science for an economic scheme focussed on coming together the needs of most people
Richard Murphy