Bill Mitchell — The Split Upwardly Betwixt Mainstream Macro Too Mmt Is Irreconcilable – Purpose 3

This is Part iii (and final) of my serial responding to an iNET claim that Modern Monetary Theory (MMT) too mainstream macroeconomics were essentially at i inward the mode they sympathise the economic scheme but differ on matters of which policy musical instrument (fiscal or monetary) to assign to counter stabilisation duties. In Part 1, I demonstrated how the total mainstream macroeconomic concepts comport no correspondence amongst the total MMT concepts, too thus it was surprising that somebody would endeavour to run an declaration that the practical differences were actually virtually policy assignment. In Part 2, nosotros saw how the iNET authors created a stylised version of mainstream macroeconomics that ignored the key edifice blocks (how they arrive at their conclusions virtually the existent world), which agency that they ignore of import differences inward the mode MMT economists too mainstream macroeconomists translate a given economical state. I volition elaborate on that inward this terminal part. Further, past times reducing the trunk of piece of job similar a shot known every bit MMT to survive but ‘functional finance’, the iNET authors also, effectively, abandon whatever valid comparing betwixt MMT too the mainstream, although they create non admit that sleight of hand....

Bill Mitchell – billy blog
The dissever betwixt mainstream macro too MMT is irreconcilable – Part 3
Bill Mitchell | Professor inward Economics too Director of the Centre of Full Employment too Equity (CofFEE), at University of Newcastle, NSW, Australia