[T]he superstition that the budget must be balanced at all times, once it is debunked, takes away one of the bulwarks that every society must have against expenditure out of control. . . . [O]ne of the functions of old-fashioned religion was to scare people by sometimes what might be regarded as myths into behaving in a way that long-run civilized life requires.
Tuesday, October 29, 2019
Good criticism of MMT
The TD Bank Financial Group, authors of Modern Monetary Theory: A Primer, make some fairly serious mistakes in their criticism of MMT. Still, given the deluge of misinformation about MMT, it looks to be written in the best faith we can hope for. With all good luck, I will devote some attention to a more detailed examination of the report in my copious free time.
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