Talk:Modern Monetary Theory
This article is terrible. And I come at this not as someone who's starting premise is to defend MMT. I'm no economist, and I'm perfectly happy to have my views challenged and given new information. However, compare this page to that on Austrian School Economics - whilst critical, the latter goes into detail into the problems with the theory, uses multiple sources and, whilst snarky, largely steers clear of direct insults. I've never seen an article more seething with bile, and uses of the term 'second-class', 'theologists' and so on, which goes without mentioning the poor grammar of this article. And whilst I don't claim to be an expert on MMT (hence I'm not editing it myself), I know certainly that the writer of this has already gotten something wrong. They're confusing the concept of a government being theoretically unlimited by cost with the idea of just printing money ad nauseum, which MMT does address (i.e., taxing puts money back into the system to counterract inflation).
- I have also stumbled across this article and made the same observations. I have some specific additions to make.
- " “no simple proportionate relationship exists between rises in the money supply and rises in the general price level.” This is a blatant lie, since the correlation of money growth and inflation is 0.8 in US, with similar correlations elsewhere." -- This depends strongly on what is meant by simple proportionate relationship. If what was intended was a simple linear correlation, it's obviously bullshit. If what was meant are there exist numerous confounding variables, then calling it a blatant lie is a blatant lie because it's actually true.
- "...seem cognizant of the deleterious effects of inflation, but even those who know how bad inflation is..." -- inflation is not black and white. Extremely low inflation can be situationally as bad as moderately high inflation. Though everyone suffers really bad under hyperinflation. How bad you suffer under inflation also depends on how much savings you got, so this sounds a bit like rich guy apologetics. Perhaps this article could use some expansion on what exactly the deleterious effects are?
- "...and that economies typically operate with spare productive capacity. They don’t give evidence..." -- I'm not sure why you would need to give evidence for something mainstream economists also support. Though the class conflict part is very weird and probably wrong.
- "Considering how the idea of controlling prices have failed for thousands of years" -- Well, you haven't read Adam Smith, that's for sure. The government historically can, and has successfully controlled prices. Often to bad results from a macroeconomic perspective. One also does not seem to know what the actual purpose of a central bank is.
- "...it’s pretty much what Venezuela and Zimbabwe did." -- Perhaps you could tell us what they did and what happened to them yourself? Venezuela's financial history is rather complicated with several successes and several failures. Could you tell us which event in particular you're talking about at least? Did the thing happen while Zimbabwe was experiencing heavy trade sanctions for breaking from Britain? Because that would also tank an economy.
- Saying that a crank supports a theory is not enough to convince me that it's a crank theory. I'd prefer an article that chiefly examines the substance of the theory. Tulpa001 (talk) 13:41, 28 September 2020 (UTC)
This has to be the worst page I have seen on Rationalwiki. It's not only dismissive and grossly self-satisfied but just flat out wrong. This is like a South Park analysis, like someone woke up, took a bunch of bong rips, and read some MMT hit-piece while half asleep and decided they could write an article about it. This is exactly the kind of treatment my racist grandpa gives Karl Marx. A real low point for this otherwise pretty funny and informative website.— Unsigned, by: Erenny / talk / contribs
I have added more to the MMT section of the Post-Keynesian Economics article. In there, there are several responses to the inflation hawkery that's going on in this article. I also recommend deleting this article or rewriting it to include what MMTers have to say about inflation. Omni-Democratist (talk) 09:23, 21 November 2020 (UTC)