Newt's a Swinger

[David Newman]

Originally Posted by Twodogs

So, the obvious question is, why are we not running it properly. If it's irrefutable fact, so simple as not to be over anyone's head, and self sustaining, that only leaves a sinister plot, no?

I'd say it starts with higher education still holding onto economic models from times past. I recently completed my MBA and in the process took two graduate level economics courses. In 6 course hours of economics, we spent exactly 5 minutes with a brief mention of modern monetary theory, yet anyone who tries to challenge MMT has yet to show any faults in the logic, including Keynesians and Classical, neo-classical, austrian schools of thought. The only fault they can find in the model is what they perceive to be a lack of attention to inflation while, in fact, inflation is the number one concern of MMT.

It's difficult because we have generations of economists who have made things unnecessarily complex. I think the simplicity of the model is it's greatest strength and the greatest hurdle to overcome.

Just to be clear, his ideas about how to effectively utilize are monetary system are open to debate, the part that is irrefutable is his description of our monetary system.