Image credit |
What makes MMT a fruitful alternative to traditional economics is the fact that the latter misrepresents the role of money in an economy.
See my (2) Neutrality of Money ...
By showing the disastrous effect of this omission and introducing money (properly accounted for) into economic science, MMT exposes a dangerously misleading orthodoxy and offers an alternative and realistic account of economics.
MMT is a great tool to come to grips with prevalent economic theory and its distorting view of the economy, while it opens for the student entirely new vistas of the economy.
There is no need to adhere to MMT with dogmatic fervour. Even if it should turn out to be flawed, in need of improvement and containing elements to be discarded, it is an excellent approach to learning the economic way of thinking, see through pretence and pick the better parts of it.
No comments:
Post a Comment