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6min chapter
What's wrong with MMT? ft. Eric Leeper & Ben Ritz
The New Liberal Podcast
Is There a Model How the Economy Works?
In m m t, there's no formalized mathematical model of how the economy works. And it really strikes me as crazy that somebody would come out with a whole kind of theory about how the economy work and then they don't actually write any of it down in a formal model. So why not give something new a try? You know, if traditional macro has gotten it so wrong for so long, there has to be a replacement. Hint: The way we think about fiscal policy is not terribly sensible or grounded in what economic theory would tell us. There are many ways in which we could improve what fiscal policy is doing but we have to confront the political realities of it.
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