1Dime Radio Arguments Against Modern Monetary Theory
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Mar 2, 2022 Join Andrew Johnson, co-founder of the PEGS Institute and political candidate, alongside Jackson Winter, animator and researcher, as they dissect the common misconceptions surrounding Modern Monetary Theory (MMT). They delve into the differences between MMT and Keynesianism, explore its global applicability beyond the US, and address controversial critiques like the notion that MMT necessitates imperialism. Their engaging discussion highlights how MMT interacts with Marxism and tackles inflation, debunking myths that hinder understanding.
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MMT Is Distinct From Keynesianism
- MMT is not simply Keynesianism and offers distinct analysis about monetary operations after the gold standard era.
- Dismissing MMT as "just Keynesianism" ignores new evidence and post-gold-standard realities described by Andrew Johnson and Jackson Winter.
MMT As A Descriptive Tool
- MMT is descriptive, not a political manifesto; it explains how monetary systems operate rather than prescribing one single policy.
- Policymakers can input political aims into MMT and derive different policy choices, so MMT is a tool not an ideology.
Use MMT To Pursue Full Employment
- Use MMT to pursue goals like full employment because it shows unemployment is a policy choice rather than a funding constraint.
- Pair monetary understanding with political strategy to implement programs like a job guarantee effectively.
