Hacker News Reader

Comment by baursak | Hacker News Reader

MMT is both a description of the current system, a system that is already in place, and a set of policy proposals. So "believing" in MMT may simply mean understanding clearly the process already happening.

View on HN

I think the argument that MMT is non-normative with respect to inflation is simply false. I'm not an expert, but, like, I've read things other than this article, and in all of them (along with this article) MMT proponents are at pains to point out that "inflation doesn't matter" is a misconception.

As a neutral observer, it feels like if you’re right you could easily show it by literally finding 3 normative judgements on inflation by prominent MMT proponents, and pasting them here, rather than referring to “I’ve read things”

Well, your first would be this article, as I said.

Your second would be the debate between Furman and Kelton on the Ezra Klein podcast, as I said.

I'll dig up a third cite. Like, one of the things in my head is the Kelton vs. Krugman argument, which I read on Krugman's blog, but that's not the best cite, since you're getting Kelton secondhand through Krugman there.

Happy to help. If you'd like to help too, you could cite a source that says MMT'ers feel like inflation doesn't matter.

I have Ctrl-F’d through the article for “inflation” and only see “excessive” inflation as being normatively judged. Which bit do you feel supports your assertion?

On the discussion with Kelton and Furman on the Ezra Klein show: I came away frustrated, because I felt that every time Kelton tried to delineate an ideological difference, Furman disagreed that it was in fact a difference. I found it a good discussion on economics, but no clear line-in-the-sand between MMT and orthodox economics.

Reply on news.ycombinator.com