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0 pointscomte70923y ago0 comments

MMT has never gained mainstream acceptance amount politicians, outside of a handful of left wingers. Your argument lacks empirical evidence.

Politicians spend because it’s popular, they cut taxes because it’s popular. In reality they don’t need a theory to justify their behavior. The budget deficit has been ballooning for decades before MMT even became a faint part of the public consciousness.

It’s ridiculous to assert that academics are somehow responsible for the behavior of politicians. What matter is that they develop theories that are correct and true.

0 comments

Atlas223y ago

I don't think they were claiming that academics are responsible for politicians behavior, rather that politicians often use academic work with little to no understanding of it and/or as an excuse to give their predetermined conclusion (increase spending) "expert backing."

jerf3y ago

This is correct. Economic theories are merely one of a portfolio of reasons to spend lots of money, and not anywhere near the most important ones.

Though I would submit that they do have some pretty significant impacts in a couple of particular places, at the Treasury and the Fed. In Congress, of course, it's probably all but irrelevant except as which fig leaf some more sophisticated ones may reach for.

comte7092OP3y ago

If I handed a lit match to a toddler, I’d consider myself responsible for what happened next.

Natsu3y ago

I don't think people think they're responsible, exactly, it's just a very convenient way to justify what they're doing.

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