August 8, 2019

Stephanie Kelton: MMT’s public farce

Comment on Tom Hickey on ‘MMT in the news’


The philosopher Tom Hickey is happy: “Stephanie Kelton is solidifying in the role of being the public face the MMT. This is doubly beneficial. Not only is it good for popularizing MMT, but also there are not many other women among economists that the public is familiar with.”

For a philosopher, this may be important. For a scientist, the person/messenger is of NO importance at all. For a scientist only content counts. The crucial question is always and everywhere: Is it true or false what the person says? Scientific truth is well-defined by material and formal consistency.

Now it is known that the MMT sectoral balances equation, i.e. (I−S)+(G−T)+(X−M)=0, is false.#2 Because the foundational equation is false the whole analytical superstructure of MMT is false. Because the theory is false, economic policy advice has NO sound scientific foundations. Any statement that has no sound scientific foundations is merely gossip or propaganda or entertainment or disinformation or storytelling or blather.

This applies to the communication of MMT’s public face Stephanie Kelton. For details of the proto-scientific farce see #3-#9

Egmont Kakarot-Handtke

#1 The axiomatically true balances equation reads (I−S)+(G−T)+(X−M)−(Q−Yd)=0.
#2 For the full-spectrum refutation of MMT see cross-references MMT
#3 The Kelton-Fraud
#4 Down with idiocy!
#5 Stephanie Kelton’s legendary Plain-Sight-Ink-Trick
#6 How Stephanie Kelton brain-washes a lovely young English girl
#7 Prophet Stephanie divines the seizure of the means of production of currency
#8 Stephanie Kelton and the self-destructive stupidity of the super-rich
#9 Stephanie and Noah ― economics at the intellectual zero lower bound

Related 'Show first your economic axioms or get out of the discussion' and 'MMT, Warren Mosler, and the little helpers from Wall Street and Academia' and 'Mission impossible: economists join WeThePeople' and 'MMT = proto-scientific garbage + deception of the 99-percenters' and 'MMT and grassroots movements' and 'Deficit-spending/money-creation is ALWAYS a bad deal for WeThePeople' and 'MMT: So-called Progressives as trailblazers for Trumponomics' and 'MMT: The new Center of the Universe of political fraud' and 'MMT’s true program' and 'The state of MMT? Stone-dead!'.


The midwives manual for the Birth of the "People's Economy"

The gender-neutral version