Comment on Asad Zaman on ‘ABC’s of Modern Monetary Theory (MMT)’
(1) MMT claims to be science. Roughly speaking, science means material and formal consistency of a theory. The proof has been given that the macroeconomic foundations of MMT are defective. Because the foundations are false the whole analytical superstructure is false.#1 So, MMT policy guidance has NO sound scientific foundations. It is just political agenda-pushing.
(2) For lack of scientific content, the economic policy arguments of MMTers consist of simple assertions or commonsense truisms e.g. the government never runs out of money. This is trivially true for a fiat money system but holds also for the counterfeiter. The essence of MMT policy is deficit-spending/money-creation for every calamity between unemployment and climate change. Deficit-spending has a positive impact on macroeconomic profit. The macroeconomic Profit Law implies Public Deficit = Private Profit. So, MMT causes present and future distributional problems.#2
(3) MMTers present themselves as progressive Friends-of-the-People. This is a political fraud because deficit-spending/money-creation ultimately benefits the Oligarchy and NOT WeThePeople.#3
MMTers cannot refute (1)-(3) in a scientifically valid manner. So they resort to the usual rhetorical tricks: denial, evasion, distraction, blocking, and shit-throwing. MMTers are NOT scientists but clowns and useful idiots in the political Circus Maximus.#4
⇒ Section Provably False/MMT
Dec 20 submission
Dec 25 missing