Krugman Gives DeGrauwe 2011 Credit for What MMT Has Argued for 15+ Years


New Economic Perspectives has the article Krugman Gives DeGrauwe 2011 Credit for What MMT Has Argued for 15+ Years.

Unlike years prior, since 2008 it’s rather clear to many (if not to neoclassicals) the importance of alternative ideas, frameworks, and methodologies—including MMT and the dozens of other approaches—that could contribute to building a new, more relevant field of economics. But the mainstream of a field that didn’t see the crisis coming has doubled down, essentially rewriting history by declaring that nobody could have seen the crisis coming, and that virtually nobody did. (Of course, it’s true that neoclassicals couldn’t have seen the crisis coming given that their models do not include a financial system—so in that sense they aren’t lying, just obviously casting their net too narrowly, by design.)

As for being able to see the crisis of 2008 coming, I saw the crisis coming years before 2008. I didn’t even get my insight from MMT. The earliest mention of MMT that I find on my blog via a quick search is May 26, 2012.

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