A Conspiracy Against MMT? Chicago Booth’s Polling and Trolling


New Economic Perspectives has the article A Conspiracy Against MMT? Chicago Booth’s Polling and Trolling.

I am glad to see L. Randall Wray step into this fight, and not leave it all up to William K. Black.

The task ahead of us is bigger. The stakes are bigger. The future of humanity lies in the balance. Half measures will not do. It will take all of our available resources—and then some—to win this battle. The experts (and I’m not one of them) say we’ve got most of the technology we need. We’ve got unused resources to put to use. We can shift others from destructive uses to be engaged in constructive endeavors. We can mobilize the population for greater effort with the promise of greater equality and a shared but sustainable prosperity.

I just have to include the following excerpt:

In reality, OPEC caused both of our high inflation periods (early and late 1970s), and the adoption of austerity to fight oil price hikes slowed growth and led to unemployment.

I have been arguing for years for a Modern Money Theory (MMT) authority to say this. I have been shunned by Steve Grumbine of Real Progressives for even mentioning this. Somehow, I feel vindicated.

Now that I think about it, I have been saying this about the inflation of the 1970s and the ending of the inflation in the 1980s by Ronald Reagan’s putting us into a near depression since about the time that Ronald Reagan did this almost 40 years ago. This is long before I even heard about MMT. Possibly before MMT was even invented.

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