Stephanie Kelton has posted the article How (Not) to Fight Inflation

I realize this is tantamount to heresy within the economics profession, where faith in the efficacy of monetary policy runs deep. I simply don’t agree with the sentiment below, and the reasons why have been spelled out by MMT economists like myself in dozens if not hundreds of published papers.

Stephanie Kelton knows why Paul Krugman is so far off the mark, but she chooses not to make the simple explanation. Since I studied economics around the same time Krugman began his studies. even I know why he is off the mark. I am surprised that a so-called expert like Krugman could be so ignorant of his field of specialty. As Keynes explained, and Kelton fails to make the direct connection – When there is no consumer demand, all the monetary stimulus is not going to cause corporations to invest in making more of what they already cannot sell. When there are supply shortages caused by external factors that are out of the control of monetary policy, taking away the “monetary stimulus” is not going to fix the supply problem. Also corporations who have monopolies in their markets find it cheaper and more profitable to raise prices than it is to increase supply.