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The modern monetary theory literature seems to have escaped Drumetz/Pfister

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  • William F. Mitchell

    (N/A)

Abstract

This paper provides a response to the recently published critique of modern monetary theory (MMT) by Drumetz/Pfister, which is based on a superficial representation of the body of knowledge and follows a familiar script: MMT is about printing money to solve all problems and will cause accelerating inflation, a plethora of unproductive jobs, and a bond-market revolt. The paper demonstrates that if the authors had consulted the published academic literature, they would have realised that many of the assertions they make are simply without foundation.

Suggested Citation

  • William F. Mitchell, 2023. "The modern monetary theory literature seems to have escaped Drumetz/Pfister," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 20(1), pages 23-33, May.
    • Handle: RePEc:elg:ejeepi:v:20:y:2023:i:1:p22-33
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    More about this item

    Keywords

    modern monetary theory; MMT; job guarantee; inflation;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • H6 - Public Economics - - National Budget, Deficit, and Debt
    • J6 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers

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