2 Comments

  1. Very interesting talk. However, two items of content appear contentious:

    1. The talk appeared to favour a returnto fixed, or at least controlled, exchange rates. I find MMT very persuasive, for which floating exchange rates seem to be fundamental. Instead, I believe, it favours controls on capital movements to counter currency speculation. In this context John McDonnel’s fears are unfounded – but then the Labour Party (as with many Left leaning progressive Partys) does not seem to have cottoned on to (or is afraid to admit to) MMT.

    2. The idea of a Universal Basic Income has also come in for, what I perceive as substantially valid, criticism – largely from a societal standpoint rather than purely monetary considerations. The proposals for a job guarantee are receiving much more favour.

    John Weeks is a founder of Prime Economics. It would be interesting to see, from them, a comprehensive economic manifesto – as comprehensive, to a lay person like myself, as that expounded by Bill Mitchell and Thomas Fazi in their book ‘Reclaiming the State’. Perhaps the upcoming revised Labour Party Manifesto, John alluded to, is that document.

  2. Thank youu for the commet.

    A correction – I was not a founder of PrimeEconomics. It was founded by Ann Pettifor and Jeremy smith years before I began to write for it. I am mereley an associated author.

    MMT is theoretically unsound and empirically dubious.

Leave a Reply

Your email address will not be published.


*