A resolution has been forwarded in the Senate to condemn Modern Monetary Theory. But if the government is now in the condemning-economic-theory business, I have some much better candidates: Monetarist, Trickle Down, Neoclassical Macro, and Real Business Cycles just for starters.
“Recognizing the duty of the Senate to condemn Modern Monetary Theory and recognizing that the implementation of Modern Monetary Theory would lead to higher deficits and higher inflation.”
But, to suggest that MMT is anything radical or dangerous–especially to the point of requiring an official Senate condemnation–is just plain bizarre. The resolution references the work of a number of mainstream economists in support of the condemnation, but1. Milton Friedman’s Monetarism: In other words, the system is stable and it automatically tends to create a job for every willing worker. Don’t worry, be happy. Any problems we encounter are due to random shocks . But, even then, the economy acts like one of those inflatable punching bags with the weight on the bottom: it bounces right back.
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