Comment of the Day: Robert Waldmann: "The problem, as you...

Comment of the Day: Robert Waldmann: "The problem, as you note, is that, when they are right, MMTers have a whole lot of company. A more Keynesian than Keynesian school whose 3rd notably accomplishment is to agree with Milton Friedman does, I think, lack exclusivity (not the determination to exclude everyone else but any basis for that exclusion). Reinhart and Rogoff have been very widely ridiculed (for the spreadsheet error which was not quantitatively important, not basing their conclusion on one year in New Zealand which was). You will note distinct mockery of fiscal space by OJ Blanchard now president of the AEA after many years as head economist at the IMF. The three examples you give of points where MMT is right do not establish one point where MMT is both right and original. They may have contributed something for all I know (I have not and will not read the MMT literature) but you provide no evidence that they have...

#commentoftheday