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Scott Sumner, who is a leading monetary economist and very much credentialed, has a takedown on his blog: https://www.themoneyillusion.com



I have not formed an opinion on MMT, nor do I consider myself to have the right background trying to fully understand it or any other economic model, but even at my level of knowledge, the first four paragraphs of Sumner's rebuttal seem to be willful ignorance on his part. The views he cites as inconsistent easily fit into the MMT framework, which asserts that inflation is the only constraint that matters, and other factors (like large deficits) only matter if they affect inflation.

Later on he cites low overall GDP growth in Japan to counter Japan as an example of large deficits/low inflation. This: 1) Doesn't invalidate the point. 2) Totally discounts that Japan has had _some_ GDP growth even as an aging population has led to a _smaller_ workforce over that period.




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