"Now they claim we have got nothing new. And, yet, much of the thought that we
integrated in MMT had been lost in the postwar period. Even the very best of the heterodox
thinkers—people like Bob Eisner—had got caught up in debates over just how strong “crowding
out” is. He took what we call a “deficit dove” argument, against the “deficit hawks”. The debate
took place largely on orthodox grounds, trying to find some “sweet spot” for budget deficits and
debts. Most of our critics remain in the “dove” camp, arguing that deficits in recession are fine,
but that if “too large” they become unsustainable. We developed the “deficit owl” position—a
position that indeed can be found in the work of those we follow, but a position that was mostly
lost by second and third generation heterodox economists."
They go on to explain what that is, and why it matters.