The squabbling over whether Modern Monetary Theory is a Copernican revolution for public policy or a load of nonsense hasn’t been very enlightening. The prevailing sentiment in both camps — “You just don’t get it” — is a declaration of faith that hardly inspires confidence in economics as a science.
As it happens, I’m more open to MMT than you might expect, given my slavishly orthodox leanings. I think it asks good questions and proposes some clarifying thought experiments. I also think it ends up in entirely the wrong place.
