MMP Blog #41: MMT for Austrians Part 4: Is Description Without Theory, Ideology or Policy Desirable? Is it Even Possible?
The answer to both questions posed in the title is, I think, a big fat no.
The answer to both questions posed in the title is, I think, a big fat no.
Let’s finish up the discussion of Lerner’s functional finance approach addressing two issues: functional finance and developing nations and also the functional finance approach to trade deficits.
Milton Friedman was a conservative economist and a vocal critic of “big government” and of Keynesian economics. Yet, in 1948 he made a proposal that was almost identical to Lerner’s functional finance views.