MMP Blog #32 Responses
Comments and responses on the Modern Money Primer Part 32.
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.
This week we begin a new topic: functional finance. Today we will lay out Abba Lerner’s approach to policy.
As an accurate description, this part of MMT should be accepted by anyone, no matter what their theoretical, political, or ideological persuasion.
There was one substantive and flawed comment on the MMT Retrospective, so I will deal with that here.
We must have fundamental reform and MMT shines a light on the path we need to take. Randy Wray’s keynote speech at the 2011 CofFEE Conference.
There was never a strong argument for adopting the Euro, and the weaknesses have been exposed. Currency union without fiscal union was a mistake.