This past weekend’s Wall Street Journal featured a commentary entitled “Bidenomics, Also Known as MMT: The crazy economic theory that spending has no consequences”, co-authored by Arthur Laffer and Stephen Moore.
We have previously commented on Modern Monetary Theory and dubbed it Modern Monetary Quackery. We agree with the authors’ conclusions on the particular matter of MMT, however, it would be good to inform the readers, not only of the technical issues involved in and stemming from MMT’s unconstrained spending, but also of the issue of unfairness.To that end we direct the reader to our other treatments and offer further comments.
Previous treatments: