In His Critique of MMT’s Assertion That Every Nation Should and Can Run A Trade Deficit.
Of course if every nation (within its current productive capacity) implemented the policies and structural changes of the new paradigm of Direct and Reciprocal Monetary Gifting…the urge and need to be either an export platform or run a trade deficit….would largely be eliminated. Why? Because they could then create sufficient individual incomes to keep the domestic economy in a free flowing state without having to worry about unemployment or practicing the economic, historic and geo-political vice of mercantilism that modern economies find “necessary” as a means of staving off the inevitable instability, rigidity, dominance and collapse that the old paradigm makes inevitable.
National self sufficiency is an economic virtue which is inhibited by the current international coalescence of Finance’s paradigm of Debt Only, and the new paradigm ends that inhibition and enables a new international confederacy of nations that all benefit from it.
If Keen would examine the transformative policies and structural changes of the new paradigm he would see this and could then get on its bandwagon so as to do more to advance economics, rejuvenate profit making systems and prevent eventual chaos and war….than arguing with terminally orthodox academics or even progressive ones.