All theorizing and argumentation within the current paradigm amounts to nothing more than “epicycle” “tempests in a teapot”. The recent debate between Steve Keen and Warren Mosler about MMT, replies to it by Bill Mitchell and Keen’s counter reply are excellent examples of this.
The real insight of MMT which virtually all MMTers miss is simply that fiat money systems can be directly distributive. The problem is neither of them presently or in the future will be able to ethically or systemically control them…unless they recognize the digital nature of the costing/pricing, debt based money and accounting systems, and the significances of the point of sale/retail sale in the economic system…..and then craft policies to benefit all agents and completely align with the concept behind those policies, namely the natural philosophical concept of grace, and as it applies to economics and the money system, grace as in free gifting.
I’ve observed the excellent research and debate of heterodox economists like Keen, Hudson, Mitchell, Mosler et al for going on ten years now, and I’m in agreement with probably better than 99% of it, but their nit picking with each other and address primarily to opposing academics are sure signs of being stuck in an old paradigm and an ignorance of what really counts in all political movements and what happens with all new paradigms….and that is an awakening in the minds of the individual.
What these men together need to do is diligently search for and open their minds to the new paradigm and its policies and thus become a part of the solution instead of an erudite but niggling part of the problem.