C3000: MMT gets a lot of it right but bottom line, MMT is basically apologists of the existing system, showing how, through policy, the most that can be derived from the existing system. Many are advocating for basic changes in the monetary system such as Ellen Brown (Public Banks), Joe Firestone (T$ coins) and there are those who still favor the Chicago Plan.
MMT’s main draw back is that it is mainly focused on government debt when the continuous build up of private debt is the bigger and more salient point.
Yes, MMT has value because its anti-austerity which aligns with abundance and monetary gifting which are aspects of the new paradigm all of which align with the natural philosophical concept of grace. Steve Keen’s de-bunking of DSGE and disequilibrium theory and Minsky’s financial instability theory also align with the new paradigm, it’s just that he hasn’t cognited on the fact that policies strategically crafted around the new paradigm of abundantly direct and reciprocal monetary gifting and grace as in a dynamic, interactive, integrative free flowing state and process of “higher disequilibrium” is what will complete his theorizing.
Michael Hudson’s theory identifying the key structural economic problem of financial parasitism and his historical research regarding debt jubilees which is a form of monetary gifting would be completed by the new paradigm as well.
Some here mistakenly think that my focus on money is intellectually isolated, fragmentary and cranky. They miss the main thrust of my thinking which is the integrative ethic and its pinnacle concept. I’m continually pointing at the concept that defines the new monetary, economic and financial paradigm and even the concept behind that and every historical paradigm change, and identifying realities at that level and higher. I have posted this scale here several times. It is a scale of the levels of mental integration that one can approach problems and solutions from, and each level contains the thinking of the levels below it. Unfortunately but inevitably minds focused on whatever level they are habituated to are generally scantily conscious of the levels above and so have trouble self actualizing the realities that exist there. This is Maslow’s psychologically correct pyramid.
Ascending from bottom to top it is:
Zeitgeist/Ethic of the Age
JH: Craig, you are mistaken in thinking that MMT is mainly focused on public debt and you are also mistaken in thinking that MMters are unaware of the the importance and significance of the gradual buildup of private debt, and your assumption that MMTers do not prioritize tackling the problem of excessive private debt is simply wrong. MMTers as a whole are well aware of the ideas and insights of Minsky.
Me: John H,
I didn’t say they were unaware of it. Whenever I hear them or read what many of them say that’s almost all they clamor on about. My point was actually that they don’t seem to be aware of what the concept of the new paradigm actually is and so they have at least one foot planted squarely in the current/old one, namely Debt/Burden/Additional Cost Only. They rail against a universal dividend in favor of a job guarantee which again shows that their remedies fall within the paradigm of Work For Pay Only, and like almost every economist other than social crediters have absolutely no awareness of the policy expression of the new paradigm itself of direct and reciprocal monetary gifting (and social crediters on the list I know you’re aware of can’t/won’t think innovative-ly with Douglas which means they’re happy to only come up with a superior theory instead of a paradigm change and there’s a helluva lot more benefit with the latter than the former.
I’m not intending to slam anyone actually, I pointed out how MMT and other theorists align with the new paradigm, just trying to get others to think on that higher level of mental integration.