PD: Attached is an article of mine explaining what is wrong with MMT. Paul Davidson Founding Editor, Journal of Post Keynesian Economics author: WHO’S AFRAID OF JOHN MAYNARD KEYNES? CHALLENGING ECONOMIC GOVERNANCE IN AN AGE OF GROWING INEQUALITY ; and THE KEYNES SOLUTION: THE PATH TO GLOBAL ECONOMIC PROSPERITY  phone:(561) 676-1633 Holly Chair of Excellence in Political Economy Emeritus, University of Tennessee
Me: Keynesianism was a reform and finance’s fall back position to the burgeoning world wide movement of Social Credit before WW II ….which itself was merely a reform albeit a much more focused and effective one than Keynesianism.
Douglas was a very clear minded individual but he was born before Kuhn’s study of paradigm changes was written and analyzed, and before classical economic ideas regarding equilibrium were recently de-bunked.
Dominant and rapacious finance capitalism and well intention-ed but reactionary and monetarily ignorant socialism are alike passe’, and the particles of truth within them must be thoroughly integrated into the third-ness greater oneness of the new paradigm of Abundantly Direct and Reciprocal Monetary Gifting and its various policies, regulations and structural changes.
MMT, which as far as it goes I am happy to philosophically align with, is just a tweaking of Keynesianiam. It’s about additional money in the system. Good. The problem with it is it’s both indirect in its effect on the individual, and again, merely tweaks the nature of the current monetary paradigm of Debt Only. It’s Keynesianism +. That’s all.
Directness is an aspect of every historical paradigm change. For instance going from an ephemeral nomadic relationship with the land to a direct and more abundant one via agriculture, from a false abstract spiritual concept of earthly significance to a direct experiential observation of its position in space, from absolution only via the structural monopoly sacraments of the church to having a direct and personal relationship with god.
Heed the signatures of historical paradigm changes and the underlying concept from which those signatures come and you can stop being a blind man describing an elephant, an erudite but paradigmatic dunce.
“It’s the monetary paradigm, stupid.” that we need to focus on….not just another tweak that parades itself as a paradigm change but will not stop the 5000 year old pattern of economic, social, political and civilizational collapse.