Feb '25 (edited) • General discussion
John Hearn explains why MMT is wrong!
Milton Friedman, the archbishop of monetarism, in his influential article “The Methodology of Positive Economics” argued that an economic theory is not to be judged by the realism of its assumptions but only by its predictive power. In this video “Professor” Hearn thinks that he’s destroying MMT by arguing that it has to be false because its assumptions are unrealistic. Here we’re dealing with an advocate of monetarism who’s attacking MMT on the ground that it’s founded on wrong assumptions! Irrespective of this methodological inconsistency, I wonder how seriously can someone take this person when he fails to understand that MMT only describes the operation of a contemporary fiat monetary system, and as such does not rely on any type of assumptions? If you listen to this junk, then throw it in the trash bin 🚮
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John Hearn explains why MMT is wrong!
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