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Mises Institute, Mises Daily Articles, Jan.
23, 2019, 7 pgs.
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Reviewer Comment:
Dr. Murphy discussed MMT in an article in 2011 when it was still a relatively
obscure proposal. This article is in response to the recent explosion of
excitement over its proposition that the MMT provides the fiscal - monetary
basis for the unlimited government budget that is a central feature of the new
Green New Deal political agenda being demanded by radical progressive
-socialist - politicians.
In this essay Dr. Murphy attempts to meet the MMT advocates on their own ground
by focusing on the manner in which they manipulate algebra and claim their
result proves that the government can pay for everything it wants to purchase.
But, like so many of the other critiques by other economists he ignors the
really disasterous policies that are at the core of the MMT agenda. They have
nothing to do with 'climate change' nor with economics. They advocate a total
change of American society, abolishment of 'free markets' in favor of
government control, and elimination of much of the Constitution's protection of
ciizens from government subjugation.
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Introduction
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The Counterintuitive MMT Position on
Government Deficits
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An exposition of algerba
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Of course you don't need the Government in
Order to Save
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Not All Spending and Income Are Created Equal
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Conclusion
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