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Meanwhile, over at the Mises Institute: "The influence of the economics of Michal Kalecki on Modern Monetary Theory (MMT) is hard to ignore. With its roots in the Neo-Marxist macroeconomic theory of Michal Kalecki, MMT carries with it the heritage of the labor theory of value and the Marxist state and class analysis. As a Marxist, Kalecki views the economy through the lens that capitalism is a class society. For him, two classes operate in the economy: the capitalists (the bourgeoisie) and the workers (the proletariat). Kalecki prepared the theoretical groundwork for the expansion of government spending, particularly in the countries of the third world. Yet while most developing countries have abandoned this theory, it celebrates its comeback disguised as “ Modern Monetary Theory ”. … “While many developing countries have abandoned the failed approach of development by debt and turned to solid economic policies, the opposite is happening in the United States and some other parts of the developed world. The enthusiasm that met the proposals of free education, health care for all, and a fully renewed ecological infrastructure, is a sign utopian wishful thinking. If realized, these plans will not bring prosperity and social justice, but hyperinflation, economic stagnation, and socio-political chaos." https://mises.org/wire/neo-marxist-roots-modern-monetary-theory Of course, the fine people at Mises are hardly much better informed about MMT than many of its critics from the left, but it’s striking that so many of the latter seem so comfortable aligning with the Austrians. Apologies if I’ve gone over the 6-post limit today. I won’t post any more — in fact, I don’t think I’ll engage around this topic any further on the list. Happy to field good-faith queries off-list. _________________________________________________________ Full posting guidelines at: http://www.marxmail.org/sub.htm Set your options at: https://lists.csbs.utah.edu/options/marxism/archive%40mail-archive.com
