Modern Monetary Theory is the equivalent of publicizing fad diets, quack cancer cures or creationist theories

Twitter thread from Larry Summers.

"I am sorry to see the @nytimes taking MMT seriously as an intellectual movement. It is the equivalent of publicizing fad diets, quack cancer cures or creationist theories. 

 

Yes article does point out data it regards as inconsistent w MMT & quotes @jasonfurman as being critical but this is like reporting symmetrically on the ongoing argument btw evolutionary biology & creationism & noting a development on evolutionary side. Fundamentally misleading

 

I greatly admire @jeannasmialek's reporting but I was very disappointed this time out. She was also victimized by an egregiously misleading headline, if the goal of her story was to point out MMT’s weakness.

There are things MMT says that are true and things it says that are new but unfortunately there is no overlap.

This is not about politics or agreement with me. I deplore the @nytimes and economic journalism in its general neglect of Marxist and post Keynesian scholarship, most of which is very critical of my views and policy choices.

I am all for intellectual diversity and wish that the NYT would give more attention to Marxist scholars like Steve Marglin, whose book Raising Keynes deserves extensive debate, or other left scholars like Tom Palley, Dean Baker or Jamie Galbraith.
 
Serious leftist scholars submit their work to peer review, are willing to engage in public debate with their critics and carry out empirical work that others can try to replicate.  Not the MMT movement.

It would be valuable for the Senators to verify that Fed nominees are not in the thrall of MMT."