MMT/MMTers: mistake 1 – cause of inflation and hyperinflation

John,
Could you define Monetary demand for us?

if Aggregate Demand is the Combined demand for Good and services from the Private and public sectors of the economy.
What is the relationship between Monetary Demand? and Aggregate demand?

Expectations and Confidence have an effect on Aggregate demand vis the propensity for private households and firms to save for a rainy day or to Spend in expectation of That the good times will continue to roll.

I know you are trying to start from brass tacks John but I do think that the Godley, Sectoral balances approach as described by David Graeber and Steve Keen and captured in the MMT Accounting Identity is More than persuasive, it is actually axiomatic.

https://www.patreon.com/posts/mmts-ignorance-18998966

Heres a Link to Steve keens exchange with Bill Mitchell on Trade deficits, it is on Policy questions which I find a lot to argue with the MMT’ers and Green
new dealers on I find them to be unreconstructed Stalinists and advocates for the gulag to boot.

I will watch the rest of this series with interest.

Author: rogerglewis

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