Title : "The NYT article on MMT, written by Jeanna Smialek, is mostly a puff piece about Stephanie Kelton, MMT’s most well-known proponent."
link : "The NYT article on MMT, written by Jeanna Smialek, is mostly a puff piece about Stephanie Kelton, MMT’s most well-known proponent."
"The NYT article on MMT, written by Jeanna Smialek, is mostly a puff piece about Stephanie Kelton, MMT’s most well-known proponent."
"In glowing tones, it describes Kelton’s clothes, her office, her house, her neighborhood, her blog, her manner of speaking, her personal story, and so on, calling her 'the star architect of a movement that is on something of a victory lap.' Very little is written about the background of the macroeconomic policy debate, and what does appear is highly questionable: 'In economics, there’s a school of thought sometimes called “freshwater.” It’s the set of ideas that became popular at inland universities in the 1970s, when they began to embrace rational markets and limited government intervention to fight recessions. There’s also “saltwater” thinking, an updated version of Keynesianism that argues that the government occasionally needs to jump-start the economy. It has traditionally been championed in the Ivy League and other top-ranked schools on the coasts. You might call the school of thought Ms. Kelton is popularizing, from a bay that feeds into the East River, brackish economics.' The brief description of freshwater and saltwater economics is fine, but to describe MMT as being 'brackish' — i.e., some sort of fusion of freshwater and saltwater, or a middle ground between the two — is absurd."
From "The NYT article on MMT is really bad/The fringe ideology's star is falling, and puff pieces will not resuscitate it" by Noah Smith (Substack).
Here's the NYT article: "Is This What Winning Looks Like? Modern Monetary Theory, the buzziest economic idea in decades, got a pandemic tryout of sorts. Now inflation is testing its limits."
I'm in no position to judge any of this, but who cares about the metaphor? And my feminist alarm went off: A man is irked by an article by a woman about a women — in a field that's traditionally male and featuring details that seem like the stuff of women's magazines — her clothes, her office, her house, her neighborhood.... And why is it called "Is This What Winning Looks Like?" Looks?!
"In glowing tones, it describes Kelton’s clothes, her office, her house, her neighborhood, her blog, her manner of speaking, her personal story, and so on, calling her 'the star architect of a movement that is on something of a victory lap.' Very little is written about the background of the macroeconomic policy debate, and what does appear is highly questionable: 'In economics, there’s a school of thought sometimes called “freshwater.” It’s the set of ideas that became popular at inland universities in the 1970s, when they began to embrace rational markets and limited government intervention to fight recessions. There’s also “saltwater” thinking, an updated version of Keynesianism that argues that the government occasionally needs to jump-start the economy. It has traditionally been championed in the Ivy League and other top-ranked schools on the coasts. You might call the school of thought Ms. Kelton is popularizing, from a bay that feeds into the East River, brackish economics.' The brief description of freshwater and saltwater economics is fine, but to describe MMT as being
From "The NYT article on MMT is really bad/The fringe ideology's star is falling, and puff pieces will not resuscitate it" by Noah Smith (Substack).
Here's the NYT article: "Is This What Winning Looks Like? Modern Monetary Theory, the buzziest economic idea in decades, got a pandemic tryout of sorts. Now inflation is testing its limits."
I'm in no position to judge any of this, but who cares about the metaphor? And my feminist alarm went off: A man is irked by an article by a woman about a women — in a field that's traditionally male and featuring details that seem like the stuff of women's magazines — her clothes, her office, her house, her neighborhood.... And why is it called "Is This What Winning Looks Like?" Looks?!
Thus articles "The NYT article on MMT, written by Jeanna Smialek, is mostly a puff piece about Stephanie Kelton, MMT’s most well-known proponent."
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