Labour’s fiscal credibility rule isn’t neoliberal — whatever MMTers say

Contrary to the claims of supporters of Modern Monetary Theory, the party’s policy does not mandate austerity. 

Is Labour’s fiscal policy rule neoliberal? That is the charge some on the left, particularly followers of the Modern Monetary Theory (MMT) movement, have laid against Labour’s fiscal credibility rule (FCR). MMT stands for nothing very informative, but it is a non-mainstream macroeconomic school of thought aligned to the left. Bill Mitchell, one of the leading lights of MMT, has run a relentless  campaign against the FCR through his blog. As my own work with Jonathan Portes helped...
source: New Statesman

2019-06-11 13:59
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