The latest issue of Real World Economic Review is titled Modern Monetary Theory And Its Critics with 204 pages of papers is your weekend reading.

Marc Lavoie talks of how the neochartalists have made it look like all Post-Keynesian monetary theory has been discovered by neochartalists themselves. Lack of credit, basically. Jo Michell challenges them on open economy issues. Thomas Palley points out how their arithmetic doesn’t add up.

Long read. Just my initial impressions.

I have a few comments on Jo Michell’s article with his two co-authors. Jo points out that monetary sovereignty is a spectrum. Some neochartalists such as Fadel Kaboub and Nathan Tankus also say the same without these are contradictory to neochartalists’ claims. The idea of external constraints is an important part of Post-Keynesian work and these authors look like they are erasing the work of Kaldor, Godley, Cripps and Thirlwall and making it look like it’s all part of “M.M.T”.