How smug can you get?
I’ve just listened to my first episode of TRIM, with guest Tim Harford. The assessment of MMT was so simplistic and self-serving that it made me cringe. The core foundation of MMT is that it accurately describes the way that money is created - and then utilised - within our modern economy. It could, perhaps, be described more accurately as a Modern Monetary Fact, rather than a theory, especially when compared to the current neoliberal consensus on Tax and Spend. The entire discussion consisted of setting up a few straw men for the sole purpose of knocking them down. I challenge the programme producers to produce an episode where Robert Peston properly debates MMT with Prof. Richard Murphy. The facile nature of the objections that were put up in this recent episode would be painfully exposed. To be fair, the discussion on GDP was almost equally facile, with neither presenter highlighting the absurdity of things like prison growth being included and also the costs of the NHS, with no assessment of the value of the NHS. Private medical provision, however, is counted based on the revenues it generates, while the NHS bears must of the cost of the consultants it employs. I doubt that I’ll listen to another episode, unless you email me to let me know that the guest of the week is Richard Murphy.
GlenEskBill via Apple Podcasts · Great Britain · 05/21/24
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