Those reviews are very helpful, but looking at “Derek” comments in the Cochrane blog, it is not at all clear whether these are critiques of MMT or critiques of Kelton ( or more specifically what Kelton believes that governments can do given that MMT is an accurate representation).
I am also very suspicious of how this would work within a democratic system. Many countries do not let governments set interest rates—that is the role of the independent central bank to control inflation. I would feel happier about governments printing money if the central bank was also dictating the level of taxation (the amount of money to be destroyed but not how that tax is distributed).
Those reviews are very helpful, but looking at “Derek” comments in the Cochrane blog, it is not at all clear whether these are critiques of MMT or critiques of Kelton ( or more specifically what Kelton believes that governments can do given that MMT is an accurate representation).
I am also very suspicious of how this would work within a democratic system. Many countries do not let governments set interest rates—that is the role of the independent central bank to control inflation. I would feel happier about governments printing money if the central bank was also dictating the level of taxation (the amount of money to be destroyed but not how that tax is distributed).