{"title":"It takes two to tango: a reply to our MMT critics*","authors":"Françoise Drumetz, C. Pfister","doi":"10.4337/ejeep.2023.01.09","DOIUrl":null,"url":null,"abstract":"We reply to the critics who contributed the other papers in the same issue of this journal. In the first part of the article, we indicate those remarks addressed to us, which we deem inappropriate to answer. The second part deals with the remarks we find useful to answer, which relate to money, monetary policy and central banking on the one hand, and to fiscal policy on the other hand. The third part recalls remarks we made in our previous publications and that our critics did not wish to consider, whereas this might have helped them in amending their theory. In the fourth part, we conclude that an opportunity to engage in a more fruitful debate may thus have been missed: indeed, it takes two to tango.","PeriodicalId":44368,"journal":{"name":"European Journal of Economics and Economic Policies-Intervention","volume":null,"pages":null},"PeriodicalIF":0.8000,"publicationDate":"2023-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"European Journal of Economics and Economic Policies-Intervention","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.4337/ejeep.2023.01.09","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
We reply to the critics who contributed the other papers in the same issue of this journal. In the first part of the article, we indicate those remarks addressed to us, which we deem inappropriate to answer. The second part deals with the remarks we find useful to answer, which relate to money, monetary policy and central banking on the one hand, and to fiscal policy on the other hand. The third part recalls remarks we made in our previous publications and that our critics did not wish to consider, whereas this might have helped them in amending their theory. In the fourth part, we conclude that an opportunity to engage in a more fruitful debate may thus have been missed: indeed, it takes two to tango.
期刊介绍:
The European Journal of Economics and Economic Policies: Intervention (EJEEP) is a peer-reviewed journal which serves as a forum for studies in macroeconomic theory, economic institutions and economic policies. The managing editors aim for productive debates involving one or more variants of heterodox economics, and invite contributions acknowledging the pluralism of research approaches. The submission of both theoretical and empirical work is encouraged. The managing editors contend that a wide variety of institutional and social factors shape economic life and economic processes. Only a careful study and integration of such factors into economics will lead to theoretical progress and to competent economic policy recommendations. This was clearly demonstrated by the inadequacy of orthodox economics, based on neoclassical foundations, to provide suitable explanations and responses to recent financial and economic crises.