MMT is not distinct. Nor does it claim to be.
I was not going to make this post as I saw the claim MMT is not distinct made by an economist that I have already addressed in past critic engagement pieces. However, I recently saw this piece by Fabius Maximus making much the same argument.
“MMT simply describes the way in which the institutional arrangements are set up, and the accounting identities and what happens in a balance sheet framework; when one side of the equation moves, what happens on the other side of the equation? That’s really all we are about.” – Stephanie Kelton, 2010, Fiscal Sustainability Counter-Conference.
MMT stands on the shoulder of giants – Knapp, Innes, Lerner, Marx, Kalecki, Keynes, Schumpeter, Minsky and more.