A recent New York Times article featuring economist Stephanie Kelton and her (disastrously misguided) book on Modern Monetary Theory garnered criticisms, but not from the usual sources. No less than economist Larry Summers, former Treasury secretary and Harvard president, weighed in to criticize the Times for giving credence to MMT (he likened it to “quack cancer cures”). Reliably leftwing economics writer Noah Smith chimed in on substack to call MMT a “fringe ideology” and lambaste its lack of macroeconomic foundations. But a backlash ensued: several female economists claimed the criticisms of Kelton (and MMT) were rooted in sexism, bemoaning the male-dominated nature of the economics profession. And as with all academic or professional disciplines, “diversity” is now not only a buzzword but an open requirement in hiring. I asked Baylor professor and Mises Institute senior fellow Dr. Peter Klein to join the show and give us his behind-the-scenes view of the increasingly politicized economics profession.
Read the Times article: Mises.org/KeltonNY
Bob Murphy’s review of Kelton’s book: Mises.org/KeltonBook
Noah Smith’s review of Kelton’s Times article: Mises.org/KeltonNoah