[eggprices]

MMT is descriptive, not prescriptive - the economy follows MMT whether you agree it does or not. Separate from MMT, are the ways you would expect would be good ways to run an economy if you believe the economy follows MMT (which it does).

[akramachamarei]

Almost no economists agree with MMT¹. How do you square that with believing it's descriptive?

1: https://www.businessinsider.com/economist-survey-alexandria-...

[OGWhales]

I think it's worth looking at what was actually asked. From your article, they were asked these two questions:

> Countries that borrow in their own currency should not worry about government deficits because they can always create money to finance their debt

> Countries that borrow in their own currency can finance as much real government spending as they want by creating money.

MMT is quite clear about limiting factors that make those two statements false, yet the article frames them as "the basic aspects of MMT". To me, those questions feel intentionally malicious and even if not, the survey is certainly meaningless as to the opinions of economists on what MMT actually describes.

[throwaway34903]

The parent comment isn't saying MMT is true or false. They are just saying MMT is a theory of how the economy operates (descriptive). _If_ you take it as true then here are things you can do (prescriptive).

It's sort of like saying something like the water-sky color theory is descriptive not prescriptive. The theory is that the sky is blue because water is blue and light reflects that color back into the sky. There is no behavioral prescription just a description of how one influences the other. If you want to change the color of the sky change the color of the oceans. That part would be prescriptive. This says nothing of whether the theory is well-founded or how many scientist agree with it.

Parent is saying MMT simply lays out a theory of how a (our) economy currently operates, not whether it's good or bad. People who adhere to the theory would then derive their policy prescriptions based on it being true and (crucially) their desired economic/political/social outcomes.

[akramachamarei]

Your point is well taken, but I think @eggprices was affirming the descriptive validity or truth of MMT by saying:

> [...] if you believe the economy follows MMT (which it does).