Disappointingly, Brad criticizes MMT based only on his reading of Steve Randy Waldman's post at Interfluidity and Nick Rowe's post at Worthwhile Canadian Initiative. It's pretty clear that he did not bother with the comments.
My comment at Brad's:
Come on, Brad, that's just being lazy. If you are going to comment on something at least make some effort to understand it by reading what the actual proponents have to say, not what others think that they may be saying and don't really get it because they have not read the lit. There are a number of working papers over at www.levy.org. Here is a list of introductory MMT links, too. Thanks for your interest, though.
UPDATE: Only three comments are up, from Ralph Musgrave, Warren Mosler, and Nick Rowe. I guess Brad buried the rest.
Here is my comment to a post of Nick Rowe:
Nick: "Solvency is never an issue if it can print money and inflation isn't an issue. But future inflation might be an issue even if current inflation isn't."
Hi, Nick. MMT recognizes that, of course, and recommends addressing incipient inflation primarily through Lerner's principles of functional finance by withdrawing nongovernment net financial assets fiscally with targeted taxation. MMT follows Godley in saying that the government fiscal balance and nongovernment balance (consolidating private domestic and external) sums to zero, so that it falls to government to offset demand leakage to private private saving/net imports. If the government fiscal balance exceeds this demand leakage, then demand side inflation results as the economy overheats. Conversely, if the fiscal balance does not offset demand leakage, then either the economy will contract as capacity goes unused, or the private sector will choose to net dissave to maintain lifestyle and private indebtedness is not sustainable. According to functional finance, withdrawing net financial assets is superior to monetary policy because monetary policy is blunt and fiscal policy can be tightly targeted. The issue here is whether monetary policy or fiscal policy (functional finance) is the appropriate inflation remedy. MMT says fiscal and explains why not only in terms of functional finance, buit also a job guarantee instead of NAIRU and monetary rules. See Bill Mitchell, "Modern monetary theory and inflation – Part 1"