political cronyism magnifies the link.
Das ’21 [Satyajit; 12-09-2021; “Spending without taxing: now we’re all guinea pigs in an endless money experiment”; Internationally respected expert in finance, former Australian banker turned consultant; The Guardian; https://www.theguardian.com/commentisfree/2021/dec/10/spending-without-taxing-now-were-all-guinea-pigs-in-an-endless-money-experiment \\pairie]
Fifth, who decides the target employment rate or UBI payment level? Unemployment, inflation and output gaps are difficult to accurately measure in practice. Effects on employment incentives, workforce participation and productivity are untested. How will policymakers control the process or what would happen if MMT failed?
The theory delegates management of MMT operations to politicians, rather than unelected economic mandarins. But financially challenged elected representatives may be poorly equipped for the task. Political considerations and cronyism may influence decisions.