Bill Mitchell is a leading MMT economist and thinker.
The argument has been that fiscal policy is an inflexible tool as a result of supposed timing lags in design, implementation and result.
Overlaying that critique is the claim that politicians cannot intervene at appropriate times in the cycle because of political constraints or because they are captured by sectional interests.
More recently, this line of attack has been used against MMT proponents – by both the mainstream macroeconomists (Krugman, Rogoff, Summers, etc) and those on the Left who proudly call themselves ‘sound finance’ progressives, even Marxists. [Source]
To address the criticisms against fiscalism, Bill spells out the examples of Australia and Japan, which show fiscalism works and works quickly and well (if done correctly). I completely agree with him.
I am not, and never have been, a monetarist. I have always been a fiscalist. However, I take fiscalism further.
First, representational democracy is not my first choice. I prefer pure, direct, transparent democracy. Where representatives are used, I want those representatives subject to instant recall and replacement. I want those representatives to represent the pure, direct, transparent, democratic decisions of those represented.
Second, the monetary authority should be the government, not a quasi-governmental agency representing private interests (the Fed), and should issue the sole currency without borrowing.
Third, the money supply should be automated for real-time control of price inflation. The sophistication of that system can improve by utilizing expert systems (AI).