Jim Audiomisc
pfm Member
MMT faces this problem only increased by several orders of magnitude. It's even less intuitive; it's got essentially no institutional or political support and virtually no academic support; the traditional intuitive political arguments used against Keynesianism (magic money trees, other peoples money, household budgets, etc. etc.) would be even more effective.
I don't think MMT or Keynes are inherently "less intuitive". The problem is that the vast bulk of what people have been fed for decades is essentially a 'faith' system which is simple to explain because it uses an obvious - but inappropriate - analogy, etc. This then becomes as 'obvious' as: "The Sun goes round the Earth." to people, and anyone who says otherwise is a crazy heretic.
However once you can establish in people's minds that the Earth goes round the Sun, future generations think the idea that the Sun goes around the Earth is crazy.
Reminds me of the story about the maths lecturer who was working though a long process on the blackboard and said "it is obvious that this means that..." and he wrote the next step. Paused and said "excuse me for a moment". Went out, then came back later to say, "I was right! It IS obvious!"