An orthodox colleague sent me a math econ model this week. Simulating macro policy. In a model with no money. Barter essentially. That& #39;s basically what orthodox macro models are. My reply? I don& #39;t know what you think you are simulating, but it sure ain& #39;t this world we live in.

If you apply a very sharp brain to a set of ridiculous assumptions, with which you were brainwashed years ago, and take them to their logical conclusions, you end up with absurd results. The danger arises when people who are intimidated by the math then take the model seriously.

This biases policy making, makes some questions impossible to ask at all, and before you know where you are you have runaway climate change, rampant inequality, financial crises and persistent underemployment, among much else.

Next time someone says MMT or ecological economics or other branches of economics are not mainstream, remind them what & #39;mainstream& #39; often means in economics.

I don& #39;t know what they expect us to say. "Oh, yes. I see now. Our approach where we think about how institutions actually work is the wrong way. We should all pretend there is no money and there is only one person (& #39;a representative agent& #39;) and they barter trade with themselves."