A Critique of Modern Monetary Theory
Based on the concepts introduced in the Book “Enlightened Capitalism: A Keynes Primer”
Modern Monetary Theory (MMT) is a model of economics that has gained more attention in recent years, likely because of its message that countries who create their own currency can never run out of money and will always be in a position to pay for any expenses. Such spending, MMT proponents allege, is not impaired by the inability to raise sufficient funds from taxation. And further, these proponents do not see borrowing to pay for government spending as an obstacle. The ability to create more money, at will, allows for as much borrowing as is necessary. Alternatively, simply creating more money can substitute for taxation. Critiques of MMT are often just based on an underlying belief that it “sounds wrong” or is an attempt to get “something for nothing”. Many others who have attempted to understand the MMT model have been left confused. As it turns out, the model of economics I presented in the book “Enlighten Capitalism: A Keynes Primer” allows, in my opinion, a thorough and objective analysis of the tenets of MMT. I focus on a few central concepts that I believe will allow the reader to understand what might be right, and what might be wrong in the MMT model. This way, they can make their own decisions about the wisdom of adopting any policy recommendations MMT proponents might make.
Format: 6 x 9 Black & White Paperback, 127 pages
Publisher: Outskirts Press (Jan 26, 2023)
Genre: BUSINESS & ECONOMICS / Economics / Macroeconomics
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