Modern Monetary Theory Makes Sense, Up to a Point (Published 2019)
The term “modern monetary theory†has been talked about so much lately that we mainstream economists need to try to understand it. We’re having trouble, though I’m beginning to suspect that it may be because M.M.T., as it’s often called, is really just a voguish name for a group of old and, for the most part, sensible ideas, repackaged in a new form. M.M.T. is sometimes invoked to justify reckless
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