Streetwise: The problem with modern monetary theory isn't its take on money but politics, argues jmackin2
Just as the Holy Roman Empire was neither holy, nor Roman, nor an empire, modern monetary theory, or MMT, is neither modern, nor mostly about money, nor a theory. Yet these days it is a favorite punching bag for mainstream economists.
MMT, which has been gaining support among high-profile Democrats, turns conventional economic policy on its head. Instead of leaving macroeconomic management to the interest-rate-setting committee of the Federal Reserve, MMTers believe it is best handled by government spending and taxation. The...
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