Hooray! Someone with a platform is talking about Modern Monetary Theory (MMT)!
I learned MMT in 2015 and I have joined the ranks of its supporters who believe in Each One Teach One, but it has been a thankless struggle for the most part.
I would like to add that part of the reason why MMT is a breath of fresh air is because it took a novel approach to economics: its economists decided to study the monetary system AS IT REALLY WORKS, and not as the brainchild of some famous thinker.
They studied the issues of: where does money originate? Where does it go? What function do taxes have? How does it circulate around the economy?
MMT, therefore, isn't something that you can "institute," because it's already happening. It isn't "something that it would be nice to have," because it's already happening. It isn't "an airhead dream," because it's already happening.
It's an empirical (hands-on) study of what really IS, in an economy with a fiat currency.
The "Theory" label was put on MMT by the neo-classical university economists, in order to discredit it, since it blew their theories of how an imaginary economic system should work right out of the water.
Thanks for taking the time to write this, James. Once again your pattern recognition and ability to lay things out in digestible pieces serves you and your readers well. This particular article reminds of Dougald Lamont, except you write primers that people can actually deploy as part of the resistance.
Hello, I appreciate this article and would like to learn more about MMT. Unfortunately, the links to academic sources at neweconomicthinking.org and ineteconomics.org are not working. Could you please update them?
It appears that the domain neweconomicthinking.org is no longer active. However, the Institute for New Economic Thinking (INET) continues its operations through its primary website, ineteconomics.org. Maybe search for particular articles on their site. I guess the site has changed and the article links have either changed or maybe removed.
I wanted to let you know that I don’t host these sites or have any affiliation with the organisations that manage them, so I’m unable to fix the links. However, I did attempt to visit their main websites to search for the articles or alternative links, but it seems that the websites aren’t loading at all, which is quite unusual. I’ll do a bit of digging and see if I can find out why these sites have seemingly, well disappeared.
Hooray! Someone with a platform is talking about Modern Monetary Theory (MMT)!
I learned MMT in 2015 and I have joined the ranks of its supporters who believe in Each One Teach One, but it has been a thankless struggle for the most part.
Thank YOU!
I would like to add that part of the reason why MMT is a breath of fresh air is because it took a novel approach to economics: its economists decided to study the monetary system AS IT REALLY WORKS, and not as the brainchild of some famous thinker.
They studied the issues of: where does money originate? Where does it go? What function do taxes have? How does it circulate around the economy?
MMT, therefore, isn't something that you can "institute," because it's already happening. It isn't "something that it would be nice to have," because it's already happening. It isn't "an airhead dream," because it's already happening.
It's an empirical (hands-on) study of what really IS, in an economy with a fiat currency.
💯 That’s why I have an issue with the “Theory” part, it’s not a theory, it’s a reality.
The "Theory" label was put on MMT by the neo-classical university economists, in order to discredit it, since it blew their theories of how an imaginary economic system should work right out of the water.
Thanks for taking the time to write this, James. Once again your pattern recognition and ability to lay things out in digestible pieces serves you and your readers well. This particular article reminds of Dougald Lamont, except you write primers that people can actually deploy as part of the resistance.
Thanks Justin, that’s pretty much my aim with this. Much appreciated.
Hello, I appreciate this article and would like to learn more about MMT. Unfortunately, the links to academic sources at neweconomicthinking.org and ineteconomics.org are not working. Could you please update them?
It appears that the domain neweconomicthinking.org is no longer active. However, the Institute for New Economic Thinking (INET) continues its operations through its primary website, ineteconomics.org. Maybe search for particular articles on their site. I guess the site has changed and the article links have either changed or maybe removed.
Hi Jenny,
I wanted to let you know that I don’t host these sites or have any affiliation with the organisations that manage them, so I’m unable to fix the links. However, I did attempt to visit their main websites to search for the articles or alternative links, but it seems that the websites aren’t loading at all, which is quite unusual. I’ll do a bit of digging and see if I can find out why these sites have seemingly, well disappeared.