This groundbreaking new core textbook encourages students to take a more critical approach to the prevalent assumptions around the subject of macroeconomics, by comparing and contrasting heterodox and orthodox approaches to theory and policy. The first such textbook to develop a heterodox model from the ground up, it is based on the principles of Modern Monetary Theory (MMT) as derived from the theories of Keynes, Kalecki, Veblen, Marx, and Minsky, amongst others. The internationally-respected author team offer appropriate fiscal and monetary policy recommendations, explaining how the poor economic performance of most of the wealthy capitalist countries over recent decades could have been avoided, and delivering a well-reasoned practical and philosophical argument for the heterodox MMT approach being advocated. The book is suitable for both introductory and intermediate courses, offering a thorough overview of the basics and valuable historical context, while covering everything needed for more advanced courses. Issues are explained conceptually, with the more technical, mathematical material in chapter appendices, offering greater flexibility of use. Accompanying online resources for this title can be found at bloomsburyonlineresources.com/mitchell-macroeconomics. These resources are designed to support teaching and learning when using this textbook and are available at no extra cost. 5 bw illus

To explain, let's start with a bathroom sink ...

Progressive politicians have seized on modern monetary theory (MMT) to justify their free-spending policies. The theory provides no such justification and is neither as novel nor as left-leaning as many claim.

Finally, a full examination of Modern Monetary Theory by way of a critique of Stephanie Kelton's book, \"The Deficit Myth.\" There are extreme weaknesses at a fundamental level with MMT and it is all discussed here. If you have been captured by the MMT argument or are just curious about MMT errors, this booklet is what you need to read.

Woher kommt das Geld? Wieso ist es meist knapp und in Krisen auf einmal schier unbegrenzt verfügbar? Weshalb gibt es die erbitterten Kämpfe zwischen den beiden großen Lagern der Keynesianer und der Neoklassiker? Woher nimmt die Bundesregierung in Zeiten von Corona auf einmal Hunderte Milliarden von Euro? Anschaulich und für ein breites Publikum erklärt Monika Stemmer die Formen der Geldschöpfung, die Rolle des Staates mit seinem Währungsmonopol und das Konzept der Modern Monetary Theorie (MMT). Dabei nimmt sie auch die Machtverhältnisse zwischen Markt und Staat in den Blick und unsere demokratischen Gestaltungsmöglichkeiten. Denn die Modern Monetary Theorie, davon ist Monika Stemmer überzeugt, kann uns helfen, den Graben zwischen Arm und Reich, Nord und Süd nicht weiter zu vertiefen.

The efficacy of the recent fiscal measures can be attributed in part to the influence of Modern Monetary Theory (MMT), a school of thought gaining traction in economic policy circles.

To explain, let's start with a bathroom sink ...

If you’re paying attention to US politics, you may be aware of an emerging new[i] economic theory supported by many US Democrats, including Congress ‘freshman’ Alexandria Ocasio-Cortez. This economic framework

A recent column in The National fails to make one valid critique. || Chris Beck

To explain, let's start with a bathroom sink ...

By Dale Pierce Introduction Modern Monetary Theory is a way of doing economics that incorporates a clear understanding of the way our present-day monetary system actually works – it emphasize…

Has Modern Monetary Theory (MMT) — once an idea popular only among leftwing academic economists — gone mainstream? Famed economist Dr. Nouriel Roubini believ...

MMT asserts that, contrary to standard thinking, federal deficits are often a good thing.

A very detailed walkthrough of the big new left economic idea.

It's not really much of a theory. But, hey, they're not really "economists".

Modern Monetary Theory (MMT) is a macroeconomic theory that says government spending should not be restrained by fears of rising debt.

Articolo di Piero Cingari di Risparmiamocelo.it rilanciato da Linkiesta che illustra in maniera sintetica i punti essenziali della MMT.

In der Serie „Darüber solltet ihr mal schreiben“ rufen wir zum Einsenden von Themen oder Fragen auf, die Sie interessieren. Diesmal: was gegen die Modern Monetary Theory (MMT) spricht.

Modern Monetary Theory (MMT) is a theory of how fiat money works and why a sovereign entity that controls its money supply can never default

This book considers the theoretical and empirical claims of Modern Monetary Theory (MMT) in developed and developing countries. It is structured as a debate between leading MMT theorists and MMT critics. MMT threw down a challenge to mainstream economics and forced it to respond, above all in the USA. This is a rare occurrence, almost unknown, for heterodox economics during the last few decades. It is not surprising, therefore, that MMT has attracted strong attention from a broad swathe of researchers. It is even less surprising that it has become the theoretical vehicle of choice for political activists opposing austerity. Its influence is remarkable and has gradually spread to other social disciplines, including even cultural theory. Furthermore, the policy responses to coronavirus by several governments, particularly the extraordinary expansion of central bank balance sheets in 2020, appears to support MMT in practice. This volume takes into account the rising popularity of MMT and considers its theoretical claims in depth, since popularity does not necessarily equate to being right in theory. It also considers MMT claims regarding fiscal and monetary policy in view of the implications of the pandemic crisis for public spending and public debt. It is not accidental that the strongest support for MMT, in both theory and policy, is to be found in the USA, since MMT conclusions rely heavily on close institutional analysis of US government financing mechanisms. The chapters in this book were originally published as a special issue of The Japanese Political Economy.

A very detailed walkthrough of the big new left economic idea.

The Debt System argues that international debt is a system of exploitation of poorer countries, which should be regarded as illegitimate, finds Phil Armstrong

There are several misconceptions and misunderstandings as to the true meaning of Modern Monetary Theory, writes John Doyle

This is a rather good explainer for children about what happens if a country decides it can get…

We rethink everything we know about government spending, taxes, and the nature of money.

With money, when you pay attention to the details, good results will follow. Income goes up. Debt goes down. Money conversations are easier. Here are some ways to deal with the challenges of too many details.

Firstly, your humble writer, who was distracted first by untimely (though much enjoyed) reserve duty, and then quite a heavy workload, failed to convey his profound and (at the time) prophetic comm…

An overview of a once-fringe school of economic thought that’s suddenly of the moment.

Modern Monetary Theory, or MMT, has begun to be a part of the mainstream conversation after Alexandria Ocasio-Cortez mentioned it an interview about the Green New Deal. So what is it, and why does it matter?

Rep. Alexandria Ocasio-Cortez hit back at the White House on Wednesday after Sarah Huckabee Sanders dismissed her warning about climate change.