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What do we do with Modern Monetary Theory?


When you understand exactly how the people who have operational responsibilities think about their jobs, you begin to understand that things work in a certain way. MMT has done a very good job of translating that situation and those facts to a wide audience. Who doesn't like it? The people brought up on textbooks which give you an essentially fictionalized accounts that are rooted in the ways economics wrote and thought maybe a century or a century-and-a-half earlier, and have not changed very much since then, except becoming more complicated and more abstract and more remote from reality.

Economist James K. Galbraith on modern monetary theory as a framework and challenge to mainstream economists, public spending and possibility of post-neoliberal policy, and his article Who's Afraid of MMT? for Project Syndicate.

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James K. Galbraith

James K. Galbraith is Professor of Government and Chair in Government/Business Relations at the Lyndon B. Johnson School of Public Affairs at the University of Texas at Austin.


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