Imagine that the government could simply print whatever amount of money it needed to guarantee everyone a decent income, fantastic public services, and a secure job if they wanted one – with enough left over to save the planet too. That, for many, is the promise of a new economic paradigm known as “Modern Monetary Theory” (MMT).
If you’re already thinking that this sounds too good to be true, you are not alone. Many economists – myself included – think that MMT is a frustrating muddle.
To be fair, MMT has a respectable academic pedigree, helpfully summarised here, which some trace all the way back to Keynes himself. It has several prominent advocates, notably Professor Stephanie Kelton, author of The Deficit Myth and an advisor to the US Democrats.
MMT also appears to offer a credible alternative to conventional thinking on the importance of balancing the government’s books. The…
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Utopia, you are standing in it! 
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