Search found 24 items
- Modern Monetary Theory
Online Publish Date: March 19, 2019
According to the Modern Money Theory (MMT), money is a thing that the State decides upon. Following the ideas of the German economist Georg Knapp, the MMT simply regards money as a token. For instance, when an individual places a coat in the cloakroom of a theatre, he receives a tin disc or a paper receipt. This receipt or a disc is a proof that the individual is entitled to demand the return of...
Category: Mises U 2019, Audio/Video, Conferences, Mises University
Online Publish Date: July 19, 2019
Recorded at the Mises Institute in Auburn, Alabama, on 19 July 2019.
Online Publish Date: October 8, 2019
According to some columnists, modern monetary theory (MMT) is the most powerful economic alternative to neoliberal orthodoxy. Is this really the case? The key idea of MMT is that the government that controls the issuance of its currency cannot go bankrupt because it can always issue money to pay off its creditors. If so, then the government should not shy away from increasing the necessary...
Online Publish Date: June 24, 2020
Listen to the Audio Mises Wire version of this article. Modern monetary theory (MMT) has a new champion, and a new bible. Stephanie Kelton, economics professor at SUNY Stony Brook, is the author of The Deficit Myth: Modern Monetary Theory and the Birth of the People's Economy. Professor Kelton was an advisor to the Bernie Sanders presidential campaigns, and her ideas increasingly find purchase...
Category: Audio Mises Wire, Audio/Video, Audio Articles
Online Publish Date: June 26, 2020
It's easy to dismiss MMT out of hand, but the impulse to create something from nothing resides deep in the human psyche. Narrated by the author. Original Article: "MMT: Not Modern, Not Monetary, Not a Theory".
Category: Austrian School of Economics: Revisionist History and Contemporary Theory, Audio/Video, Lecture Series, Courses on Economics
Online Publish Date: June 8, 2005
Monetary theory is where Austrians diverge the most from mainstream. Mises built a new taxonomy of money. He said money included any checking account deposits. The marginal utility of gold on the last day of barter was determined by the uses of gold. People then demanded gold as money because there was preexisting value. A paper dollar must have such a connection to money. Government cannot...
Online Publish Date: March 12, 2020
Modern monetary theory, or MMT, has been getting a lot of attention lately, often celebrated as a revolutionary breakthrough. However, there is absolutely nothing new about it. The very basis of the theory, the idea that governments can finance their expenditures themselves and that therefore deficits don’t matter, actually goes back to the Polish Marxist economist Michael Kalecki (1899–1970)....
Online Publish Date: February 12, 2019
Brian Maher of the Daily Reckoning quotes Murray Rothbard and me in his incisive critique of Modern Monetary Theory (MMT), which has lately been embraced by proponents of the "Green New Deal."
Online Publish Date: May 27, 2019
The influence of the economics of Michal Kalecki on Modern Monetary Theory (MMT) is hard to ignore. With its roots in the Neo-Marxist macroeconomic theory of Michal Kalecki, MMT carries with it the heritage of the labor theory of value and the Marxist state and class analysis. As a Marxist, Kalecki views the economy through the lens that capitalism is a class society. For him, two classes operate...
Online Publish Date: July 15, 2020
Listen to the Audio Mises Wire version of this article. Adherents of modern monetary theory (MMT) argue that money is “a creature of the state,” as the economist Abba Lerner famously put it back in 1947. As they see it, money initially comes into existence as a result of government spending and derives its value from the fact that it can be used to discharge the public’s obligations to the...