Over the next month, we will explore Modern Monetary Theory (MMT) through the lens of insightful critiques presented by economist John Quiggin and the responses from MMT proponents. This mini-series aims to provide an objective look at the key debates surrounding MMT principles and policy implications.
We begin by examining Quiggin’s general propositions questioning foundational MMT ideas like chartalism and the theory's perspectives on concepts such as public debt, deficits, and taxation. We’ll also analyse critiques related to MMT’s outlook on financing large public programs, issues of opportunity cost, and distinguishing between academic and popular interpretations of MMT.
Throughout these discussions, we’ll appreciate the merit of Quiggin's mainstream economic reasoning while also recognising the alternative framework MMT provides. Engaging such diverse perspectives enables a more rounded understanding of both schools of thought.
Our goal is an informed exploration of the arguments presented by each side. We hope this series contributes to thoughtful public discourse on Modern Monetary Theory and its potential role in economic policy.
We invite readers to engage critically with Quiggin’s thoughtful critiques as well as the MMT responses. Together, we can gain deeper insight into this intriguing economic theory.
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I will follow this with interest, but refrain from engaging in debate, at least until the series is finished.