Hype around (non)monetary (non)theory

Sergey R. Moiseev ()

Voprosy Ekonomiki, 2019, issue 9

Abstract: In 2019 the doctrine, called “Modern Monetary Theory” (MMT), broke into the political Olympus. Political, academic and financial circles in the USA, the United Kingdom and Australia are actively discussing what was previously unthinkable: the budget deficit does not matter, the money printing is able to close the gap between government spending and taxes without inflation pressuring and other well-known ideas presented in a new light. The strict criticism of MMT was voiced by the economists of all kinds, from Kenneth Rogoff and Lawrence Summers from Harvard University to Paul Krugman from the City University of New York. All of them claim that under the mask of a new theory simple left populism is hidden. Representatives of MMT believe that when their supporters win in the upcoming elections in the USA, they will open a new page in the history of economics and politics.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2019:id:2400

DOI: 10.32609/0042-8736-2019-9-112-122

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