The contribution of Modern Monetary Theory to heterodox economics

Philip Armstrong

Chapter 4 in Post Keynesian Economics, 2024, pp 48-70 from Edward Elgar Publishing

Abstract: This chapter examines the nature of heterodoxy and the extent to which it may be viewed as purely oppositional or whether schools made of up economists self-defining as heterodox are able to make worthwhile contributions. This is followed by a consideration of the heterodox community and if there are grounds to believe that a unifying dynamic exists which might underpin a “heterodox paradigm”. The analysis then turns to the distinguishing features of Modern Monetary Theory (MMT) and the nature of its contribution to economic theory. The attitudes of heterodox scholars to their fellow economists working in other heterodox schools are examined, with a particular focus upon attitudes to MMT. The chapter argues that the advocates of MMT have the potential to add to the development of economic knowledge as contributors to a heterodox paradigm should such a structure be accepted as both feasible and potentially useful.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2024
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