It’s no secret that Modern Monetary Theory has become quite popular with many on the Left. At least part of its appeal can be attributed to how it seems to say that governments can simply print whatever money they want to spend. Indeed, to many, MMT boils down to “free money is available!

To be fair, MMT economists have long admitted that governments are in fact limited in the amount of MMT money they can spend. Stephanie Kelton acknowledged as much in this 2016 interview. …

James Jos. Kroeger

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