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    pettter (pettter@mastodon.acc.umu.se)'s status on Tuesday, 18-Jun-2024 18:50:00 JSTpettterpettter
    in reply to
    • Pavel A. Samsonov
    • myrmepropagandist
    • Charlie Stross
    • Winchell Chung ⚛🚀
    • Dawn Ahukanna
    • junklight
    • nonlinear
    • MaxTheFox

    @cstross @dahukanna @junklight @maxthefox @nonlinear @futurebird @PavelASamsonov @nyrath This is what's known as 'Modern Monetary Theory' (MMT), to be clear. https://en.wikipedia.org/wiki/Modern_monetary_theory

    In conversationabout 5 months ago from mastodon.acc.umu.sepermalink

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      Modern monetary theory
      Modern monetary theory or modern money theory (MMT) is a heterodox macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply of the financial assets needed to pay taxes and satisfy savings desires. According to MMT, governments do not need to worry about accumulating debt since they can pay interest by printing money. MMT argues that the primary risk once the economy reaches full employment is inflation, which acts as the only constraint on spending. MMT also argues that inflation can be controlled by increasing taxes on everyone, to reduce the spending capacity of the private sector. MMT is opposed to the mainstream understanding of macroeconomic theory and has been criticized heavily by many mainstream economists. MMT is also strongly opposed by members of the Austrian school of economics...
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