A Critique of Modern Monetary Theory

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Modern Monetary Theory (MMT) is a model of economics that has gained more attention in recent years, likely because of its message that countries who create their own currency can never run out of money and will always be in a position to pay for any expenses. Such spending, MMT proponents allege, is not impaired by the inability to raise sufficient funds by taxes, and further, borrowing to pay for government spending provides no obstacles due to the ability of the government to create more money and support any required borrowing by the government. Critiques of MMT are often just based on an underlying belief that it "sounds wrong", or is an attempt to get "something for nothing". Many others who have attempted to understand this model have been left confused. As it turns out, the model of economics I presented in the book "Enlighten Capitalism: A Keynes Primer" allows, in my opinion, a thorough and objective analysis of the tenets of MMT. I focus on a few central concepts that I believe will allow the reader to understand what might be right, and what might be wrong in the MMT model, and make their own decisions about the wisdom of adopting their recommendations.