There are three core statements at the heart of modern monetary theory.
1) Monetary sovereign governments face no purely financial budget constraints.
2) All economies, and all governments, face real and ecological limits relating to what can be produced and consumed.
3) The government’s financial deficit is everybody else’s financial surplus.
The Buzz Over MMT by Stephanie Kelton
“The contribution of MMT is not the discovery of new facts,” Galbraith says. “It’s a teaching core of things which are factually uncontroversial.” But its implications can be radically humane. What’s threatening to the establishment, Galbraith adds, “is that the narrative is very compelling.”
New York Times
The Washington Post
Marginal Revolutionaries - The Economist
Rogues of the Dismal Science - Playboy
Beyond Austerity - The Nation
The Workers’ Think Tank - The Nation
Why Deficits Don't Matter - Advisor Perspectives
Stephanie Kelton: As much as I dislike the title of this article from Advisor Perspectives, the essay itself is a good overview of the talks I’ve been giving at national, regional and chapter meetings of the Financial Planning Association (FPA) over the past year-and-a-half. .... I wanted to share the piece but only after this word of caution: I would not and did not say, “deficits don’t matter,” as you’ll discover if you read the entire piece. This is a touchy subject for MMTers, who’ve been (wrongly!) accused of taking the position that “deficits don’t matter.” Randy Wray made the MMT position crystal clear years ago, and I told Dan Jamieson the same thing when he interviewed me for a similar piece in Investment News:
InvestmentNews: Are MMT theorists saying deficits don’t matter?
Ms. Kelton: Deficits do matter, but not in the way people think
Who Are These Economists, Anyway? James K. Galbraith
The World According to Modern Monetary Theory -
The New Inquiry