In the wake of the Great Financial Crisis, Modern Monetary Theory rose in prominence with the simple message that we had more fiscal capacity than mainstream economists and politicians appreciated.

For years, economists of the MMT school have been arguing that the way we think about deficits and government spending is all wrong. Whereas many people warn about the unsustainability of the national ...

Stephanie Kelton, a professor of economics and public policy, formerly chief economist on the US Senate Budget Committee with the endorsement of Bernie Sanders, is a leading proponent of modern ...

In the last few years in the U.S. and especially since the publication of Stephanie Kelton’s book, The Deficit Myth (Kelton, 2020) in Europe, the so-called Modern Monetary Theory (MMT) has been ...

The two most recent recessions—the one that accompanied the global financial crisis of 2007-2008 and the Covid recession of 2020—could not have been handled more differently, and therein lie some ...

“For every complex problem,” wrote H.L. Mencken, “there is an answer that is clear, simple, and wrong.” The issues of “health care, infrastructure, education,” and “climate change” could all be solved ...

The Deficit Myth: Modern Monetary Theory and the Birthplace of the People’s Economy, by Stephanie Kelton (PublicAffairs, 336 pp., $30) Neither Democrats nor Republicans officially subscribe to “modern ...