Mainstream economics has been challenged by the scholarship of Modern Monetary Theory (MMT). According to neoclassical theory money is created based on demand and the issue of creating employment is usually left to the private sector. MMT suggests an alternative: Governments should print enough money to ensure finance fiscal policies can achieve economies with full employment. Based on simple stock flow consistent modelling, MMTers have developed a framework to understand the accounting of public money.
This lecture by Anne, a PhD candidate in Economics, looks at key arguments of MMT and shows why critics disagree. It addresses differences between MMT, neoclassical and (Post-) Keynesian economics providing critical views on the nature of money in the modern economy.
This lecture was recorded on 9th February at the Sidgwick Site, University of Cambridge.
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