Modern Monetary Theory Isn't the Future. It's Here Now. - WSJ - 0 views
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The government hasn’t embraced MMT. But important elements of it are now accepted by much of the economic and financial establishment, with major implications for how the economy is run.
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The most important claim of MMT is that a government need never default on debt issued in its own currency. The lesson of 2020 was that MMT is right.
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“We got five or six trillion dollars of spending and tax cuts without anyone worrying about payfors, so that was a good thing,” says L. Randall Wray, an economics professor at Bard College in New York and a leading MMT academic. “In January [2020], MMT was a crazy idea, and then in March, it was, OK, we’re going to adopt MMT.”
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