I just watched the documentary ‘Finding the Money’ and found it interesting. However I don’t understand economics enough to fully grasphow MMT is a revolutionary way to look at money compared to the traditional theory of money.
In: Economics
My take: MMT is when someone finds a cool rock, thinks it’s a genie in a bottle, then closes their eyes and makes a big wish.
(I.e., it’s bullshit.)
/u/vanZuider has it right. It’s basically looking at how the creation of money is handled in an economy. It doesn’t really work in theory and definitely doesn’t work in practice (one presumes, I guess) but the shadow of an idea is there.
It is not taken particularly seriously by most academic economists. There’s a few outliers, but I suspect the only thing we’ll even glean from this is maybe a few productive studies about the impact of money supply on the economic cycle, mostly disproving MMT but giving us some extra insight.
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