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Modern monetary theory or modern money theory (MMT) is a heterodox [1] macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply of the financial assets needed to pay taxes and satisfy savings desires. [2]
Stephanie A Kelton (née Bell; born October 10, 1969) is an American heterodox economist and academic, and a leading proponent of modern monetary theory. [1] She served as an advisor to Bernie Sanders's 2016 presidential campaign and worked for the Senate Budget Committee under his chairmanship.
His book Eurozone Dystopia: Groupthink and Denial on a Grand Scale (May 2015), provides "a critical history and analysis from the perspective of Modern Monetary Theory of the European economic crisis that started in 2009."
Larry Randall Wray (born June 19, 1953) is a professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute. [2] Previously, he was a professor at the University of Missouri–Kansas City in Kansas City, Missouri, USA, whose faculty he joined in August 1999, and a professor at the University of Denver, where he served from 1987 to 1999. [1]
Friedman and Anna Schwartz wrote an influential book, A Monetary History of the United States, ... Modern Monetary Theory; ... PDF (30 sec. load: ...
In 1996, he founded the American Monetary Institute, established as a 4947(a)(1) trust, dedicated to the "independent study of monetary history, theory and reform." He authored numerous articles and books, and gave lectures, participated in conferences and gave testimony to government committees, on "monetary reform."
John Maynard Keynes, General Theory of Employment, Interest and Money, 1936; Description: In this book, Keynes put forward a theory based upon the notion of aggregate demand to explain variations in the overall level of economic activity, such as were observed in the Great Depression. The total income in a society is defined by the sum of ...
Since the late 20th century, Innes' credit theory of money has been integrated into Modern Monetary Theory. The theory also combines elements of chartalism, noting that high-powered money is functionally an IOU from the state, [10] and therefore, "all 'state money' is also 'credit money'". The state ensures there is demand for its IOUs by ...
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