Economies out there like Japan and the US are not behaving as classical money theory suggests they should. Our own government has issued £375 billion of new currency and nothing much happened. The data is suggesting strongly that we don't understand what is happening. Perhaps MMT explains it. At the moment I don't know.
Deficit spending 101 – Part 1
Deficit spending 101 – Part 2
Deficit spending 101 – Part 3
Will we really pay higher taxes?
Will we really pay higher interest rates?
Fiscal sustainability 101 – Part 1
Fiscal sustainability 101 – Part 2
Fiscal sustainability 101 – Part 3
Functional finance and modern monetary theory
Some more stuff here:
- Teaching the Fallacy of Composition: The Federal Budget Deficit, by L. Randall Wray
- 7 Deadly Innocent Frauds, by Warren Mosler
- In Defense of Deficits, by James K. Galbraith
The good Professor Scott with a primer on the operational realities of the monetary system
My own How the government's super platinum credit card works
An interview with Professor Bill Mitchell in the Harvard Review, gives an excellent overview of MMT