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“Demand originates with the state. Without state spending, the value of the currency is unspecified and there is no aggregate demand. Only subsequent to state spending can the currency obtain absolute value and non-government spending take place.”
― Modern Monetary Theory: Key Insights, Leading Thinkers
― Modern Monetary Theory: Key Insights, Leading Thinkers
“The state sets the terms of exchange for its currency with the prices it pays when it spends, and not per se by the quantity of currency that it spends.”
― Modern Monetary Theory: Key Insights, Leading Thinkers
― Modern Monetary Theory: Key Insights, Leading Thinkers
“MMT offers a unique understanding of inflation, as academically defined, as part of its general framework for analysis that applies to all currency regimes.”
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