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Modern Monetary Theory

In: Economics for Sustainable Prosperity

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  • Steven Hail

    (University of Adelaide)

Abstract

This chapter begins with an explanation of the three core statements, or axioms, at the heart of modern monetary theory: (1) monetary sovereign governments face no purely financial budget constraints; (2) all economies, and all governments, face real and ecological limits relating to what can be produced and consumed; and (3) the government’s financial deficit is everybody else’s financial surplus. This leads on to a discussion of the macroeconomic policies suggested by modern monetary theory, and potential institutional reforms to clarify the fiscal space available to monetary sovereign government.

Suggested Citation

  • Steven Hail, 2018. "Modern Monetary Theory," Binzagr Institute for Sustainable Prosperity, in: Economics for Sustainable Prosperity, chapter 0, pages 141-182, Palgrave Macmillan.
    • Handle: RePEc:pal:bifchp:978-3-319-90981-3_5
    DOI: 10.1007/978-3-319-90981-3_5
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