March 4, 2019

140. Is Modern Monetary Theory too closed for open economies (preview)

Modern Monetary Theory supports the idea that governments, rather than creating debt, can create as much money as they see fit to invest in the economy and create jobs. Thar works just fine in a closed economy, where the debt is all in your own currency. But, Phil Dobbie asks Prof Steve Keen, whether the idea falls apart once you introduce the pesky idea of a global economy with international trade and foreign currencies.

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