Modern Monetary Theory: why government spending isn't like household checkbooks

You know the drill: someone proposes something utterly commonsense, that has been done all over the world (say, universal healthcare) and the next thing you know, someone's shown up to shout "Who will pay for it?!" Read the rest

Modern Monetary Theory: the economic basis for expanded social spending and greater shared prosperity

The last 40 years has seen a steady rise of deficit-hawking, in which the world's postwar social safety nets are shredded because the state "can't afford" them -- think of all the times you've heard of national debt being money that "the taxpayers" will have to pay back, and misleading comparisons between sovereign governments (who print their own money) to households and businesses (who don't), as though sovereign state finance was just a scaled-up version of balancing the family check-book. Read the rest