Mastodawn

Is there anyone here who knows about Modern Monetary Theory (MMT)?
I like the arguments in favour but I am curious why it hasn't been tried elsewhere. Why haven't Cuba or some other country with sovereign currency used this tool? Essentially, if its so great why is no one using it? (Or maybe they are and I just don't know).
#mmt #modern_monetary_theory

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Solar🌄Garden Feb 1

@Shobeck from browsing the #mmt tag, I found this which seems to address your OP question. Not yet read but RJM is usually a good read

https://mastodon.social/@iamlayer8/115923143029701180

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Simon Hobeck Feb 1

@wavesculptor thanks, ill have a watch. I had done a cursory search before posting and this piece from RJM was published after that.
I hope it satisfies my curiosity.

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Simon Hobeck

@wavesculptor I've now watched the video.
I guess my original question was poorly worded. Maybe its better to ask "Is there any where that approaches policy whilst accepting MMT?".
So a place where they realised its OK to generate government debt as it benefits the private sector and can generate pubilc debt for public works.
I think my general point is still valid - If MMT is so good and accurate, why are so few taking advantages of the potential benefits?

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Heinrichsgeist Feb 3

@Shobeck @wavesculptor

#mmt contradicts neoclassical economics in that in any case high national debt will be a burden for future generations (without providing evidence). Since neoclassical economics dominates the textbooks and simply ignores counterevidence these kind of myths hold and dominate the minds of economists worldwide.

Japan is an example that values a vivid economy more than national debt count and ignores textbooks warnings. USA similar (but with special situation of owning the global reserve currency).