Modern Monetary Theory and Its Poisonous Implications
The Modern Monetary Theory (MMT) is often mentioned in the latest economic debates, especially in the USA, where it is supported by some (left-wing) candidates of the Democratic Party to the Presidential elections of 2020 and their economic advisers. Recently, a first edition of a macroeconomics manual with over 600 pages, where this theory is presented, was rapidly sold out. The explanation for this bookstore success resides in the fact that the new theory seems to provide governments with economic policy tools susceptible to be used when the interest rates are very low or even zero and will, probably, remain so in the near future. More