You won't see this discussed in Chicago or Austrian school economics texts.
(Image by Stephanie Kelton) Details DMCA
I have studied macroeconomic monetary theory since the 1960s. I have studied on my own, not in a formal academic setting, because I saw early on that formal study was being approached as an indoctrination into received wisdom, not as a discipline that begins with a definition of how the structure of a monetary system can be made to support different kinds of governments--democracies, oligarchies, etc. What we have in the US and the world at large now is a system that is structured to build and maintain oligarchy, and we are told (as famously declared by a former Btitish PM Margaret Thatcher) that "There is no alternative."
MMT is a theory that supports a goal of egalitarianism, the elimination of unemployment, and guards against the development of inequality and oligarchy.
It explains why the national economies of today are prosperous or saddled with unpayable debt. MMT has exposed today's accepted economic model as a blueprint for an international oligarchy and has provided an alternative that would prevent it.
For example, click here to get an explanation of the graph in the image above, and how it shows why the EU does not, and cannot, produce a uniform degree of prosperity among the member states.