Read it at The New York Times
America Isn’t a Corporation
by Paul Krugman
Professor Krugman poses the question,
"Why isn’t a national economy like a corporation?"
And then gives the wrong answer,
"For one thing, there’s no simple bottom line. For another, the economy is vastly more complex than even the largest private company."
The chief reason that a national economy is not like a corporation for the US is that the national government is the currency issuer and everyone else is a currency user — US state and local governments, firms, and households, as well as the external sector doing business with the US using the dollar.
The federal government holds a currency monopoly as the monopoly provider of a non-convertible floating rate currency of issue. MMT provides understanding of what this entails monetarily, fiscally, financially, economically, politically (policymaking) and socially (results of policy choices).