Phil Armstrong — All MMT advocates recognise constraints exist

Mr Davies’s attempt to caricature MMT falls flat. No MMT advocate supports spending beyond full capacity. All MMT advocates recognise that constraints exist. Any suggestion that they don’t is purely misrepresentation. It is true that MMT is no panacea. It provides a description of how the monetary system works. It highlights policy opportunities but points to constraints; for countries with their own currencies these constraints are real and not, as Mr Davies and his mainstream colleagues incorrectly suggest, monetary....

Financial Times — Letters to the Editor
All MMT advocates recognise constraints exist
Phil Armstrong, University of Southampton Solent and York College, UK