Scott Fullwiler's article "The debt ratio and sustainable macroeconomic policy"* offers a very good introduction to Modern Monetary Theory's (MMT) stance on fiscal policy. It covers a lot of ground, making it hard to summarise. This article has some general remarks on why I recommend reading the paper as an introduction to MMT thinking. The key argument is that interest service is what matters for sustainability (and not the debt-to-GDP ratio) -- and that the rate of interest is under the control of governments.Apparently Stephanie Kelton thinks that this is a good intro to MMT thinking, too. When Larry Summers requested somethings to read to get up to speed on MMT, she recommended Scott's paper.
Bond Economics
Brian Romanchuk
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Only trouble with Scott's paper is that it is about 30,000 words. So I've just spent the last hour typing out my own (cheeky) 600 word introduction to MMT:
https://ralphanomics.blogspot.com/2020/03/mmt-in-six-hundred-words.html
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