The over-hyped Dot.com revolution bubbled and crashed at the end of the 1990s, leaving a largely unused physical and virtual infrastructure that eventually supported the rise of social media that did-indeed-transform life. Not necessarily in a good way. As Robert Gordon famously claimed, you can...

This is a slightly revised version of the purposely provocative keynote presented at the FDR library for the Levy Institute Summer Seminar on Money, Finance, and Public Policy. References have been added.

We begin with an overview of the foundations of MMT, demonstrating that the issue facing sovereign nations is not the availability of finance. This is true for all countries that meet our definition of sovereign currency issuer. We respond to the claim of many critics that MMT can only apply to...

In recent elections, Republicans and Democrats have been competing for the votes of the suburban middle class. The pocketbook issues of the working class have been largely ignored by both parties-this group comprises the true swing voters (voting for Trump in 2016 and 2024 and for Biden in...

The economics of the mainstream is in disarray. As Frank Hahn remarked four decades ago, "The most serious challenge that the existence of money poses to the theorist is this: the best developed model of the economy cannot find room for it." He was speaking of General Equilibrium theory, but his...

This working paper integrates the credit money approach (associated with Post Keynesian endogenous money theory) with the state money approach (associated with Modern Money Theory) by drawing on Wray's 1990 book (Money and Credit in Capitalist Economies: The Endogenous Money Approach, Edward...

This paper examines heterodox theories of the determinants of the value of money. Orthodox approaches that tie money's value to relative scarcity of money or to the price level are rejected as inconsistent with the monetary theory of production embraced by heterodox traditions linked to Marx,...