Written by John Lounsbury
Modern Monetary Theory has become a hot topic of discussion. But is it well understood? In this interview with Real Vision’s Ed Harrison, Warren Mosler, the founder of MMT, describes exactly what Modern Monetary Theory is, and how the framework can be utilized. Particularly interesting is Mosler’s ambivalence about the political furor enveloping MMT. He sees the economic framework as more descriptive of monetary operations than prescriptive of policy. Mosler also outlines why MMT’s operational bent made it attractive to finance professionals long before it became a politically-charged debate among academic economists and politicians. Filmed on May 29, 2019 in New York.
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If there is one basic takeaway from this discussion, it should be that MMT is actually a misnomer. It should be MMO, Modern Monetary Operations: It is the description of how the central bank structured monetary system functions.
Both Mosler and Harrison have contributed to GEI. Their bio sketches are shown at end of the article.
Disclosure: Ed Harrison is the principal of the website Credit Writedowns. The author of this article has contributed to Credit Writedowns and for a short period assisted there editorially.
Source: YouTube.
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