Stephanie Kelton is one of the most influential advocates of Modern Monetary Theory, or MMT. Kelton has written a lucid introduction to MMT, The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy. The ability of a government to spend its way out of an economic downturn is contingent on its institutional details, especially the idea of monetary sovereignty. Greece has signed away its monetary sovereignty to the European Central Bank. Countries have different levels of monetary sovereignty.

Source: Mint February 09, 2021 16:06 UTC