Exploring Modern Monetary Theory

This chapter examines the principles of Modern Monetary Theory (MMT), emphasizing the government's authority to issue currency and its role in economic management. It discusses the interplay between government spending, inflation control, and the necessity for investments in climate change initiatives, particularly through recent legislation like the Inflation Reduction Act. Furthermore, the chapter challenges traditional views on government deficits, advocating for a perspective that recognizes their potential to benefit society and foster public welfare.