Opportunity Cost and MMT
Debunking Economics - the podcast
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MMT - The Technical Part of MMT
The idea of the conventional approach of opportunity costs is one of money to focus on jobs. That's in effect what we're doing with MMT then, isn't it? Yeah. I mean, there's a what I call the technical part of MMT, which is how is money created? And does the government borrow? And the answer is the government doesn't borrow. So the whole idea the government has to borrow is wrong. Once you realize that, then the constraints on government spending aren't constraints. What was their holiday being in debt? The hugest level of government debt the UK ever had was during the Napoleonic Wars and led to the growth of the British Empire.
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