MMT and Social Norms
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January 25, 2013 - 8:10pm
by J.D. Alt, New Economic Perspectives
Chris Hayes’ recent MSNBC show on the Trillion Dollar Coin brought four aspects of the Modern Money debate, for me at least, into a clearer focus. I list them here not in their order of appearance on the show, but in their order of importance and logical connection.
1. The first aspect is structured by Stephanie Kelton’s remarks that yes, indeed, there are very REAL constraints on what the federal government can spend, but those constraints are not on the FINANCIAL side (whether or not the government has “enough money” to spend) but, instead, are on the RESOURCE side—whether the labor, materials and manufacturing capacity are actually there to be put to work by the proposed sovereign spending.
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