{"id":19587,"date":"2013-03-13T08:33:41","date_gmt":"2013-03-13T08:33:41","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=19587"},"modified":"2013-03-13T08:33:41","modified_gmt":"2013-03-13T08:33:41","slug":"modern-monetary-theory-means-we-need-never-tolerate-unemployment","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2013\/03\/13\/modern-monetary-theory-means-we-need-never-tolerate-unemployment\/","title":{"rendered":"Modern Monetary Theory means we need never tolerate unemployment"},"content":{"rendered":"<p>It took me a little while to\u00a0realise\u00a0I am what is now called a Modern Money Theorist. There's a good summary of <a href=\"http:\/\/neweconomicperspectives.org\/2013\/03\/what-is-modern-monetary-theory-or-mmt.html\" target=\"_blank\">this\u00a0thinking\u00a0here of which, perhaps, the core paragraph says<\/a>:<\/p>\n<blockquote><p>The essential insight of Modern Monetary Theory (or \u201cMMT\u201d) is that sovereign, currency-issuing countries are only constrained by real limits. They are not constrained, and cannot be constrained, by purely financial limits because, as issuers of their respective fiat-currencies, they can never \u201crun out of money.\u201d This doesn\u2019t mean that governments can spend without limit, or overspend without causing inflation, or that government should spend any sum unwisely. What it emphatically does mean is that no such sovereign government can be forced to tolerate mass unemployment because of the state of its finances \u2014 no matter what that state happens to be.<\/p><\/blockquote>\n<p>I agree. Money is the servant of the real economy, not its master. It's time we appreciated that.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It took me a little while to\u00a0realise\u00a0I am what is now called a Modern Money Theorist. There&#8217;s a good summary of this\u00a0thinking\u00a0here of which, perhaps,<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2013\/03\/13\/modern-monetary-theory-means-we-need-never-tolerate-unemployment\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"class_list":["post-19587","post","type-post","status-publish","format-standard","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/19587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=19587"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/19587\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=19587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=19587"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=19587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}