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Quote by Pavlina R. Tcherneva

“MMT recognizes that finance is not a limited resource. It is manufactured and created in the act of spending. In the modern world, the exclusive monopoly to issue the currency endows governments with unparalleled spending power. For MMT, that the issuer can spend without technical constraints is a rather trivial observation. What MMT stresses is that taxes and borrowing cannot pre-fund the issuer of the currency, as the currency must be provided before it can be used for tax collections or bond purchases. The substantive question for MMT then is how to deploy this spending power for achieving the two central macroeconomic goals: full employment and price stability.”

Quote by Pavlina R. Tcherneva

Book:Modern Monetary Theory: Key Insights, Leading Thinkers
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Modern Monetary Theory: Key Insights, Leading Thinkers

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Pavlina R. Tcherneva

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