Modern Monetary Theory Will Only Be Respectable When It’s Depressing

There is no canonical explanation of what Modern Monetary Theory is. There are explainers, and there’s an understanding, but there’s not one official text.

MMT is still catching on, and I’m sure someone will get around to writing the official MMT book one of these days. But it hasn’t taken the world by storm, to its adherents’ surprise. This fits a normal pattern. Ignoring whether or not a theory is true (it’s economics; you’ll never know), there are three things that make a theory popular: