economics, modern monetary theory 

I think I've finally figured out my (admittedly very naïve) issue with MMT: if governments purchasing in their own sovereign currency run up against a vendor with a monopoly on a product, the market for that product breaks down. The monopolistic vendor can in theory demand an infinitely high price, and presumably would get paid.


economics, modern monetary theory 

the context here is that, according to MMT, governments can purchase anything for sale in their own currency.

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This is a tiny instance.