--- product_id: 317140535 title: "Modern Monetary Theory and its Critics" price: "SAR 95" currency: SAR in_stock: true reviews_count: 5 url: https://www.desertcart.com.sa/products/317140535-modern-monetary-theory-and-its-critics store_origin: SA region: Saudi Arabia --- # Ranked #259 in Theory & Philosophy of Economics 432 pages of in-depth essays 18 expert contributors with diverse views Modern Monetary Theory and its Critics **Price:** SAR 95 **Availability:** ✅ In Stock ## Summary > 📊 Unlock the future of economic policy with the ultimate MMT debate! ## Quick Answers - **What is this?** Modern Monetary Theory and its Critics - **How much does it cost?** SAR 95 with free shipping - **Is it available?** Yes, in stock and ready to ship - **Where can I buy it?** [www.desertcart.com.sa](https://www.desertcart.com.sa/products/317140535-modern-monetary-theory-and-its-critics) ## Best For - Customers looking for quality international products ## Why This Product - Free international shipping included - Worldwide delivery with tracking - 15-day hassle-free returns ## Key Features - • **In-Depth Analysis:** 432 pages of rigorous debate and critique, perfect for professionals seeking nuanced economic insights. - • **Current & Relevant:** Explores MMT’s real-world impact post-2008 financial crisis, connecting theory to today’s economic policies. - • **Thought-Provoking Content:** Challenges readers to critically evaluate macroeconomic policy and the future of sovereign currency. - • **Diverse Expert Perspectives:** 18 essays presenting balanced views from leading economists, ensuring a comprehensive understanding of MMT. - • **Essential for Economic Professionals:** Ranked top 300 in its category, this book is a must-have for managers and decision-makers wanting to stay ahead. ## Overview Modern Monetary Theory and its Critics is a 432-page collection of 18 essays by leading economists offering a balanced, in-depth exploration of MMT. It covers both enthusiastic support and critical perspectives, making it essential reading for professionals interested in macroeconomic theory, policy innovation, and the evolving role of sovereign currency in shaping economic governance. ## Description This collection of essays from leading economists in the MMT debate offers the reader a range of viewpoints from which to become informed about what is set to be a significant part of economic policy discussion in the coming years. “This stimulating book provides a clear account both of what Modern Monetary Theory entails and of the many objections to it. Its great value is that it will make readers have to think for themselves through many fundamental issues of macro-economic theory and policy.” - Charles Goodhart, London School of Economics “The merits of Modern Monetary Theory have become the most contentious issue in Post Keynesian macroeconomics. This remarkable volume presents the full range of opinions on MMT, from its enthusiastic proponents to its severest critics, with intermediate positions (critical support; sympathetic scepticism) also being set out. The book is essential reading for everyone with an interest in heterodox macroeconomic theory and policy.” - John King, La Trobe University & Federation University Australia “Recently Modern Monetary Theory has generated a lot of heat in newspaper columns and blogs, but relatively little in the way of light. This collection offers an urgently required, more considered treatment, challenging readers to think about the role, sources and implications of sovereign currency and money creation as social processes. The volume addresses the crucial question of what MMT would mean for practical workable policy agendas and the design and function of macroeconomic governance at an epochal moment when the future of the planet and social order is at stake.” - Andrew P. Baker, Sheffield University, UK “Modern Monetary Theory has found its moment in the sun. One advocate, Stephanie Kelton, is chief economic advisor to Bernie Sanders; Forbes, The New Yorker, and many newspapers, have published pieces on it. This balanced and readable collection is an excellent place to go for those wanting to understand this economic doctrine.” - Steven Pressman, Colorado State University & Co-editor, Review of Political Economy "So much has been written about MMT in the press that one gets at best a superficial understanding of its rich and penetrating implications. Criticism from this circle tends, as a result, to be ill-informed and misleading. Not true of the current volume, however. Here we find honest and carefully considered critiques and affirmations of what may stand as the foundation of a progressive and forward-looking transformation of advanced market economies." - Roy J. Rotheim, Skidmore College, US Contributions from: L. Randall Wray, Trond Andresen, Phil Armstrong, Bruno Bonizzi, Annina Kaltenbrunner & Jo Michell, David Colander, Paul Davidson, Dirk H. Ehnts & Maurice Höfgen, Jan Kregel, Marc Lavoie, Tony Lawson, Anne Mayhew, Richard Murphy, Thomas I. Palley, Louis-Philippe Rochon, Malcolm Sawyer, Alan Shipman, Jan Toporowski, Jamie Morgan & Edward Fullbrook. Review: If you want to know about MMT-Read this - I keep encountering Modern Monetary Theory (MMT) when I read economic reports. I didn't know what MMT meant. So I decided to get this book. I got the paperback with 432 pages. The book has 18 essays composed of both supporters, critics, and one author seemed to be both a supporter and a critic. The book itself was published by the World Economics Association. One small criticism is that I wish the book had a little more information about the essay authors. On a substantive level, I thought that the essays considered collectively provided a good overview of the theory. Since 2008's economic upheaval the U.S. government and the Federal Reserve have implemented many of the policies recommended by MMT such as quantitative easing and very low interest rates. MMT proponents argue that a nation with a sovereign currency has an expanded policy space that permits it to print money to underwrite government programs rather than relying on the power of taxation. Political elites seem to find this theory most felicitous. Whereas 10 years ago 800 billion dollars would have been considered a substantial outlay, now trillions of dollars must be appropriated to be considered adequate. Some of the critics argue that inflation will necessarily follow the implementation of MMT. Currently (late 2021) inflation has risen and we may have a chance to see whether the critics have a point One of the notable comments on page 346 by Louis-Philippe Rich on argued that mainstream economists had enacted "ruthless policies of austerity" in contrast to MMT policies which would not have pursued such policies. The mainstream economists supported policies that "contributed to (growth of) the wealth of the 1%...." Page 346. The policies of quantitative easing and ultra-low interest rates pursued since 2008 are now being accused of benefiting the 1%, so it seems that no matter what policies are followed, the 1% are rewarded. By having a collection of essays, I found the book very readable. There were a range of viewpoints, which contributed to the educational aspects of the book. I think I have some grasp of MMT, including how its proponents present and defend it. With this understanding I find myself in the critics' camp, but the book was valuable for the range of insights that it provided. If you have an interest in MMT, I recommend the book. Review: Good - I have enjoyed reading the accounts from both sides. A useful book. Thank you ## Features - Language: english ## Technical Specifications | Specification | Value | |---------------|-------| | Best Sellers Rank | #154,712 in Books ( See Top 100 in Books ) #259 in Theory & Philosophy of Economics #62,876 in Textbooks & Study Guides | | Customer Reviews | 4.4 out of 5 stars 121 Reviews | ## Images ![Modern Monetary Theory and its Critics - Image 1](https://m.media-amazon.com/images/I/81nxfC1EWfL.jpg) ## Customer Reviews ### ⭐⭐⭐⭐⭐ If you want to know about MMT-Read this *by F***G on 29 December 2021* I keep encountering Modern Monetary Theory (MMT) when I read economic reports. I didn't know what MMT meant. So I decided to get this book. I got the paperback with 432 pages. The book has 18 essays composed of both supporters, critics, and one author seemed to be both a supporter and a critic. The book itself was published by the World Economics Association. One small criticism is that I wish the book had a little more information about the essay authors. On a substantive level, I thought that the essays considered collectively provided a good overview of the theory. Since 2008's economic upheaval the U.S. government and the Federal Reserve have implemented many of the policies recommended by MMT such as quantitative easing and very low interest rates. MMT proponents argue that a nation with a sovereign currency has an expanded policy space that permits it to print money to underwrite government programs rather than relying on the power of taxation. Political elites seem to find this theory most felicitous. Whereas 10 years ago 800 billion dollars would have been considered a substantial outlay, now trillions of dollars must be appropriated to be considered adequate. Some of the critics argue that inflation will necessarily follow the implementation of MMT. Currently (late 2021) inflation has risen and we may have a chance to see whether the critics have a point One of the notable comments on page 346 by Louis-Philippe Rich on argued that mainstream economists had enacted "ruthless policies of austerity" in contrast to MMT policies which would not have pursued such policies. The mainstream economists supported policies that "contributed to (growth of) the wealth of the 1%...." Page 346. The policies of quantitative easing and ultra-low interest rates pursued since 2008 are now being accused of benefiting the 1%, so it seems that no matter what policies are followed, the 1% are rewarded. By having a collection of essays, I found the book very readable. There were a range of viewpoints, which contributed to the educational aspects of the book. I think I have some grasp of MMT, including how its proponents present and defend it. With this understanding I find myself in the critics' camp, but the book was valuable for the range of insights that it provided. If you have an interest in MMT, I recommend the book. ### ⭐⭐⭐⭐ Good *by M***D on 24 November 2022* I have enjoyed reading the accounts from both sides. A useful book. Thank you ### ⭐⭐⭐⭐ A good selection of essays on MMT *by S***J on 3 May 2021* I would recommend reading this book on MMT as it gives you several sides to the subject. I found most of the articles extremely interesting. However, you will need a background in economics to get the most out of it. There are some overarching conclusions I would draw: * MMT is interesting as it stimulates focus on a neglected area of economics - what is money and how does it relate to currency and the real economy. However there is a blurring of the line between money and credit. The private sector i.e. banks also engage in the creation of credit through the fractional banking system but MMT focuses only on the government's role. * Economically MMT seems to be to be a hyper version of Keynesianism - essentially deficit financing. Taxation only takes place as part of demand management/to alleviate inflation. Bonds may be issued by the government but they are not needed to fund government spending. * Politically MMT seems to have originated out of the failure of Keynesian policy making in the 1960s/70s which ultimately led to the neo-liberal governments of leaders like Reagan and Thatcher. Wynne Godley is often cited in the essays - Wynne Godley was an arch-Keynesian who supported significant government intervention in the economy in the form of wage controls, capital controls, etc. Over time he moved towards sectoral macro analysis - the triumvirate of public sector, private sector and external balance - focusing on the financial surpluses/deficits of each. Note this analysis is static, tautological and ignores dynamic elements to capitalism as provided by entrepreneurial activity and the institutional framework. The latter is also a key failure of Keynesian economics - economies shape and shift over time. Output gap analysis is more relevant to a manufacturing-based economy than a heterogeneous service based economy. * There are different versions of MMT - authors vary in terms of how they see its applicability - some think the US is a special case because the dollar is the global reserve currency (the de factor global currency) and so its issuance is unlikely to lead to significant currency depreciation for example. Others extend the analysis to mid-ranking countries and even smaller EM countries provided their currencies fulfill the sovereign requirements. * The bottom line for me is - I don't believe in free lunches generally (I accept that the US is able to buy things from say Argentina with dollars and those dollars are never presented back i.e. they circulate as money in Argentina - so the US has imported something for free. But this is the exception). In the deepest recession a significant fiscal deficit either funded through borrowing or unfunded is likely the best course of action BUT the continued used of both fiscal and monetary policy to prevent every single downturn since 1992 ended up resulting in the GFC because risk taking and leverage increased through that period and ended in catastrophe. * The amusing part of the MMT crew is both their arrogance (they comes across like gold bugs) as you are either mainstream/blinkered or 'openminded' if you agree with them. * The second most amusing part of the MMT crew is the idea that our economic ills have been due to 'austerity' and if only fiscal policy had been more expansionary all our problems would be solved. Fiscal policy has been structurally expansionary for most years since 1945. * As a macro framework, MMT ignores the key determinants of GDP - institutions/supply-side. I find it incredible that anyone can think deficient demand is the problem the West has faced in the last 50 years. Demand has been consistently stoked by both monetary and fiscal policy. Governments can provide a public good framework, fund primary R&D, provide education ,etc but they do not create wealth. * Empirical evidence - we happen to have lived through a disinflationary world over the last 40 years. To argue this is because of insufficient demand is grossly simplistic. See for example Goodhart and Prahan's book The Demographic Reversal for an alternative view. In terms of the specific chapters of the book, I will make some brief comments: Chapter 1 - introduction Chapter 2 - Wray - a good summary of MMT by a key advocate. I don't think his history of money is complete nor do I find is folksy tales about kids washing cars to be good analogies of how the economy works and the government's role in it. Chapter 3 - Anderson - completely unrealistic proposal for an electronic currency to operate alongside the euro in economically-challenged countries like Greece. Chapter 4 - Armstrong - another MMT writer focusing on CB operations. Again if you don't accept the fundamentals of how an economy works you cannot accept the arguments presented here. Chapter 5 Bonizzi et al - a critical essay focusing on the external sector/constraints - something that MMT advocates largely ignore. Several telling points are made in this chapter. Chapter 6 Colander - nuanced article from a sympathetic perspective but calling into question some key MMT assumptions. Chapter 7 Davidson - points out some issues on liquidity ignored by MMT. Chapter 8 - Ehnts & Hofgen - This is where MMT morphs into specific policy programmes like the Green New Deal. Alice in Wonderland economics. Chapter 9 - Kregel - Argues MMT does not accord with economic theory and practice. Chapter 10 - Lavoie - post-Keynesian unhappy with MMT's claims. Chapter 11 - Lawson - critiques MMT's conception of money. If you don't accept the latter you cannot accept MMT. Chapter 12 - Mayhew - another 'friendly critic' pointing out some inconsistencies. Chapter 13 Murphy - article focused on tax. Chapter 14 - Palley - one of the best articles - just runs through some calculations to show how absurd MMT inspired policy prescriptions are. Chapter 15 - Rachon - actually I cannot remember reading this chapter. Chapter 16 - Sawyer- an excellent article taking apart the whole job guarantee programme side of MMT (strictly speaking it is not MMT but a co-traveller). MMT writers believe a highly interventionist government creates a healthy economy. All the evidence points the other way. Chapter 17 - Shipman - another chapter focused on money, currency & time. Chapter 18 - Toporowski - possibly the most bizarre article here - largely a class warfare/attack the 'rich' take. Utterly bizarre take on bond markets - he thinks the rich got rich by holding bonds rather than risk assets and that "the small number of the wealthy who use their privately managed pension schemes as a way of evading tax" !!!!! As though the wealthy have most of their wealth in a pension scheme... Overall a good book with plenty to enjoy. My next move is to read more about money and it's origins. ## Frequently Bought Together - Modern Monetary Theory and its Critics - John Murray Publishers Ltd The Deficit Myth: Modern Monetary Theory And How To Build A Better Economy --- ## Why Shop on Desertcart? - 🛒 **Trusted by 1.3+ Million Shoppers** — Serving international shoppers since 2016 - 🌍 **Shop Globally** — Access 737+ million products across 21 categories - 💰 **No Hidden Fees** — All customs, duties, and taxes included in the price - 🔄 **15-Day Free Returns** — Hassle-free returns (30 days for PRO members) - 🔒 **Secure Payments** — Trusted payment options with buyer protection - ⭐ **TrustPilot Rated 4.5/5** — Based on 8,000+ happy customer reviews **Shop now:** [https://www.desertcart.com.sa/products/317140535-modern-monetary-theory-and-its-critics](https://www.desertcart.com.sa/products/317140535-modern-monetary-theory-and-its-critics) --- *Product available on Desertcart Saudi Arabia* *Store origin: SA* *Last updated: 2026-07-26*