Opinion | Why Modern Money Theory needs to be taken seriously4 min read . Updated: 04 Nov 2019, 10:36 PM IST
We must question blind allegiance to mainstream paradigms rather than dismiss heterodox views without serious inquiry
In just four minutes of reading time, Ajit Ranade’s opinion piece, The Inexplicable Allure Of Modern Monetary Theory, published in Mint on 21 October, attempts to bring down Modern Money Theory (MMT), a school of thought that presents a cogent alternative to the mainstream neoliberal macroeconomic discourse by fundamentally reassessing the notion of money, the modern monetary system, and the role of the state in a free-market capitalist economy. Arguably, Ranade’s article conveys an inadequate interpretation of its essential propositions, nuances and relevant policy implications.
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