Well, from my reading today about Modern Monetary Theory it appears that the take home position is that government deficit spending is not some ogre to avoid, but rather is part of a well functioning, growing economy. It argues that a decent Minister of Finance would be engaging in enough deficit spending to promote growth and employment/business opportunities, while at the same time guarding against internally generated inflation. One of the issues seems to be where the government spends the money... business minded people like us would say it should be spent on infrastructure, R&D, and things that create a long term benefit, but others argue that it doesn't matter how its spent... maybe just cut taxes, or dish out a handout. It's relevant as we move to centre-right politics and the possibility of austerity budgets. DOGE is threatening to cut the US deficit in half. But it looks like the US and China are well aware of MMT. The idea certainly informs us about the modern day world.
