March 2021 ISSUE

Modern Monetary Theory: Nothing New Under the Sun

By Nicolás Cachanosky

What is Modern Monetary Theory? The term "modern" in Modern Monetary Theory (MMT) is probably not the best choice of words, since it implies there is something new in MMT. As many MMT critics point out, looking for something new in MMT is a pointless excercise. T...

Understanding Modern Monetary Theory: Part 2

By Scott Sumner

In my previous essay, "Understanding Modern Monetary Theory: Part 1," I explained how adherents of Modern Monetary Theory (MMT) overestimate the role of fiscal policy because they underestimate the role of monetary policy. MMT denies that monetary policy determines ...

Accidents, Increments, and Scientific Progress

By Arnold Kling

Two scientists—French microbiologist Emmanuelle Charpentier and [Jennifer] Doudna, an American biochemist—published a groundbreaking discovery. They stood on the shoulders of many researchers around the world who had been toiling out of the public eye to under...

A Grand Tour with Adam Smith

By Maria Pia Paganelli

A Book Review of Adam Smith in Toulouse and Occitania: The Unknown Years, by Alain Alcouffe and Philippe Massot-Bordenave.1 Adam Smith in Toulouse and Occitania: The Unknown Years is not a book for everyone. It is not an introduction to the life or the wo...

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