In this Institute of Economic Affairs podcast, Dr Christopher Snowdon, Head of Lifestyle Economics at the IEA, speaks with Emmanuel Maggiori, author of the new book If You Can Just Print Money, Why Do I Pay Taxes? The conversation tackles Modern Monetary Theory (MMT): what it actually claims, the steelman case for it, and where its logic starts to fall apart.
I listened to this as a podcast. The most successful podcasters allow their guests to speak at length and complete their thoughts; that's the strength of the medium. But Dr Snowdon kept sticking his oar in. The upshot is that, though I'm deeply suspicious of MMT, I didn't come away with a clear idea of what Maggiori thought was wrong with it.
Given this was in the UK I was expecting a discussion about The Self Financing State as published in the Journal of Economic Issues (https://www.tandfonline.com/doi/full/10.1080/00213624.2025.2533726), which describes how in the UK HM Treasury can indeed instruct the Bank of England to make payments and the Bank has no authority to refuse.
It's funny that isn't included in any of Maggori's books or papers.
MMT has its flaws, to be sure, even if it’s basically gist is largely correct. That’s why Rodger Malcolm Mitchell's version, Monetary Sovereignty is much better.
I listened to this as a podcast. The most successful podcasters allow their guests to speak at length and complete their thoughts; that's the strength of the medium. But Dr Snowdon kept sticking his oar in. The upshot is that, though I'm deeply suspicious of MMT, I didn't come away with a clear idea of what Maggiori thought was wrong with it.
Given this was in the UK I was expecting a discussion about The Self Financing State as published in the Journal of Economic Issues (https://www.tandfonline.com/doi/full/10.1080/00213624.2025.2533726), which describes how in the UK HM Treasury can indeed instruct the Bank of England to make payments and the Bank has no authority to refuse.
It's funny that isn't included in any of Maggori's books or papers.
MMT has its flaws, to be sure, even if it’s basically gist is largely correct. That’s why Rodger Malcolm Mitchell's version, Monetary Sovereignty is much better.
https://mythfighter.com/
Was going to write about MMT on my substack but will watch this first!