Modern Monetary Theory is an economic paradigm that treats money as a utility that governments issue and tax in order to mobilize resources needed to provide the services that the public wants; it explains why some kinds of government spending leads to inflation while other kinds do not, and how sovereign states use different levers to control inflation, even when they're spending extraordinary sums, as in WWII.
MMT is key to understanding how bold and vital social programs -- from Medicare for All to a federal jobs guarantee to the Green New Deal -- can be enacted, and why austerity and its absurd comparisons between sovereign nations' spending and household or small business budgets are cruelty dressed up as prudence.
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