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Modern Money Theory (MMT) Wikipedia page is poorly written; here’s how to improve it
MMT for Cultural Creatives and non-economist progressives
I’ve donated to Wikipedia, probably will again. For all its positive, for reasons unclear to me, the culture inside Wikipedia is regressive in several crucial respects. In late 2020 MMT is too significant now to have its Wikipedia page reflect only narrow, abstruse academic definitions and views.
The big need is reaching more Cultural Creatives with MMT. Stephanie Kelton has been good on this. The below may help too. Feel free to share, borrow, steal, edit, revise, repurpose any of the following for the purpose of reaching more Cultural Creatives and policy makers.
My proposed revision to Wikipedia page:
Modern Monetary Theory or Modern Money Theory (MMT) is a heterodox macroeconomic re-education rhetoric of how a sovereign-fiat currency works; and, how it works differently from value represented in tangible wealth such as gold, camels, or cows.
The US dollar is a sovereign-nation-state fiat currency. MMT describes this as a nation-state monopoly. A monopoly of gold, camels, or cows is difficult to impossible. Neither you, nor I nor the government can create new gold, camels, or cows. Yet each sovereign nation CAN create new fiat currency at will and “destroy” it at will.
