Question
William Mitchell co-wrote the first textbook outlining the ideas of this framework. For 10 points each:
[10h] Name this economic framework derisively called the “Magic Money Tree” by its critics. It argues that a country that controls its currency shouldn’t be concerned about debt since it can always print more money.
ANSWER: Modern Monetary Theory [or Modern Money Theory; prompt on MMT]
[10e] MMT holds that breaking up monopolies is a more effective way to curb this problem than stalling growth. This phenomenon is tracked by increases in the consumer price index.
ANSWER: inflation [accept answers like too much inflation or runaway inflation or hyperinflation; prompt on rising prices]
[10m] In MMT, taxes are mainly levied not to generate revenue but to decrease this quantity in an economy. This quantity’s curve intersects the AS curve in a model for national income determination.
ANSWER: aggregate demand [prompt on AD; prompt on AD-AS model; prompt on demand]
<Michael Bentley, Social Science - Economics> ~23677~ <Editor: Vincent Du>
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