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ABSTRACT
This article argues that Modern Monetary Theory (MMT) has struggled to gain traction in wider economic and political debates due to: (1) An incomplete understanding of key macroeconomic terms among economic commentators, especially journalists, and the wider community (lack of education); and (2) The deployment of key macroeconomic terms (incorrectly) in the context of pervasive cultural metaphors to support policy interventions that effectively benefit a privileged few at the expense of the majority. We provide a conceptual basis for understanding how the language we use constrains our thinking and we examine some of the key metaphors used to reinforce the flawed message of orthodox economics. We examine key ideas of modern monetary theory—an apolitical model of macroeconomic operations—and propose effective ways of expressing those key ideas in a progressive social and economic framework.
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Notes on contributors
Louisa Connors
Louisa Connors is Research Fellow, Centre of Full Employment and Equity, University of Newcastle, Australia and William Mitchell is Director and Professor at the Centre of Full Employment and Equity, University of Newcastle Australia.
William Mitchell
Louisa Connors is Research Fellow, Centre of Full Employment and Equity, University of Newcastle, Australia and William Mitchell is Director and Professor at the Centre of Full Employment and Equity, University of Newcastle Australia.