No serious economist believes this

The claim that MMT is fringe or unserious misrepresents its intellectual foundations and growing influence.

Academic Foundations

MMT synthesises work from:

• John Maynard Keynes (monetary theory of production)
• Hyman Minsky (financial instability, employer of last resort)
• Abba Lerner (functional finance)
• Wynne Godley (sectoral balances)
• Chartalism and state theory of money

Institutional Validation

Central bankers have repeatedly confirmed MMT’s operational descriptions:

• Bank of England (2014): “Money creation in the modern economy” confirms that banks create money through lending, not from deposits
• Former Fed officials have acknowledged the accuracy of MMT’s description of Treasury/Fed operations

Growing Influence

• US Congressional testimony by Stephanie Kelton
• Policy discussions in multiple countries
• Academic programmes at University of Missouri-Kansas City, Levy Economics Institute, and University of Adelaide
• Increasing engagement from mainstream economists

Disagreement exists about policy implications, which is normal in economics. The operational description of how currency-issuing governments spend and how monetary systems function is increasingly accepted even by critics.