Jul 29, 2021
Kelton really makes it easy to understand. I agree. Keynesian econ just makes sense. When FDR used monetary policy during the Great Depression, he invested in the public by spending money - basically MMT. Somewhere along the way, Friedman decided spending on businesses would trickle-down to the rest of us, and the last 40 to 50 years have been pretty dire.
Not sure if you've seen Rand Corporations report on the transfer of wealth since WWII, but if not, here you go: https://www.rand.org/pubs/working_papers/WRA516-1.html