Australian Capital Territory



An Introduction to the MMT Debate: Why Deficits Matter (But the COVID Debt Doesn’t), with Dr. Steven Hail

Growing debates* surrounding modern monetary theory (MMT) before the outbreak of COVID-19 have exploded with the onset of the pandemic, as governments unleash fiscal and monetary stimulus on an unprecedented scale to contain the economic fallout.

As conflict rages over how governments should pay for it, MMT economists have offered the most unconventional argument of all: the stimulus has already been paid for in the same way, they argue, every federal budget is always paid for: by keystrokes at the central bank.

Join the University of Adelaide’s Dr. Steven Hail to discuss why deficits still matter, why federal debt possibly doesn’t, why government deficits equal non-government surpluses, and the theoretical underpinnings of endogenous money, reserve accounting and heterodox macroeconomics.


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