Modern monetary theory (MMT) argues that governments can never go bankrupt because they have the power to print money to finance budget deficits. Consequently, debt monetization can achieve virtually any government objective desired. This paper uses Austrian economics to argue that MMT suffers from the flaws of all forms of Keynesian economics, particularly the original version of the 1930s and 1940s. MMT fails to understand capital-based macroeconomics and how government policy affects the temporal structure of production. MMT also neglects the importance of profit and loss accounting compared to government allocation of resources. The Austrian school argues that traditional New Keynesian countercyclical monetary policy results in a credit-induced boom and bust (Austrian business cycle theory) by injecting new money into private sector loans through the banking sector. However, Austrian analysis demonstrates that MMT’s monetary policy to monetize government deficits and increase the money supply through government spending will instead lead to secular economic stagnation and a stunted capital structure. Overall, the policy prescriptions of MMT are far more dangerous than traditional New Keynesian policies.

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现代货币理论：奥地利对复发凯恩斯主义的解释

现代货币理论（MMT）认为，政府永远不会破产，因为它们有能力印钞来弥补预算赤字。因此，债务货币化几乎可以实现任何政府期望的目标。本文使用奥地利经济学论证 MMT 存在所有形式的凯恩斯主义经济学的缺陷，尤其是 1930 年代和 1940 年代的原始版本。MMT 无法理解基于资本的宏观经济学以及政府政策如何影响生产的时间结构。与政府资源分配相比，MMT 还忽略了损益会计的重要性。奥地利学派认为，传统的新凯恩斯主义反周期货币政策会通过银行业向私营部门贷款注入新资金，从而导致信贷引发的繁荣和萧条（奥地利商业周期理论）。然而，奥地利学派的分析表明，MMT 将政府赤字货币化并通过政府支出增加货币供应量的货币政策反而会导致长期经济停滞和资本结构发育不良。总体而言，MMT 的政策处方远比传统的新凯恩斯主义政策危险得多。