This paper analyzes the first macroeconomic textbook based on modern monetary theory (MMT) written by Mitchell, Watts and Wray. MMT is a heterodox theory that a government need not worry about budget and monetary constraints and excessive inflation until a country achieves its goals of full employment, first-class healthcare for all citizens, and other desirable policies. Their textbook, Macroeconomics , leaves out major sections that are standard in macroeconomic textbooks, such as AS-AD analysis and economic growth theory. I argue that MMT is a dangerous theory that can lead to a bloated government, runaway inflation, and slow growth. Furthermore, MMT is unnecessary given that many advanced economies have moved in the opposite direction and achieved full-employment growth without adopting MMT, such as Sweden, Canada, Singapore, and Chile.

中文翻译：

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一个国家有很多废墟：现代货币理论分析

本文分析了由 Mitchell、Watts 和 Wray 编写的第一本基于现代货币理论 (MMT) 的宏观经济教科书。MMT 是一种异端理论，即在一个国家实现充分就业、为所有公民提供一流医疗保健和其他理想政策的目标之前，政府无需担心预算和货币限制以及过度通胀。他们的教科书《宏观经济学》省略了宏观经济教科书中标准的主要部分，例如 AS-AD 分析和经济增长理论。我认为 MMT 是一种危险的理论，可能导致政府臃肿、通胀失控和增长缓慢。此外，考虑到瑞典、加拿大、新加坡和智利等许多发达经济体在没有采用 MMT 的情况下已经朝着相反的方向发展并实现了充分就业增长，因此 MMT 是不必要的。