mmt-chart

Strong connection

Weaker connection

Austrians

Supply siders

● Plosser

● Hayek, et al.

● Mundell, et al.

Real business cycle

● Debreu

● Lucas

● Bernanke (4)

● Arrow

Rational

Neoclassical

New monetary/

● Hahn

expectations,

● Jevons

macro consensus

General equilibrium

new classical

● Walras

theory

● Menger

● Pigou

● Malthus

Post-Keynesians

●

Clark

● Marshall

Old Keynesians

New Keynesians

Monetarists

Demand gap

● Minsky

Marginal

● Samuelson

● Mankiw

● Friedman

● Say

● Davidson

productivity

● Hicks

● Stiglitz

● Greenspan

Supply creates

● Kregel

theory

● Tobin

● Blinder

● Keynes (1)

demand

Institutionalists

● Robinson (3)

● Ayres

● Kalecki

● Veblen

● Mitchell

● Smith

● Dillard

Monetary theory of

Business cycles

● Foster

production, institutions

● Commons

● Franklin

● Marx (2)

Theory of law

Labor theory

Monetary theory

● Mosler

of production,

of value

● Mitchell

class struggle,

● Wray

crises

● Ricardo

● Forstater

● Sraffa

● Kelton

Modern Monetary

1. Keynes’s “The General Theory of Employment, Interest and Money” created the field of macroeconomics

2. MMT’s first textbook says that “it is probable” Marx’s theories influenced Keynes

3. Robinson explored how employers could pay workers less than they’re worth

4. This is the school of thought that predominates in central banks and leading universities

5. “The issuer of a currency faces no financial constraints”

Theory (5)