Warren Mosler is one of the founders and most prominent advocates of Modern Monetary Theory (MMT).
The term ‘theory ’is illusive.
MMT gives ultimate clarity to the actual operations of money.
Among other things, it demonstrates how government deficits are stabilising and often necessary to maintain full employment, and why increasing the cash rate increases inflation in the broader economy, rather than taking steam out the system.
MMT flips on its head many of the falsehoods written in the old economic textbooks. (The ones the likes of Albanese would have gained their education from.)
Myths such as ‘we need to increase supply to lower property prices!’ – or - ‘we need to increase interest rates to control inflation’ that enable successive governments to wash their hands of any responsibility for economic recessions.
That’s not to say it comes without opponents.
MMT has been attacked by monetarists for decades.
The criticisms, however, are frequently a distortion of what Warren and leading MMT advocates truly elucidate.
I first made contact Warren a few years ago.