Date of Completion

5-9-2022

Degree Type

Honors Thesis

Discipline

Economics (ECON)

First Advisor

Thomas Herndon

Abstract

The study of macroeconomics is a diverse field, with conflicting opinions and numerous camps of thought. The election of 2016 brought this to the public attention, as the appointment of Stephanie Kelton as Senator Bernie Sanders’s campaign economic advisor brought Dr. Kelton’s heterodox school of macroeconomic policy to the attention of mass media. In particular, Modern Monetary Theory became a public discussion, particularly in the wake of stimulus spending during the COVID-19 pandemic. Modern Monetary Theory (MMT), a heterodox macroeconomic theory most discussed in far-left and post-Keynesian academic circles, has faced backlash from a centrist mass media. I investigate the three main critiques of Modern Monetary Theory as an undergraduate in the field, and address these critiques from my learned perspective.

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