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Modern Monetary Theory: Let’s look at it from India’s perspective Photo: Mint Share Via Read Full Story Stephanie Kelton is one of the most influential advocates of Modern Monetary Theory, or MMT. The MMT challenge to mainstream thinking on how to manage an economy has grown in popularity in recent years. It especially challenges the view that government spending to support an economy is constrained by tax collections. Kelton has written a lucid introduction to MMT, The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy. Much of it deals with the situation in the US. I read it through Indian eyes. Is MMT relevant to India?

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