If You Can Just Print Money, Why Do I Pay Taxes?

What if the government could fund anything it wanted by simply creating money out of thin air? That’s the promise of Modern Monetary Theory (MMT), a radical economic proposal gaining traction among politicians, activists, and academics. Advocates say that, with the right precautions, governments can create money to end unemployment, fight climate change, and much more – all without raising taxes. In If You Can Just Print Money, Why Do I Pay Taxes?, author Emmanuel Maggiori walks you through MMT in plain language and shows you why its arguments don’t hold water. Maggiori debunks MMT step by step, offering compelling, informed, and rigorous counterarguments against all of its foundational claims. The author explains why MMT-inspired “money printing,” far from guaranteeing prosperity, could be a recipe for inflation, instability, and stagnation. Inside the book: Why MMT’s proposed job guarantee – meant to end unemployment – could backfire How MMT misreads inflation How MMT relates to quantitative easing, the controversial money-creation tool used after the financial crisis and the pandemic How MMT proposes to fight climate change and expand social security – and why the numbers don’t add up Perfect for everyone interested in modern economics and policymaking, If You Can Just Print Money, Why Do I Pay Taxes? is an insightful and engaging new take on a topic generating debates around the world – all the way from blogs to the U.S. Senate and the Bank of England.

INTRODUCTION 1 CHAPTER 1 THE MODERN MONETARY THEORY WORLD 13 CHAPTER 2 THE REAL WORLD 41 CHAPTER 3 QUANTITATIVE EASING 61 CHAPTER 4 INFLATION 79 CHAPTER 5 UNEMPLOYMENT, AND HOW TO FIX IT 115 CHAPTER 6 HOW TO SAVE THE PLANET AND INCREASE PROSPERITY 135 CONCLUDING REMARKS: MMT AND THE FUTURE OF ECONOMICS 153 APPENDIX A MMT ON BITCOIN 163 APPENDIX B MORE MMT RED HERRINGS 167 APPENDIX C MMT ON QUANTITATIVE EASING 179 APPENDIX D MORE ON INFLATION 181 ACKNOWLEDGMENTS 185 ABOUT THE AUTHOR 187 NOTES 189 INDEX 211