[-AI-3.5]What is Modern Monetary Theory (MMT)?

Abstract

現代貨幣理論（MMT）について話し合います。MMTは最近注目を浴びていますが、それがよいことかどうかを考えることが必要です。この理論は経済学的に正しいとは限らず、むしろその危険性を議論することが重要です。MMTについて深く考えてみましょう。

MMT理論とは？

何が現代貨幣理論（MMT）なのでしょうか？簡単に言えば、政府が無制限のお金を作成できると主張する経済理論です。MMTは、政府が個人とは異なり、お金を作成する能力を持っていると主張します。つまり、政府は紙幣を刷ったり、電子的なお金を作ったりすることができます。言い換えれば、政府は必要に応じていつでもお金を印刷することができます。MMTは、財政政策の効果を主張しています。つまり、政府がインフラ、教育、医療などにお金を投資し、経済を刺激することで経済回復を実現できるようにします。しかし、政府が無制限のお金を作成できるという前提は現実的ではありません。インフレを引き起こさずにお金を増やさなければ経済成長を達成することは容易ではありません。また、財政赤字を長期的に維持することは持続可能ではありません。

MMTの主張に関する問題点

現実には政府はお金を作ることができますが、それには必ず何らかの影響があります。政府が自由にお金を作成することを許されれば、インフレーションの加速リスクがあるからです。MMTを支持する人々は、財政赤字を維持することが可能であり、長期的に持続可能であると主張していますが、これも疑問視されています。財政赤字がある限り、政府は永久に借金を背負い続けるため、長期的には破産につながる可能性があります。MMTは単純な解決策ではありません。

MMTが危険な理由

政治家がMMTを誤用する可能性があることは深刻な問題です。政治家は、選挙期間に公共事業を増やしたりと、財政政策を一方向に操作し、誘惑措置を実行することができます。MMTでは、政治家は政策をより広範囲に操作でき、金銭的な制限を超えて支出することができます。しかし、そのような行動は財政の健全性と長期的な経済的安定性を危険にさらし、政治的な圧力を高める可能性があります。支出や貨幣の発行などの範囲を拡大することができれば、所得税や輸出などの他の財政運営方法が除外される可能性があります。MMTは現在の財政運営方法を適切に代替する解決策ではなく、新たな問題を引き起こす可能性があります。

MMT支持の問題点

現代貨幣理論（MMT）には多くの支持者がいますが、数多くの問題があります。このような経済政策は長期的には持続不可能であり、失業や財政危機のリスクが高くなります。量的緩和、すなわち印刷したお金の増加は絶対的ではありません。政府の信用格付けが低下すると、著しいインフレーションの可能性があります。現代貨幣理論の問題は明らかであり、そのような政策は責任ある財政政策の必要性を排除し、政治家による誤用のリスクをもたらすことがあります。

Table of contents

• Introduction
• What is MMT Theory?
• Issues with MMT’s claims
• Reasons why MMT is dangerous
• Problems with supporting MMT
• Conclusion

-- CAUTION

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Introduction

We will discuss Modern Monetary Theory (MMT) today. Although MMT has recently gained attention, it is necessary to consider whether this is a good thing. This theory is not necessarily economically correct and it is important to discuss its dangers instead. Let us now delve deeper into our thoughts on MMT.

What is MMT theory?

What is Modern Monetary Theory (MMT) in the first place? Simply put, it is an economic theory that claims that the government can create unlimited money. MMT argues that the government is different from individuals in that it has the ability to create money. That is, the government can print paper money or create electronic money. In other words, the government can print money anytime it needs it. MMT advocates for the effectiveness of fiscal policy. That is, the government invests in infrastructure, education, healthcare, etc., using money to stimulate the economy, which makes it possible to achieve economic recovery. However, there are also points where MMT is said to be wrong. For example, the premise that the government can create unlimited money is unrealistic. It is not easy to achieve economic growth without increasing money while avoiding inflation. In addition, it has been pointed out that maintaining a fiscal deficit over the long term is unsustainable.

Problems with MMT’s claims

Yes, do they really think that the government can make money without doing anything? No, they can’t. In reality, the government can create money, but there is always some form of consequence behind it. The reason being is that if the government was allowed to create as much money as they pleased, there would be a risk of inflation accelerating. People who support MMT claim that it is possible to maintain a fiscal deficit, and that it is sustainable in the long term, but this is also questionable. As long as there is a fiscal deficit, the government will continue to carry debt, which in the long term, may lead to bankruptcy. Ultimately, it is important for the government to take responsibility and be held accountable.

The most dangerous element of MMT is that politicians are able to use it to implement policies that are most popular with voters. Politicians know that they can maintain a fiscal deficit, which is why they spend more money to win elections and gain support.

In other words, politicians can use MMT to move in the direction they prefer without taking responsibility, making it important for the government to take responsibility. MMT is not a simplistic solution. Instead, it is necessary to operate the government in a more responsible and long-term manner to maintain the economy in good condition.

The reason why MMT is dangerous

The possibility of politicians misusing MMT is a serious issue. Politicians may manipulate fiscal policy in one direction and execute inducement measures such as increasing public works during election periods. With MMT, politicians have gained a powerful tool in which they can operate policies more broadly and spend beyond monetary constraints. However, such actions put fiscal soundness and long-term economic stability at risk and may increase political pressure. The fact that MMT is unsustainable means that the government cannot print an unlimited amount of money and spend freely. The government has income to cover daily expenses such as public services, and therefore, the government needs to manage the appropriate risks of monetary issuance. With MMT, fiscal weakening may occur, and the government may lose the ability to secure the necessary funds for providing public services. MMT is dangerous because it eliminates the need to responsibly manage fiscal policy. If the range of spending such as expenses and monetary issuance can be expanded, it can inevitably exclude other fiscal operating methods such as income tax and exports. MMT is not a solution replacing the current fiscal operating methods properly but may cause new problems.

The issue with supporting MMT

It is evident that there are several issues with Modern Monetary Theory (MMT), which has many supporters. Sustaining fiscal deficits can cause inflation risks, and the hypothetical quantitative easing is not absolute. Such economic policies are unsustainable in the long run and increase the risk of unemployment and fiscal crises. The inflation risk is very high, and prices can rise significantly. The government must be extremely cautious because it has limited means of managing the inflation risk. Hypothetical quantitative easing, i.e. the increase of printed money, is not absolute. When the government’s credit rating drops, there is a possibility of significant inflation. The issues with Modern Monetary Theory are apparent, and such policies also pose a risk of misuse by politicians by eliminating the need for responsible fiscal policymaking.