Milton Friedman: proto-MMTer?

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James Keenan

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Sep 12, 2025, 8:18:27 AMSep 12

to Modern Monetary Theory

An interesting article this morning on the Naked Capitalism blog aggregator: "Milton Friedman: From Modern Monetary Theory to Monetarism", by one István Tóth who is described as Managing director of Port of Gönyű, Hungary. This article starts by citing some remarks from Randy Wray to the effect that in the 1940s Milton Friedman was a "proto-MMTer" insofar as he shared some ideas in common with Abba Lerner, advocate of functional finance.

The article isn't entirely convincing, but it's interesting to see a post on this site which goes beyond simply making reference to MMT (which Naked Capitalism publisher Yves Smith often does) to including a thorough explanation of MMT, which in turn means that the comments are largely discussing MMT as well.

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