On this Tuesday's Central Standard, Modern Monetary Theory. It’s nowhere near as dull as it sounds.

In fact, when our guests, UMKC Professors William Black and Stephanie Kelton spoke about it at summit in Rimini, Italy, the event was so popular that they had to move the venue of their talk from a hotel conference room to a basketball stadium. This unconventional theory, which is being largely developed at UMKC, suggests that everyone - from Congress to mainstream economic theory - misunderstands how government interacts with the economy.

As Dylan Mathews for The Washington Post explains --

If their theory — dubbed “Modern Monetary Theory” or MMT — is right, then everything we thought we knew about the budget, taxes and the Federal Reserve is wrong.

Plus, a look at the Jobs Act.

RELATED READING:

"The only winning move is not to play"—the insanity of the regulatory race to the bottom (New Economic Perspectives)

Modern Monetary Theory, an unconventional take on economic strategy (The Washington Post)