Many people have drawn to my attention in recent weeks the evolution of the Modern Monetary Theory (MMT) Wikipedia entry and raised concern about the criticisms that are now on that site. I thought I better go and read the entry. I certainly have not added material to the site. Having said that I am happy that there is a page available. It seems that the criticisms cited are sourced to blogs by an Austrian Schooler, a graduate student blogger, and Brad DeLong. There does not appear to be an sound academic citation. The critics actually admit to basing their views on a cursory reading of the MMT literature and then only on the blogs that are out there now (including this one). The major claim is that MMT is just an accounting tautology. That just means they have read the first of hundreds of pages of MMT and then probably haven’t really grasped its significance. MMT is in fact an accounting-consistent, operationally-sound theoretical approach to understanding the way fiat monetary systems work and how policy changes are likely to play out.