MMT and the Deficit Myth: The New Architecture of State Accountability

This article provides an in-depth analysis of the assumptions of Modern Monetary Theory (MMT), drawing on the work of Stephanie Kelton. The author deconstructs the "deficit myth" ingrained in public debate, demonstrating that a state, as a sovereign issuer of currency, cannot default on the units it creates. The text shifts the focus from accounting debt to the availability of real economic resources, such as labor, raw materials, and technology. A key element of the argument is a redefinition of the role of taxes and the proposal to introduce a job guarantee as an automatic economic stabilizer, constituting an alternative to the NAIRU model. The analysis sheds new light on the architecture of state accountability, suggesting that the budget should serve social goals and the full utilization of productive potential, not merely the balancing of numbers. This is an invitation to an intellectual "Copernican shift" in the understanding of public finance.