‘We’re Already Doing It’: Japan Tests Unorthodox Economic Doctrine

TOKYO—In the U.S., modern monetary theory—which, in its crudest form, suggests government deficits don’t matter—is still just an unorthodox doctrine debated mostly by economists and left-wing Democrats.

But in Japan, MMT is at the center of a policy battle with imminent consequences: whether to proceed with an Oct. 1 sales-tax hike designed to trim the deficit.

Source: https://www.wsj.com/articles/were-already-doing-it-japan-tests-unorthodox-economic-doctrine-11557912602?mod=e2tw