Few words spark more anxiety in public debate than "national debt" and "government deficit." National debt is the total amount of money the government owes, accumulated over years of running deficits.

Discover how Chartalism explains the government's influence on money's value and the rise of Modern Monetary Theory. Learn ...

Most people think government borrowing is a problem. But according to Modern Monetary Theory, it creates income for households and businesses. Whether this is good or bad depends on the state of the ...