Assessing Modern Monetary Theory's Peculiar Ontology of Money.

This article analyzes the social ontological foundations of Modern Monetary Theory (MMT), focusing on its distinctive ontology of money and the resulting policy disagreements with mainstream economics. It argues that MMT's ontology of money is not purely descriptive but inherently normative, combining descriptive elements—such as money arising from the state's declaration to accept it for tax payments—with evaluative commitments that shape policy recommendations like the job guarantee and currency sovereignty. The authors characterize MMT's ontology as involving both taxonomic definitions, which coordinate scientific practice, and thick concepts, which inseparably blend descriptive and normative content, explaining persistent translation problems between MMT and other economic traditions. This ontological perspective clarifies why MMT theorists often view their framework as politically neutral yet normatively charged, highlighting the importance of recognizing these commitments in economic debates.