MMT—modern monetary theory—has become one of the hottest topics in economics. The best selling book, "The Deficit Myth", by economist Stephanie Kelton has even made this little understood theory go mainstream. But deeply analyzing these ideas has become more pressing than ever as we debate, in the middle of a pandemic, whether the government should be adding more debt to support the economy.

Along with our guest, "grumpy" economist John Cochrane from the Hoover Institution at Stanford University, we take a look at what MMT gets right, what it gets wrong, and how it should change our thinking.