What is Modern Monetary Theory?
GOLDMARK: Instead, the Modern Monetary Theory folks - they say, start thinking about how taxes and spending affect the big economic stuff like employment and inflation. HELM: The way it is now, it's the Federal Reserve's job to think about that.
What's Mosler's new way of spending money?
Here's the old way. Taxes bring in the money, then government spends that money. HELM: Mosler's new way - government just spends - power of the keyboard. Then the government has something to tax. GOLDMARK: The money's is out there. So Stephanie was initially not sold on Warren Mosler's argument. She was like, this sounds fishy. I'm going to vet it.
Who is the producer of the MMT podcast?
GOLDMARK: Today's episode was produced by Nick Fountain and Darian Woods. Our editor is Bryant Urstadt. HELM: You, Alex Goldmark, are the supervising producer. Thank you for supervising. Thanks also to Brad DeLong and J.W. Mason, who were among the many people who helped me understand MMT. I'm Sally Helm. GOLDMARK: And I'm Alex Goldmark.
Will MMT cause inflation?
Under MMT, the risk of inflation is considered minimal as governments that fully control their fiat currencies are believed to be able to control price levels, provided they can meet consumer demand.
What does modern monetary theory say?
Modern Monetary Theory (MMT) is an economic theory that suggests that the government could simply create more money without consequence as it's the issuer of the currency, according to the Federal Reserve Bank of Richmond.
Is modern monetary theory Marxist?
Modern monetary theory and the Marxist theory of money are complementary in that both are endogenous theories of money. They both reject the quantity theory of money, namely that inflation or deflation is dependent on the decisions of central banks to pump in credit money or not.
Is modern monetary theory Keynesian?
MMT is essentially Keynesian economics with a frightening twist. The grand claims are that money is wealth, that deficits do not matter, and that government, if possessed of a sovereign currency, may borrow all that it requires from the central bank.
What MMT gets wrong?
MMT does not address the opportunity costs and distributional consequences of the monetisation of deficits by the central bank, e.g. its impact on asset prices, that may affect both the demand and the supply side of the economy and therefore the inflation constraint, even before full employment is reached.
Do any countries use MMT?
Modern Monetary Theory (MMT) is a heterodox macroeconomic framework that says monetarily sovereign countries like the U.S., U.K., Japan, and Canada, which spend, tax, and borrow in a fiat currency that they fully control, are not operationally constrained by revenues when it comes to federal government spending.
What did Marx say about inflation?
What Marx put forward was that the total value of needed currency represented a total mass of value, and therefore a total weight, of gold, and that if the total of gold is replaced by inconvertible paper money and the paper money is then issued in excess, prices will go up.
What does Marxism say about inflation?
Marxists agree that if the quantity of money in an economy increased, with all other things being equal, the value of money would decrease and we would have inflation. But Marxists understand that this is not how money actually works. Our view is that money tends to be printed in order to better circulate commodities.
What is money Marx?
According to Marx, money is the product of commodity economy. Under the condition of non-commodity economy, the general human labor does not manifest itself as value, and there is no contradiction between use value and value, concrete labor and abstract labor, social labor and individual labor, so there is no money.
What happens if the government stops printing money?
If the stopped creating new money, they would have to drastically reduce expenses and stop deficit spending. Because 44% of GDP is government spending, any decrease in spending would also result in a decrease in GDP. Because people believe that GDP=the economy, a decrease in GDP would cause massive panic.
What is the difference between Keynes and Friedman?
Keynesians argue that an expansion in the money supply will reduce interest rates, which boosts aggregate demand. Friedman argued that an increase in the money supply would boost aggregate demand, and interest rates might rise or fall depending on the relative strength of the liquidity, income and Fisher effects.
Is quantitative easing MMT?
MMT economists also say quantitative easing is unlikely to have the effects that its advocates hope for. Under MMT, QE – the purchasing of government debt by central banks – is simply an asset swap, exchanging interest-bearing dollars for non-interest-bearing dollars.
What is the MMT podcast?
The MMT Podcast offers economic analysis on current issues from a Modern Monetary Theory perspective. Aimed at anyone who has ever felt lost in the jargon used by mainstream economics commentators. We believe economics is for everyone. You can help sustain this podcast via Patreon: https://www.patreon.com/MMTpodcast
What is MMT in economics?
The rise of Modern Monetary Theory (MMT) in policy and academic circles is changing the discussion on government spending and taxation. For Steven Globerman, an emeritus professor of economics at Western Washington University and a Fraser Institute scholar, MMT is an old idea in new clothes.In our weekly segment with Inventa Capital, Chris Donaldso…
What is money on the left?
Money on the Left is the official podcast of the Modern Money Network’s Humanities Division.
Who hosts the Gold Newsletter podcast?
The Gold Newsletter Podcast, hosted by Fergus Hodgson and Brien Lundin, is your home for investment, economics, and geopolitics. It is a project of Jefferson Companies, which publishes Gold Newsletter and hosts the New Orleans Investment Conference. For show notes, go to http://goldnewsletter.com/podcast/.
What is pocket change?
Pocket Change is focused on a school of economics known as Modern Monetary Theory, or MMT. MMT describes modern economies in which the national currency is fiat money that’s issued by a sovereign government. The show explains the basics of MMT and examines current events through an MMT lens.
Who is the host of Modern Money Australia?
Jayne Flanagan and Dallas Lewis of Modern Money Australia host a conversation between comedian and actor Luke McGregor and Professor Bill Mitchell about all things MMT, their experience in the media, and how MMT... Read More.
When will MMT 2021 be released?
Bill Mitchell & Luke McGregor: MMT and the media - Taking charge of the narrative. Our next full episode will be out on 21st July 2021, but in the meantime please enjoy this conversation. Jayne Flanagan and Dallas Lewis of Modern Money Australia host a conversation between comedian and actor Luke McGregor and Professor Bill Mitchell about all ...
What is the MMT podcast?
The MMT Podcast offers economic analysis on current issues from a Modern Monetary Theory perspective. Aimed at anyone who has ever felt lost in the jargon used by mainstream economics commentators. We believe economics is for everyone. You can help sustain this podcast via Patreon: https://www.patreon.com/MMTpodcast
What is pocket change?
Pocket Change is focused on a school of economics known as Modern Monetary Theory, or MMT. MMT describes modern economies in which the national currency is fiat money that’s issued by a sovereign government. The show explains the basics of MMT and examines current events through an MMT lens.
Episode Notes
Professor Stephanie Kelton joins Emily Peck, Felix Salmon, and Anna Szymanski for a long awaited episode on Modern Monetary Theory. She answers their many questions about MMT and discusses her book The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy.
Hosts
Emily Peck is a veteran journalist who has worked as a writer and editor at national outlets like HuffPost, the Wall Street Journal, and the American Lawyer.
Why is modern monetary theory useful?
HELM: To Tom Palley, Modern Monetary Theory is useful because it points out some flaws in mainstream economics. Like, he thinks that mainstream economics is too obsessed with balanced budgets. GOLDMARK: But he has some doubts about MMT. A big one is the whole taxes thing - the idea of using taxes to fight inflation.
Who makes NPR transcripts?
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Postgraduate courses coming soon!
Steven Hail talks to Gabie about his reasons for leaving an ‘Ivy League’ university and what he and Phil Lawn are planning to do to further MMT and ecological economics education at Torrens University.
Sherry Wise on what impacts inflation
Dr Sherry Wise is a Senior Economist with the US Department of Agriculture, as well as a KRTD regular. She is also an expert in both environmental economics and what in the US is called anti-trust policy but is often called competition policy elsewhere.
Kairin van Sweeden: MMT & climate activist
This week on Modern Money Doughnuts, we ask Kairin van Sweeden, Executive Director of Modern Money Scotland, to explain why it is vital for an independent Scotland to have a currency-issuing government, about her campaign for a Scottish job guarantee and about what motivated her and others to take the UK government to court over fossil fuel subsidies last December..
Maren Poitras on Finding the Money
Maren Poitras is an Associate Producer with Codebreaker Films. Her current film in production, FINDING THE MONEY, won the Audience Award at DocLands film festival DocPitch 2021. FINDING THE MONEY is a movie about Modern Monetary Theory and some of its leading practitioners.
