Seven Deadly Innocent Frauds of Economic Policy
- The government must raise funds through taxation or borrowing in order to spend. In other words, government spending is limited by its ability to tax or borrow.
- With government deficits, we are leaving our debt burden to our children.
- Government budget deficits take away savings.
- Social Security is broken.
- The trade deficit is an unsustainable imbalance that takes away jobs and output.
- We need savings to provide the funds for investment.
- It’s a bad thing that higher deficits today mean higher taxes tomorrow.
Introduction to an Alternative History of Money Author(s): L. Randall Wray Download: Working Paper No. 717 http://www.levyinstitute.org/publications/introduction-to-an-alternative-history-of-money This paper integrates the various strands of an alternative, heterodox view on the origins of money and the development of the modern financial system in a manner that is consistent with the findings of historians and anthropologists. As… Read More
James K Galbraith Reviews Modern Monetary Theory Nov 2, 2017 Some sage advice from an elder at the First International Convention of Modern Monetary Theory 2017 Presidential Lecture Series: Stephanie Kelton – “But How Will We Pay for It? Making Public Money Work for Us” Oct 18, 2018 Our nation’s finances are a blistering topic.… Read More
The conclusion will be that macroeconomic policy proposals should be informed by stock-flow consistent modern monetary theory; that a job guarantee, or employer of last resort scheme, is a proposal which is affordable and potentially able to stabilise an unstable economy; that the elimination of involuntary underemployment can raise the subjective well-being of millions of people and promote social inclusion; and that the framing of this and other policy proposals is of vital importance, and should not be neglected by economists and the politicians they advise.
This seminar series introduces a new economic narrative, in which societies use their monetary systems in a democratic way to achieve full employment and promote public purpose. Read More