DEGROWTH AND MMT: A THOUGHT EXPERIMENT | Jason Hickel

Modern Monetary Theory (MMT) is getting a lot of attention these days, thanks in large part to the excellent work of Stephanie Kelton and Nathan Tankus, two of the movement’s most effective communicators. Over the past few weeks a number of people inspired by their work have asked me whether there is scope for thinking about degrowth from a MMT perspective. My answer: definitely. In fact, the two belong together.

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Modern monetary theory and its critics | real-world economics review

Modern monetary theory and its critics

3 October 2019

Introduction: Whither MMT?
The editors
2
Alternative paths to modern money theory
L. Randall Wray
5
Initiating a parallel electronic currency in a eurocrisis country – why it would work
Trond Andresen
23
An MMT perspective on macroeconomic policy space
Phil Armstrong
32
Monetary sovereignty is a spectrum: modern monetary theory and developing countries
Bruno Bonizzi, Annina Kaltenbrunner and Jo Michell
46
Are modern monetary theory’s lies “plausible lies”?
David Colander
62
What is modern about MMT? A concise note
Paul Davidson
72
Modern monetary theory: a European perspective
Dirk H. Ehnts and Maurice Höfgen
75
MMT: the wrong answer to the wrong question
Jan Kregel
85
Modern monetary theory and post-Keynesian economics
Marc Lavoie
97
Money’s relation to debt: some problems with MMT’s conception of money
Tony Lawson
109
The sleights of hand of MMT
Anne Mayhew
129
Tax and modern monetary theory
Richard Murphy
138
Macroeconomics vs. modern money theory: some unpleasant Keynesian arithmetic and monetary dynamics
Thomas I. Palley   
148
MMT and TINA
Louis-Philippe Rochon
156
Modern monetary theory: is there any added value?
Malcolm Sawyer
167
The significance of MMT in linking money, markets, sector balances and aggregate demand
Alan Shipman
180
The political economy of modern money theory, from Brecht to Gaitskell
Jan Toporowski
194
Board of Editors, past contributors, submissions, etc. 203

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Macroeconomics with Warren Mosler, Bill Mitchell and Martin J Watts, Birmingham – 11th May 2019

The Gower Initiative for Modern Money Studies
Published on May 20, 2019

The Gower Initiative for Modern Money Studies was delighted to host this event at which founding proponents of Modern Monetary Theory, Professor Bill Mitchell and Warren Mosler, were joined by their colleague and fellow internationally respected author, Professor Martin J Watts.

Following the launch in March of the textbook ‘Macroeconomics’ and the inauguration of the MMT training college later this year the event focused on giving academics, teachers and the wider public the tools with which they can take a more critical approach to the subject by comparing and contrasting heterodox and orthodox approaches to theory and policy.

This event aimed to challenge preconceptions about how money works and explained how such an understanding offers a lens through which we can develop solutions to the pressing economic, social and ecological issues we face.

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A Selection of Articles on Modern Monetary Theory by L. Randall Wray | neweconomicperspectives.org

Table of Contents

♦ MODERN MONEY THEORY: THE BASICS
♦ Taxes and the Public Purpose
♦ CREATIONISM VERSUS REDEMPTIONISM: HOW A MONEY-ISSUER REALLY LENDS AND SPENDS
♦ Tax Bads, Not Goods
♦ DEBT-FREE MONEY: A NON-SEQUITUR IN SEARCH OF A POLICY
♦ Why Money Matters
♦ MODERN MONEY THEORY: How I came to MMT and what I include in MMT
♦ An MMT View of the Twin Deficits Debate
♦ A Conspiracy Against MMT? Chicago Booth’s Polling and Trolling
♦ A Must Read: Why does everyone hate MMT?
♦ HOW TO PAY FOR THE WAR Read More

SEVEN DEADLY INNOCENT FRAUDS OF ECONOMIC POLICY | WARREN MOSLER (2010)

OVERVIEW

Seven Deadly Innocent Frauds of Economic Policy

  1. 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.
  2. With government deficits, we are leaving our debt burden to our children.
  3. Government budget deficits take away savings.
  4. Social Security is broken.
  5. The trade deficit is an unsustainable imbalance that takes away jobs and output.
  6. We need savings to provide the funds for investment.
  7. It’s a bad thing that higher deficits today mean higher taxes tomorrow.

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A Selection of Articles on a New View of Money and WHY it Matters | Modern Money Theory

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

Getting the Bigger Picture: From Life-Disabling Neoliberal Traps to Life-Enabling Opening Up of Public Policy Fiscal Spaces

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

Modern Monetary Theory, Monetary Sovereignty, Colonialism and Independence, and an Economics for Sustainable Prosperity

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.

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Eminent Domain: The Just (in time) Solution to Definitively Address the Roadblocks to Climate Action

WHAT IS EMINENT DOMAIN? Eminent Domain The power of the government to take private property and convert it into public use. The Fifth Amendment provides that the government may only exercise this power if they provide just compensation to the property owners. see, e.g. Loretto v. Teleprompter Manhattan CATV Corp. 458 US 419 (1982). The… Read More