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.
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 |
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.
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
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
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
Source: Holt-LunstadJ, Smith TB, Layton JB (2010) Social Relationships and Mortality Risk: A Meta-analytic Review. PLOS Medicine 7(7): e1000316.
https://journals.plos.org/plosmedicine/article?id=10.1371/journal.pmed.1000316
