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
- 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
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
Modern Money Systems: Understanding the Monetary Mechanics of Value Reproduced from: https://www.johnlaurits.com/2018/mmt-modern-money-system-explained/ February 18, 2018 Modern money is a strange thing. To most of us, money appears as something continuously given to landlords and businesses to secure a place to live, food to eat, and all the little parts to make that thing called “a living.”… Read More
New Economic Thinking Published on Dec 28, 2014 In a challenge to conventional views on modern monetary and fiscal policy, Professor Bill Mitchell of Newcastle University in Australia has emerged as one of the foremost exponents of Modern Monetary Theory (MMT), a heterodox challenge to the prevailing paradigms which dominate how mainstream economics is taught… Read More