Functional Trade Policy: An Integrative MMT and Life-Valuing Approach to Global Economics | ChatGPT4o

Table of Contents

  • How has Warren Mosler’s and Bill Mitchell’s different philosophical and political views affected in positive and negative ways the growth, development and evolution of MMT into the public and private spheres of engagements?
  • What is the basis for the statement in that in foreign trade, from an MMT perspective, imports are “good” and exports are “bad”?
  • What is Steve Keen’s view on this issue?
  • But is this not narrowly focused? What about real constraints related to biophysical limitations, sufficient social needs provisioning, thermodynamic efficiency, supply-chain security and just-in-case precautionary based principles that are needed to widen the boundaries of discourse and factorization to distill the wisdom some more from MMT? How would his then add to the arguments thus far?
  • Just like you have functional financing in MMT that challenges the perceived limitation of fiscal spending, is there a similar concept of functional financing in foreign trade discourses?
  • Given the spectrum and spread and inhomogeneities of nation states monetary sovereignty capabilities, floating or fixed foreign exchange rates, food and energy and resource and skills production capabilities variabilities and insecurities, does this not give amplifying selective advantages to the sovereign monetary states and disadvantages to every one else?
  • How can applying life-valuing functional trade policies and life-protecting and life-enhancing governance structures guided by MMT principles at the international level be conceptualized and operationalized in a life coherent manner.
  • Can you give possible titles for a blog article reflecting the essence of this discussion?
  • Can you create a vibrant image reflecting the essence of this conversation?

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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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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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