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The author Bill Mitchell
Bill Mitchell
Bill Mitchell is a Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at the University of Newcastle, NSW, Australia. He is also a professional musician and plays guitar with the Melbourne Reggae-Dub band – Pressure Drop. The band was popular around the live music scene in Melbourne in the late 1970s and early 1980s. The band reformed in late 2010.

Bill Mitchell

The Weekend Quiz – March 6-7, 2021 – answers and discussion

Here are the answers with discussion for this Weekend’s Quiz. The information provided should help you work out why you missed a question or three! If you haven’t already done the Quiz from yesterday then have a go at it before you read the answers. I hope this helps you develop an understanding of modern monetary theory (MMT) and its application to macroeconomic thinking. Comments as usual welcome, especially if I have made an error. Question 1: Assume that the national accounts of a...

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The Weekend Quiz – March 6-7, 2021

Welcome to The Weekend Quiz. The quiz tests whether you have been paying attention or not to the blog posts that I post. See how you go with the following questions. Your results are only known to you and no records are retained. 1. Assume that the national accounts of a nation is reveal that its external surplus is equivalent to 2 per cent of GDP and the private domestic sector is saving overall 3 per cent of GDP. We would also observe: A fiscal deficit equal to 1 per cent...

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It isn’t just like household debt!

Yesterday, apparently I disappointed several people by analysing the Australian National Accounts release instead of concentrating on what ripper music release we could discuss. Well, I cannot stop the ABS releasing the GDP data on a Wednesday. But I can call Thursday Wednesday when they do release the data and so here we are. I also have to travel a lot today so it is good that I don’t have to spend much time writing this blog post. The music tribute today is to the famous Bunny...

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BBC Finance March 4 2021

A snippet from the UK BBC Finance commentary on the release of the Government's fiscal plan for the year ahead. The paradigm is shifting and fast. More information: http://bilbo.economicoutlook.net/blog

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Australian national accounts – second quarter of strong growth but still below where economy was a year ago

Coming off a low base. That is how to view the latest data release from the Australian Bureau of Statistics of the – Australian National Accounts: National Income, Expenditure and Product, December 2020 (released March 3, 2020). It shows that the Australian economy grew by 3.1 per cent in the December-quarter after growing by 3.4 per cent in the September-quarter. But the economy is still 1.1 per cent smaller than it was this time last year. The other thing to take from the data is that...

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We are undermining our futures by deliberately wasting our youth

What simple measures might we use to see whether a system is working or not? Well that depends on the objective of the system. For me, one of the worst things that can happen in a social context is a capitalist system is involuntary unemployment because work is intrinsic to our beings. From the time we crawled out of the slime we have had to transform nature in order to survive. That reality goes to the heart of human existence and gives us purpose and builds our sense of network and...

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Real wages in Australia continue to go backwards

Last week, two major wage data releases came out from the Australian Bureau of Statistics. On Wednesday (February, 24, 2021), the – Wage Price Index, Australia – which was followed on Thursday (February 25, 2021) by the latest – Average Weekly Earnings, Australia. The two series are quite different as I note below. Both demonstrate poor wages outcomes in Australia. The ABS reported that Australia “maintained the historically low annual growth rate of 1.4 per cent for a...

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The Weekend Quiz – February 27-28, 2021 – answers and discussion

Here are the answers with discussion for this Weekend’s Quiz. The information provided should help you work out why you missed a question or three! If you haven’t already done the Quiz from yesterday then have a go at it before you read the answers. I hope this helps you develop an understanding of Modern Monetary Theory (MMT) and its application to macroeconomic thinking. Comments as usual welcome, especially if I have made an error. Question 1: When a nation is generating large external...

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The Weekend Quiz – February 27-28, 2021

Welcome to The Weekend Quiz. The quiz tests whether you have been paying attention or not to the blog posts that I post. See how you go with the following questions. Your results are only known to you and no records are retained. 1. When a nation is generating large external surpluses, it can create more space for non-inflationary spending in the future if the government runs fiscal surpluses and accumulates them in a sovereign fund.TrueFalse2. When output gaps are based on the...

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Some historical thinking about the Job Guarantee

I noted yesterday that I was appearing at a Seminar via Zoom with my MMT colleague, Pavlina Tcherneva, where we will discuss the concept of a social contract and where Modern Monetary Theory (MMT) fits into that, especially in the context of our idea of employment guarantees. The seminar – MMT and the new social contract: Lessons from Covid-19 – will be held on Saturday, February 27, 2021, from 10:00 Australian Eastern Daylight time and you can find details of how you can...

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