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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

Australian economy recovers somewhat as the restrictions ease

The Australian economy officially exited recession in the September-quarter 2020, but I wouldn’t tell the labour market that. A technical recession, in case you were not aware, is defined as two, consecutive quarters of negative growth. But, given that employment always lags the start of a recovery, things remain much worse in the labour market than the GDP figures would indicate. Further, we still haven’t a clear idea of what will happen when the wage subsidy and the unemployment...

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Those in glass houses …

I saw a letter published by IPPR – who call themselves “The Progressive Policy Think Tank” – urging the BBC to change the way it conducts economic commentary. The letter – Economists urge BBC to rethink ‘inappropriate’ reporting of UK economy – was sent to the Director-General of the BBC following some “BBC reporting of the spending review” which they say “misrepresented the financial constraints facing the UK government and...

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ECB operations are like the wild west and beyond democratic legitimacy

I read a very interesting study by two Dutch academics last week – The ECB, the courts and the issue of democratic legitimacy after Weiss – which will be published in the Common Market Law Review (Vol 57, No 6, 2020). It examines the way in which the ECB operations and policy interventions have gone way beyond their original conception in the Maastricht Treaty and now conflict with democratic accountability. While the authors propose ways to address the democratic deficit, I am...

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The Weekend Quiz – November 28-29, 2020 – 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: The distinction between structural and the...

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The Weekend Quiz – November 28-29, 2020

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. The distinction between structural and the cyclical components of the final government balance helps us to determine the direction of the discretionary fiscal policy stance of the government. In that context, which of the following situations...

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British Labour remains unelectable

What are the prospects for the British Labour Party? Since losing office in 2010, they have lost 3 subsequent general elections against one of the worst Tory governments in history. The government exemplifies bumbling incompetence. But that seems to be all that is required to outwit the Labour Party and its advisors. Since the disastrous December 2019 election, nothing much seems to have changed. Well, that is not exactly right is it. Things have become worse. They scrapped a leader that a...

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Podcast – What is modern monetary theory and could it fix Australia’s problems?

It is Wednesday and just some odds and ends today, including a fabulous tapestry that has just been framed for me. In addition, there is a podcast and some great music. A typical Wednesday that is. And tomorrow, I am catching a plane for the first time in nearly 6 months as the internal borders open up within Australia, which means I can return to my Melbourne residence/office. I am worried about what state the fridge will be in after being idle for so long. And, on Friday, December 18, my...

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Governments should be working for everyone, not just the fortunate few

Today, we have another contribution from a guest blogger in the guise of Professor Scott Baum from Griffith University who has been one of my regular research colleagues over a long period of time. He indicated that he would like to contribute occasionally and that provides some diversity of voice although the focus remains on advancing our understanding of Modern Monetary Theory (MMT) and its applications. It also helps me a bit and at present I have several major writing deadlines...

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Why improve policy when a government can pillory a low-paid, precarious worker instead

Last week we saw further evidence of the way in which class divisions create havoc for society although the way these events have been constructed in the media and popular perception are the antithesis of what was really going on. After having no coronavirus cases since April 16, 2020, suddenly we were informed on Sunday, November 15, 2020, that a dangerous virus cluster had emerged in South Australia (in particular the capital Adelaide) as a result of a breach in quarantine. The memories of...

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The Weekend Quiz – November 21-22, 2020 – 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. Here are the answers with discussion for yesterday’s...

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