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Tag Archives: MMT

Bill Mitchell — Marxists getting all tied up on MMT

Marx, MMT, wage labor and surplus value.Bill Mitchell – billy blogMarxists getting all tied up on MMT Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, AustraliaSee alsoThe Radford Free PressA Quick Note: Utopian or Real? Peter RadfordAlsolibcomThe Iron Fist Behind Exchange: The Problems With The Freed Market Ivysyn

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Richard Murphy — In the FT this morning: modern monetary theory is the answer to the new normal

I had this letter in the FT this morning in response to a piece from Gavyn Davies, which continued the standard neoclassical economist's tradition of entirely missing the point about modern monetary theory…. Tax Research UKIn the FT this morning: modern monetary theory is the answer to the new normal Richard Murphy | Professor of Practice, International Politics, School of Social Sciences, City, University of London; Director, Corporate Accountability Network; Co-founder, Green New Deal...

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Philip Pilkington — How Far Can We Push This Thing? Some Optimistic Reflections on the Potential For Economic Experimentation

Readers are probably aware that there is quite a lot of discussion of Modern Monetary Theory (MMT) and the potential for fiscal experimentation batting around at the moment. Others have weighed in on this already, and I have little to add. It is striking, however, that most of the push-back — where there is push-back — is not focused on trying to discredit the idea that we should engage in fiscal experimentation. Indeed, the notion that we should engage in fiscal experimentation seems to...

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How Far Can We Push This Thing? Some Optimistic Reflections on the Potential For Economic Experimentation

Crossposted from Phil Pilkington’s Blog – Fixing the Economists. Readers are probably aware that there is quite a lot of discussion of Modern Monetary Theory (MMT) and the potential for fiscal experimentation batting around at the moment. Others have weighed in on this already, and I have little to add. It is striking, however, that most of the push-back — where there is push-back — is not focused on trying to discredit the idea that we should engage in fiscal experimentation. Indeed,...

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Brian Romanchuk — Why Doesn’t The Government Impose Taxes In Chickens?

Silly question? Brian is responding to someone who asserted that in effect government does.  Actually, it used to be that government confiscated property to move it to government use, but that is no longer considered "proper," unless the police do it on other pretexts. In a monetary production economy, taxes are payable in "money," that is, the government's currency. What David Andolfatto apparently means is that one's purchasing power declines as a result of taxation, which is true....

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Sam Fleming and Chris Giles — Why America is learning to love budget deficits

The trend towards looser fiscal policy could mark the biggest shift in economic thinking in a generation,,,, Discussion of pros and cons in which MMT gets a play, of course.Favorite paragraph: “The winning formula for the Democrats is they are going to have to endorse some of these relatively fiscally extreme positions to get nominated,” says one Democratic strategist, speaking of the 2020 presidential contenders. “The threats of debt and deficits have not panned out. We have been running...

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Jeff Spross — Why canceling student debt could be good for everyone

It's difficult to project precisely what the overall economic impact of this would be. Student debt is distributed all up and down the income ladder, and people at different income levels will spend or save the freed up money in varying proportions — it's the spending that will juice job growth and economic activity. But a Levy Institute paper from early 2018 — written by economists Scott Fullwiler, Stephanie Kelton, Catherine Ruetschlin, and Marshall Steinbaum — took a crack at figuring it...

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Barclay Ballard — Modern Monetary Theory continues to gain traction in the US

For too long, citizens have been told that the government cannot afford to invest more in education, healthcare, infrastructure and other public services. At the same time, they have seen governments find money to pay for tax cuts, bank bailouts, military activities and other programmes that they likely deem to be less essential. MMT asks that instead of worrying about their balance sheets, governments start looking at ways to use the resources at their disposal in the most efficient way...

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