Patricia and Christian talk to economist and author Professor Steven Hail about how Chancellor Rachel Reeves’ views on government spending have changed since 2010.
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NEWSFLASH!
- “Finding The Money”, a documentary by Maren Poitras featuring Stephanie Kelton is now available worldwide to rent or buy: https://findingthemoney.vhx.tv/products/finding-the-money
- Updates on worldwide screenings of “Finding The Money” can be found here: https://findingmoneyfilm.com/where-to-watch/
- To arrange a screening of “Finding The Money”, apply here: https://findingmoneyfilm.com/host-a-screening/
STUDY THE ECONOMICS OF SUSTAINABILITY!
- Details of Modern Money Lab’s online graduate, postgraduate and standalone courses in economics are here: https://modernmoneylab.org.au/
Relevant to this episode:
- “The politics of the deficit” by Rachel Reeves: https://renewal.org.uk/wp-content/uploads/2020/09/renewal_autumn_2010_reeves_deficit-1.pdf
- “Think About Minsky for a Moment” by Stephanie Kelton: https://stephaniekelton.substack.com/p/think-about-minsky-for-a-moment
- “This budget, amid talk of deficits, consider the lessons we ought to have learned” by Steven Hail https://theconversation.com/this-budget-amid-talk-of-deficits-consider-the-lessons-we-ought-to-have-learned-179310
- Modern Money Lab YouTube Channel: https://www.youtube.com/@modernmoneylab5119
- Episode 30 - Steven Hail: Understanding Government Bonds (Part 1) :https://www.patreon.com/posts/29621245
- Episode 31 - Steven Hail: Understanding Government Bonds (Part 2): https://www.patreon.com/posts/29829500
- “Federal Debt and Modern Money” by Steven Hail & David Joy: https://www.global-isp.org/wp-content/uploads/PN-121.pdf
- For more on sectoral balances - “Why Are Democrats Bragging About Plunging the Private Sector into Deficit?” by Stephanie Kelton: https://stephaniekelton.substack.com/p/why-are-democrats-bragging-about?utm_source=publication-search
- For more on the MMT Job Guarantee, read Pavlina Tcherneva’s Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/
For an intro to MMT:
- Our first three episodes: https://www.patreon.com/posts/41742417
- Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318
Quick MMT reads:
- Warren’s Mosler’s MMT white paper: http://moslereconomics.com/mmt-white-paper/
- Steven Hail’s quick MMT explainer: https://theconversation.com/explainer-what-is-modern-monetary-theory-72095
- Quick explanation of government debt and deficit: “Some Numbers Are Big. Let Me Help You Get Over It”: https://christreilly.com/2020/02/17/some-numbers-are-big-let-me-help-you-get-over-it/
For a short, non-technical, free ebook explaining MMT, download Warren Mosler’s “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf
Episodes on monetary operations:
- Episode 20 - Warren Mosler: The MMT Money Story (part 1): https://www.patreon.com/posts/28004824
- Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318
- Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887
- Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683
- Episode 84 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): https://www.patreon.com/posts/46352183
- Episode 86 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): https://www.patreon.com/posts/46865929
For more on Quantitative Easing:
- Episode 59 - Warren Mosler: What Do Central Banks Do?: https://www.patreon.com/posts/39070023
- Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true
Episodes on inflation:
- Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: https://www.patreon.com/posts/41780508
- Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678
- Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835
- Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379
- Episode 128 - L. Randall Wray & Yeva Nersisyan: What’s Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558
Our Job Guarantee episodes:
- Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: https://www.patreon.com/posts/41742701
- Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: https://www.patreon.com/posts/36034543
- Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346
- Quick read: Pavlina Tcherneva’s Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/
More on government bonds (and “vigilantes”):
- Episode 30 - Steven Hail: Understanding Government Bonds (Part 1):https://www.patreon.com/posts/29621245
- Episode 31 - Steven Hail: Understanding Government Bonds (Part 2): https://www.patreon.com/posts/29829500
- Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true
- Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/episode-147-dirk-72906421
- Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: https://www.patreon.com/posts/71966513
- Episode 145 - John T Harvey: What Determines Currency Prices?: https://www.patreon.com/posts/72283811?pr=true
More on bank runs banking regulation:
- Episode 162 - Warren Mosler: Anatomy Of A Bank Run: https://www.patreon.com/posts/80157783?pr=true
- Episode 163 - L. Randall Wray: Breaking Banks - The Fed’s Magical Monetarist Thinking Strikes Again: https://www.patreon.com/posts/80479169?pr=true
- Episode 165 - Robert Hockett: Sparking An Industrial Renewal By Building Banks Better: https://www.patreon.com/posts/81084983?pr=true
- MMT founder Warren Mosler’s Proposals for the Treasury, the Federal Reserve, the FDIC, and the Banking System: https://neweconomicperspectives.org/2010/02/warren-moslers-proposals-for-treasury.html
MMT Events And Courses:
- More information about Professor Bill Mitchell’s MMTed project (free public online courses in MMT) here: http://www.mmted.org/
- Details of Modern Money Lab’s online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/
Order the Gower Initiative’s “Modern Monetary Theory - Key Insights, Leading Thinkers”: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html
MMT Academic Resources compiled by The Gower Initiative for Modern Money Studies: https://www.zotero.org/groups/2251544/mmt_academic_resources_-_compiled_by_the_gower_initiative_for_modern_money_studies
MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship
A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757
We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos
Show notes: https://www.patreon.com/posts/113755872
