MAC10 Framing MMT
Lecture on article explaining WHY MMT has not replaced conventional macro, even though it provides far clearer and deeper insights into issue of macro.
Based on article: Louisa Connors & William Mitchell (2017): Framing Modern Monetary Theory, Journal of Post Keynesian Economics,
The Modern Monetary Theory Textbook is available from the link: Macro Textbooks (only to members of the AZ Research Group). The
Final Exam Questions
1. Fiscal Policy by the government involves public investment in infrastructure projects to create employment. According to the supply siders, this will cause "Crowding Out" of an exactly equal amount of private investment. Explain their position and also explain why demand-siders do not agree with this argument.
2. Explain the Equation: Government Injections + Foreign Injections = Private Sector Surplus -- Explain how this shows that the idea that government deficits are always bad is not correct.
3. Explain the relationship between inflation and increases in productive capacity within certain sectors.
The World According to MMT - A simple explanation of key points of MMT addressed to a lay audience.
The Powell Memo - How US Business entered political arena, and took over the US Government gradually
L10 Framing Modern Monetary Theory - 85m Video Lecture 8 OCt 2018
Krugman defends orthodoxy - Despite occasional heterodox tendencies and critiques of mainstream, Krugman believe in orthodoxy
Greek Financial Crisis (explained) - A simple explanation of European Monetary Union, why it does not make sense economically, but does politically, and how it leads to crises.