#1280 Modern Monetary Theory: We already use it, now we need to understand it
Best of the Left - Leftist Perspectives on Progressive Politics, News, Culture, Economics and Democracy
Jay Tomlinson
4.5 • 3.4K Ratings
🗓️ 12 June 2019
⏱️ 79 minutes
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Summary
Air Date: 6/11/2019
Today we take a look at Modern Monetary Theory and the neoclassical economics it is looking to replace. It’s very important to understand the logistical and political mechanisms by which money for progressive policy priorities would be appropriated by congress and the debate over MMT gets to the core of those issues and seeks to change the paradigm we use to think about government spending.
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SHOW NOTES
There’s a pattern to the Republicans’ selective concern about increasing the deficit, and it all depends on who holds the power. When you look at the behavior of people in politics, they don’t really care about the national debt as much as they like to ta
Is government debt real? Is anything real? Professor Stephanie Kelton gives Nick and Goldy a master class on the hottest idea in economics right now: Modern Monetary Theory.
Ch. 3: Why should we care about deficits? Part 2 - The Ezra Klein Show - Air Date 2-20-19
Stony Brook University’s Stephanie Kelton, an influential proponent of Modern Monetary Theory, and Jason Furman, President Barack Obama’s chief economist, discuss whether we should worry about government deficits and if so, when?
Stephanie Kelton is here to break it all down - the national deficit, the nature of money itself, federal spending, and why it’s time to stop comparing it to a household budget.
Ch. 5: Why should we care about deficits? Part 3 - The Ezra Klein Show - Air Date 2-20-19
Stony Brook University’s Stephanie Kelton, an influential proponent of Modern Monetary Theory, and Jason Furman, President Barack Obama’s chief economist, discuss whether we should worry about government deficits and if so, when?
Prof Richard Wolff warns about the asymmetric politics of increasing and decreasing government spending
Stephanie Kelton is here to break it all down - the national deficit, the nature of money itself, federal spending, and why it’s time to stop comparing it to a household budget.
Ch. 8: Dealing with the politics of managing Modern Monetary Theory - Planet Money - Airdate 9-26-18
We must take the fingerprints of Congress off the economy in order to manage inflation concerns.
Discussing the conclusions to be drawn from the case for Modern Monetary Theory made by Stephanie Kelton
VOICEMAILS
Ch. 10: Impeachment would be symbolic - Jesse from Boston
Ch. 11: Impeach but keep trump - Alan from Connecticut
Ch. 12: Making the case for impeachment - Todd from Utah
FINAL COMMENTS
Ch. 12: Final comments summing up my major takeaways from researching MMT that I think we should all keep in mind
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Transcript
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| 0:00.0 | This program is made possible by members and donors, so a huge thanks to everyone who |
| 0:06.8 | contributes on Patreon to support the show. |
| 0:09.5 | And now, welcome to this episode of the award-winning Best of Left Podcast in which we shall learn |
| 0:15.0 | about modern monetary theory and the neoclassical economics it's looking to replace. |
| 0:21.8 | And now look, I will be straight with you. |
| 0:23.6 | It is impossible to talk about this topic without getting into the weeds and the weeds of |
| 0:29.2 | economic theory is not most people's favorite place to be, but I truly think that if you |
| 0:34.6 | stick with the show by the end, you'll have learned a lot of very important stuff. |
| 0:39.3 | And it may help to think about it this way. |
| 0:41.3 | If you care about passing a green new deal, a guaranteed jobs program, a universal basic |
| 0:46.4 | income, a Medicare for all, or any other progressive priority that costs money, it's very important |
| 0:53.1 | to understand the logistical and political mechanisms by which money for those policies |
| 0:59.6 | would be appropriated by Congress. |
| 1:02.2 | The debate over modern monetary theory, otherwise known as M-M-T, gets to the core of those |
| 1:08.9 | issues and seeks to change the paradigm of how we think about government spending, which |
| 1:14.2 | will make it politically easier to spend money that will improve the lives of all Americans |
| 1:19.9 | and beyond. |
| 1:21.4 | So hang in there for this deep dive. |
| 1:23.1 | You will be smarter on the other end, I promise. |
| 1:25.6 | Clips today come from, why is this happening? |
| 1:28.5 | Pitch fork economics? |
| 1:30.2 | The Ezra Klein show? |
... |
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