Category Archives: Debriefing 101

These blogs provide debriefs to those who a beguiled by the false logic paraded as economic theory by mainstream (neo-liberal) economists

The inexact science of calibrating fiscal policy

In the showdown between France and the European Commission last week, France clearly is the winner on points, which is not surprising given the impossibility of the task the Commission had set it in meeting the Excessive Deficit Procedure (EDP) … Read the rest of this entry »

Posted in Debriefing 101, Economics, Eurozone | 8 Comments

MMT – lacks a political economy?

There was a ‘Guest Editorial’ published on the UK site Renewal last week – Modern money and the escape from austerity – by one Joe Guinan, who lists himself as a Senior Fellow at The Democracy Collaborative and Executive Director … Read the rest of this entry »

Posted in Debriefing 101, Economics, Friends like this | 22 Comments

Framing Modern Monetary Theory

The last day of the 14th Path to Full Employment Conference/19th National Unemployment Conference was held in Newcastle today. Given I host this conference I had very little spare time today. I have uploaded a video of our presentation on … Read the rest of this entry »

Posted in Debriefing 101, Economics | 10 Comments

How to discuss Modern Monetary Theory

I have been travelling a lot today (nearly 6 hours starting early) and so haven’t much time for blog writing. I am working on a paper at present on the use of metaphors in economics and how Modern Monetary Theory … Read the rest of this entry »

Posted in Debriefing 101 | 68 Comments

Modern Monetary Theory and environmental sustainability – Part 1

There is regular commentary here that seeks to argue that Modern Monetary Theory (MMT) is flawed, bereft or worse because apparently it avoids any discussion of the natural environment. This apparently arises from the inherent conclusion in MMT that growth … Read the rest of this entry »

Posted in Debriefing 101 | 31 Comments

Not everybody can de-lever at the same time

The title reflects fact not opinion. However, most commentators still fail to grasp that reality. In the current economic climate it means one thing – imposing fiscal austerity in the hope that governments can reduce debt levels will fail and … Read the rest of this entry »

Posted in Debriefing 101 | 31 Comments

Whatever – its either employment or unemployment buffer stocks

Since I published Wednesday’s blog – MMT is biased towards anti-crony – there seems to have been a fair bit of commentary on other sites some bordering on personal attacks (against me). I’ll steer clear of that level of discussion. … Read the rest of this entry »

Posted in Debriefing 101, Job Guarantee | 88 Comments

MMT is biased towards anti-crony

There has been a couple of interesting articles written by John Carney who is a Senior Editor at CNBC.com on Modern Monetary Theory (MMT) – starting with Monetary Theory, Crony Capitalism and the Tea Party (December 22, 2011) and followed … Read the rest of this entry »

Posted in Debriefing 101, Job Guarantee | 67 Comments

Painstaking, dot-point summary – bond issuance doesn’t lower inflation risk

I will finish this week with a painstaking, dot-point summary of some key elements of Modern Monetary Theory (MMT) to show clearly why bond-issuance which might accompany a budget deficit doesn’t lower the inflation risk of the deficit spending – … Read the rest of this entry »

Posted in Debriefing 101, Economics | 203 Comments

The role of bank deposits in Modern Monetary Theory

I get a lot of queries from readers about how the banking system operates. One recurring theme relates to the role of deposits in the banking system. Mainstream economic theory considers banks to be institutions that take in deposits which … Read the rest of this entry »

Posted in Debriefing 101 | 15 Comments