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Economics

Fiat Money and its Social Significance
Government Deficits and Net Private Saving
Misplaced Faith in Quantitative Easing
Hyperinflation
Critique of Riedl on Government Spending
Thinking in a Macro Way
Fiscal Policy and the Rate of Profit
Krugman and Galbraith on Deficits
Parable of a Monetary Economy
Demand for the Currency & Value of the Currency
Classicals vs Neoclassicals: Tax and Rent
Full Employment and the Environment
Interest, Money and Crisis
The Government is not a Household
Misinterpreting the Sectoral Balances
Schools of Thought – Classicals
Short Note on the Policy Target
The Central Bank and the Yield Curve
Identities Do Not Imply Equilibrium
Investment Precedes Saving
The Debate over Investment and Saving
Krugman Mentions MMT Again …
Krugman’s Latest Comment on MMT
Sectoral Balances and Keynesian Causation
Debt and Taxes
Vernengo on Keynes vs Neoclassical Synthesis
More on Keynes vs the Neoclassical Synthesis
Taking Demand Seriously
Vertical/Horizontal vs Exogenous/Endogenous
Kalecki in Relation to MMT
Kalecki’s “Political Aspects of Full Employment”
The General and the Specific in MMT
MMT is Politically Open
Financial Times on MMT – Part 1
Financial Times on MMT – Part 2
Chief Source of Our Economic Woes
Public Spending Cuts in a Great Recession
A Brief Overview of Some Aspects of Marx
Reform or Revolution, MMT or Marx
Money as Taboo for Economists
Paul Krugman Synthesizes a Little More MMT
Interest Rate as Policy Choice, Exchange Rate as Degree of Freedom
Feds Starving States to Concoct Funding Imperatives
Melting Some Marx Into MMT
Some Intuition on the Profit Equation, Courtesy of Kalecki
Currency Value, Inflation, and Income Distribution
Neolibs Pretend Private Debt Doesn’t Matter & Public Debt Does
Wages, Materials, and the Markup
Why So Many Jobs Are Crappy
An Introduction to Marx’s Theory of Value With Multiple Sectors
What Everyone Should Know About Budget Deficits and Public Debt
In Case You Thought the Economics Profession was Progressing
Fiat Money as a Means of Shifting Resources to the Public Sector
MMT in Simple Parables
Unemployment is a Government Policy Choice
Planned Investment/Saving and Keynesian Causation
Transcripts of Warren Mosler’s Talk and Q&A Session in Sofia, Bulgaria
Graphical Representation of the Income-Expenditure Model
Is Demand for Investment Goods a Derived Demand in Marx?
Paul Samuelson on Old Time Religion
Introduction to the Sectoral Financial Balances Model
Increased Unemployment Benefits Can Be a Win Win
Liberty, At Least For Now, Requires Government
Government Spending and Financially Sustainable Growth
Value of Fiat Money on the Basis of Marx in the Light of MMT
Significance of MMT’s Definition of ‘Value of the Currency’
There Would Be No Capitalism Without the State
Pain of Austerity Brings No Future Gain
It Doesn’t Have To Be This Way
Exercising Currency Sovereignty Under Self-Imposed Constraints
Why Do We Accept Fiat Currency?
Taxes, Demand and the Importance Or Otherwise of Incentive Effects
What is Modern Money?
Balancing the Budget Over the Cycle
Government Spending Logically Precedes Tax Revenue
Introducing a New Currency
Some Implications of the Expenditure Multiplier Process
Money Interpreted as an IOU
A Tom O’Brien Interview of Mathew Forstater on Marx & MMT
MARX & MMT, PART 1 — Three Kinds of Macro Variables
MARX & MMT, PART 2 — The Markup, Exploitation, Currency Value and MELT
MARX & MMT, PART 3 — Marx’s Conception of Labor and His Aggregate Equalities
MARX & MMT, PART 4 — The TSSI and Marx’s Aggregate Equalities
MARX & MMT, PART 5 — Why a Single System & What Did Marx Say?
MARX & MMT, PART 6 — The Temporal MELT
Internet Marxists Who Are More Neoclassical than Austrian
Internet Marxists Who Are More Austrian than Neoclassical
Musing on Labor as the Source of Value
Why Ask Why – Labor as the Sole Source of Value
MMT 101 – Modern Monetary Theory on “Fiscal Sustainability”
Who Will Accept It? Currency-Issuing Govts are Constrained by Resources, Not Money
Neoliberalism – The Attempt to Subsume Society into “the Market”
‘Overt Monetary Financing’ in Terms of Simplicity and Transparency
‘Overt Monetary Financing’ Poses No Special Inflation Risk
Government Spending Under Alternative Operational Arrangements in a Nutshell
Investment Creates Saving
Competition, for Marx, was Not Neoclassical Perfect Competition
The Preferred Policy Instruments of Functional Finance
Value Creation in the Context of Demand Determined Output and Employment
The Monetary Circuit & Compatibility of Marx, Kalecki and Keynesian Macro
We’re Wealthier Now, We Can’t Afford That Anymore
Is Public-Sector Labor ‘Productive’ in a State Money System?
Institutions, Monetary Operations and a Demand-Led Global Economy
The Role of Government Spending in Fostering Global Growth
Demand-Led Growth – Government Spending and the Investment Share
The Confidence Fairy and Formation of Demand Expectations Under Uncertainty
Government Money and Democracy
Demand-Led Growth with Cycles – A Simple Model and Illustration
Fiscal Policy, Sectoral Balances and Financial Sustainability
Truth and Lies About Government Deficits
The Strange Capitalist Embrace of Austerity Viewed in Terms of Marx’s Profit-Rate Law
Unfulfilled Potential
Self-Imposed Constraints as an Obfuscating Factor
On Estimating the Monetary Expression of Labor Time in a Temporal Framework
If it’s Doable, it’s Affordable
A Notion of Demand-Led Growth
A Simple Framework for Analyzing a Demand-Led Economy
Disequilibrium Dynamics of Output and Demand
Growth is Good?
Dynamics of Output and Demand in a Growing Economy
A Currency-Issuing Government Spends on its Own Terms
A Simple Modern Money Tale – Buckwell Island Establishes a Currency
Condensed Income-Expenditure Model
Productive and Unproductive Labor in a Macro Context
A Fundamental Difference Between MMT and NKE
MMT is Politically Open and Applicable to Both Capitalism and Socialism
Developments in Value Theory
Fiscal Policy and the Inflation Constraint
Banks are Capital Constrained, Not Reserve Constrained
Currency Value in Terms of Socially Necessary Labor
Currency Acceptance, Currency Value, and Transcending Capitalism
Labor Complexity in Relation to Aggregate Marxian Value
Labor Power as the ‘Money Commodity’
Politically Motivated Attempts to Own or Disown China as “Capitalist”
Productivity, Labor Complexity, and Wage Determination Procedures
Three Economic Ideas Threatening to Defenders of the Status Quo
Politicians Who Want Us to Live Beyond Our Means
Introductory Macroeconomics with a Job Guarantee
State Money and Markets
The Unlimited Financial Capacity of Currency-Issuing Governments
Government Spending Comes First in a Sovereign Currency System

Future Society

Taxation, Money, Freedom and Economy
What is ‘productive’?
Implications of a Purely Mechanized Economy
Fiat Money is Logically Prior to Capital
Money and Paths to a Post-Capitalist Society
MMT is NOT a Theory of State Capitalism (!)
Fiat Money Socialism vs Lower Form Communism
Approaches to the Reduction of Aggregate Labor Time
Unearned Income and its Distribution
Significance of MMT for Progressives and the Left
MMT is a Good Bet for Progressives and the Left
The Diverse Economy: Part Capitalist, Part Socialist, Part Communist
Taxes as an Inducement to Supply Real Output
Two Ways to Drive Currency Acceptance through Taxes
Modern Monetary Theory is Relevant to More than Just Capitalism
Not Investing in Infrastructure IS the Burden We Place on Future Generations
The Social Economy and the Potential Inherent in Currency Sovereignty
State Monies are Fundamental to Modern Monetary Economies
If the Robots Outdo Us
MMT and Capitalism from a Marxist Standpoint

Job & Income Guarantee

The Transition to a Freer Society: BIG or JG?
Job Or Income Guarantee (JIG)
Kalecki, the Job Guarantee and Future Society
A BIG Justification Under Capitalism
Public Banking and a Basic Income or Social Dividend
Currency Viability In a Pure Income Tax Regime With a Basic Income
Some Reasons for Guaranteeing Both an Income and Job
The Income-Expenditure Model with a Job Guarantee
Some Macro Effects of a Job Guarantee
Job Guarantee as Nominal Price Anchor
Quantity Dynamics with a Job Guarantee
Some Aspects of a Steady State with a Job Guarantee
Illustration of Dynamic Adjustment with a Job Guarantee
Fairness and a ‘Job or Income Guarantee’
Macro Dynamics with a Job Guarantee – Part 1: Overview
Macro Dynamics with a Job Guarantee – Part 2: Keynesian Cross Diagram
Macro Dynamics with a Job Guarantee – Part 3: Adjustment Process
Macro Dynamics with a Job Guarantee – Part 4: Dynamic Stability
Macro Dynamics with a Job Guarantee – Part 5: Price Level
Macro Dynamics with a Job Guarantee – Part 6: Price Stabilization

Other Stuff

The Divine Truth Message of Jesus and Mary
On Raising the Level of Collective Consciousness [I] (GUEST POST by jrbarch)
On Raising the Level of Collective Consciousness [II] (GUEST POST by jrbarch)
On Raising the Level of Collective Consciousness [III] – The Human Experience

Short & Simple

Short & Simple 1 – Government as a Means of Cooperation
Short & Simple 2 – Establishing a National Currency
Short & Simple 3 – Safeguarding Monetary Institutions and Banking
Short & Simple 4 – Total Spending Equals Total Income
Short & Simple 5 – Uses of Household Income
Short & Simple 6 – Stocks and Flows
Short & Simple 7 – A Fundamental National Accounting Identity
Short & Simple 8 – Measuring GDP
Short & Simple 9 – Spending Determines Income
Short & Simple 10 – Spending Independently of Income
Short & Simple 11 – Money as an IOU
Short & Simple 12 – Government Money
Short & Simple 13 – Private Credit Creation
Short & Simple 14 – Direct Impacts of Fiscal Policy on Net Financial Assets
Short & Simple 15 – The Sectoral Balances Identity
Short & Simple 16 – The Expenditure Multiplier and Income Determination
Short & Simple 17 – A Notion of Macroeconomic Equilibrium
Short & Simple 18 – Income Determination in a Closed Economy
Short & Simple 19 – Sectoral Balances in a Closed, Demand-Determined Economy
Short & Simple 20 – Graphing the Income-Expenditure Model

Welcome

Welcome to heteconomist: MMT and the Crisis

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