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Fiat Money and its Social Significance
Government Deficits and Net Private Saving
Misplaced Faith in Quantitative Easing
Saving as a Burden on Future Generations
Critique of Riedl on Government Spending
Thinking in a Macro Way
How Much Fiscal Stimulus Will It Take?
Fiscal Policy and the Rate of Profit
Krugman and Galbraith on Deficits
Parable of a Monetary Economy
QE is not Inflationary – Just Ineffective
Joe Public versus Ben Bernanke on QE
Value of the Currency
Infrequently Asked Questions 1
Classicals vs Neoclassicals: Tax and Rent
The Austrians
Fiscal Policy and a Dollar’s Real Claim
Infrequently Asked Questions 2
Japanese Capital and Budget Deficits
Straw Men (And Women)
Interest, Money and Crisis
Inviting Ideas for Disseminating MMT
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
24 Hour Modern Money People
Krugman Mentions MMT Again …
John T. Harvey on Inflation
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
Austerians Will Eat Themselves
Economics – Do We Know Anything?
Marc Lavoie’s Friendly Critique of MMT
A Comment on Lavoie’s MMT Paper
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
A Clarification on Political Openness
On the Market Evaluation of Productiveness
Currency Value is Not Formed “at the Margin”
Resistance to the Chartalist View of State Money
Modern Monetary Realism and Guaranteed Jobs
Controversy + Open Discussion on External Sector
Constructive Remarks on a Promising Beginning
Crank at the Financial Times
More on Cranks at the Financial Times
Ongoing Debate Over Currency Value
Democratized Money and MMT
Public Spending Cuts in a Great Recession
Good Introduction to the Capital Debates
A Brief Overview of Some Aspects of Marx
Reform or Revolution, MMT or Marx
Economic Orthodoxy = Intellectual Dishonesty
Randall Wray on Tax Driven Money
Bedtime Reading: Demand in the Long Run
Greece, Basic Income and the European Left
Paul Krugman Synthesizes a Little More MMT
Interest Rate as Policy Choice, Exchange Rate as Degree of Freedom
Another Take on Robots, in Light of Marx and the TSSI
Amusing and Informative MMT Video (Re-Post)
We Are All Deficit Owls Now?
MMT and Tactics
Raise the Minimum Wage
A Short Note on Currency Value
Feds Starving States to Concoct Funding Imperatives
Give, and it will be given to you
Melting Some Marx Into MMT
Some Intuition on the Profit Equation, Courtesy of Kalecki
Currency Value, Inflation, and Income Distribution
Remarks on Positive Money
Wages, Materials, and the Markup
An Introduction to Marx’s Theory of Value With Multiple Sectors
The Left, Elections and Macroeconomics
What You Should Know About Budget Deficits and Public Debt
More on Budget Deficits
A Truth Slips Past MSM Gatekeepers
MMT Round Table in Bulgaria
In Case You Thought the Economics Profession was Progressing
Forthcoming MMT Textbook
Fiat Money as a Means of Shifting Resources to the Public Sector
MMT in Simple Parables
Unemployment is a Government Policy Choice
More on Unemployment as Policy Choice
Planned Investment/Saving and Keynesian Causation
Theory of Free National Currencies – MMT Round Table in Bulgaria
Transcripts of Warren Mosler’s Talk and Q&A Session in Sofia, Bulgaria
Graphical Representation of the Income-Expenditure Model
Effect on the Mind of the Words “Spending” and “Investing”
Is Demand for Investment Goods a Derived Demand in Marx?
Prominent C20th Economist Explains How the Lie is for Our Own Good
Introduction to the Sectoral Financial Balances Model
Increased Unemployment Benefits Can Be a Win Win
Video Time Again
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’
Good Introductory Talk on MMT
Pain of Austerity Brings No Future Gain
It Doesn’t Have To Be This Way
Marx’s View of Production in Relation to MMT and Taxes
The Accelerator, Profitability, Financial Instability and the State
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 or Lending Logically Precedes Tax Revenue
Introducing a New Currency
Some Implications of the Expenditure Multiplier Process
Money Interpreted as an IOU
Victor Quirk and Bill Mitchell on Unemployment as a Policy Choice
A Tom O’Brien Interview of Mathew Forstater on Marx & MMT
MARX & MMT, PART 1 — Three Kinds of Macro Variables
MARX & MMT, PART 2 — Connecting 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”
Taxpayers Pay Something For, But Do Not Finance, Government Spending
Contenders for World’s Biggest Idiots
Who Will Accept It? Currency-Issuing Govts are Constrained by Resources, Not Money
Introductory Video on Fiat Money
Progressive Economics for Activists
We Just Voted to Live Beyond Our Means (Thought Maybe Not in the Way We Think)
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
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
Excellent Video Explaining MMT Basics
Self-Imposed Constraints as an Obfuscating Factor
Professor Bill Mitchell in New Zealand Discussing MMT
Mitchell, Wray and Watts on Teaching Modern Monetary Theory
On Estimating the Monetary Expression of Labor Time in a Temporal Framework
DUDE WTF UMM… – Currency Issuers and Users
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
Illustration of Dynamic Adjustment with a Job Guarantee
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’

Future Society

Taxation, Money, Freedom and Economy
Full Employment and the Environment
What is ‘productive’?
Implications of a Purely Mechanized Economy
Fiat Money is Logically Prior to Capital
Money and Paths to a Post-Capitalist Society
More on Money and Social Possibilities
MMT is NOT a Theory of State Capitalism (!)
Getting From Here to There
Fiat Money Socialism vs Lower Form Communism
Opposing Visions of the Future
Profitability or Revolution
Let’s Go
Democratized Money, Sufficiency and Sustainability
Proposal for an Interim Society Prior to Utopia
Inviting Visions of a Better World
The Free World Charter
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
The Macro-Institutional Delimitation of Economic Complexity
Taxes as an Inducement to Supply Real Output
Heteconomist Holiday Amusement 2 – Idle Thoughts on Utility and Labor Time
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


Wisdom of Paul, Celibacy of Solomon
I Don’t Understand the Question
An End to Boondoggling
Chief Source of Our Economic Woes
Impossible Blueprint for Success
Shades of MMT in the Blogosphere
Hierarchy of Orthodox Economists
The Dire Need for a Reverse Finals System!
Tang Were Before Wikipedia
Not Even Rational Fools
A New Home for Disgruntled Conservatives?
From the Fiction Files – “Charles Bigsby Does the Chaps Proud”
What We in the 1 Percent Don’t Want the 99 Percent To Know
The 1 Percent Need You To Help Them Help Themselves
Those Metropolitan Critics of Capitalism
Another Middle-Class Vote for Austerity
Doing the Same Thing and Expecting a Different Result
Why So Many Jobs Are Crappy
A Horrifying Conspiracy Theory For Your Reading Pleasure
A Peace Strategy for Warmongers
Life Advice for the Aspiring Young Academic Economist
Actual Real Life Tactics to Secure Concrete Social Demands
This Blog’s Past and Future Predictions (of the end of the world)
Why Heteconomist Appears to Have Little to Say on Health & Fitness
From the Lost Book of Noah’s Wife – Economics in Ancient Eschatology
From the Literary Files – Morris Minor’s ‘Fire’ and Ensuing Tragedy
Grandiose Conceptions
From the Academic Files – Student Essay: “Demand-Led Growth Theory & its Enemies”
From the Fiction Files – “Troublous Times for the Sunshine Cult”
From the Fiction Files – “Easy Money Anytime”

Job & Income Guarantee

The Transition to a Freer Society: BIG or JG?
Job Or Income Guarantee (JIG)
More Jigging – JG vs JIG
Market Mythology Underlying Criticism of the JG
Kalecki, the Job Guarantee and Future Society
Summary of My Position on the Job Guarantee
The JIG Promotes Freedom
A JIG May Promote Social Productiveness
Maybe We Are Going About This Wrong
Free to Live a Good Life
Guaranteed Income – Viability and Potential
Possible Path to a Freer Society: A Recap
Preliminary Observations on Implementing a JIG
Liberty, Equality, Fraternity — Guaranteed Income
Inner Growth Requires Time to Self Reflect
With a JIG, If You Opt for a Job, You Obviously Want a Job
The BIG in a JIG would Safeguard the JG
A BIG Justification Under Capitalism
Nationalized 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
Supporting a Basic Income Guarantee on Incentive Grounds
Technology Paves the Way for Basic Income More than a Job Guarantee
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

Other Stuff

Heteconomist’s Holiday Message
2013 New Year’s Resolutions
The Divine Truth Message of Jesus and Mary
Music is Better than Economics
ElectroSquad Were Before Heteconomist
The Triennial Heteconomist Report
Heteconomist Holiday Message 2013
2014 New Year’s Resolution
Icing on the Cake
The Silly Season 1 — Heteconomist in the Gematria Code
The Silly Season 2 — Manly Romantic Advances, Eighties Style
The Silly Season 3 — Heteconomist Christmas Message 2014
On Raising the Level of Collective Consciousness [I] (GUEST POST by jrbarch)
On Raising the Level of Collective Consciousness [II] (GUEST POST by jrbarch)
Heteconomist Holiday Amusement
777, the Number of the Beast & the Meaning of Life
On Raising the Level of Collective Consciousness [III] – The Human Experience
Teen Angst
Heteconomist’s Not Especially Holy Christmas Message 2016
Commander Keen
Boy, It Seems Time for a Music Break
Polynomials to the Rescue in the Strange Case of Busted Bets Plus One
Holiday Time 2018


Will MMT Become Part of the Problem?
Fuck Austerity, Time for a JIG
No Time for Defeatism
I’m Not One For “Family Values”, But …
More Disconcerting Shrinkage
MMT Too Hot to Handle for Bulgaria’s Mainstream Newspapers
Three Ideas Threatening to Orthodoxy
Neolibs Pretend Private Debt Doesn’t Matter & Public Debt Does
Let’s Not Beat Ourselves Up: We’re Just in the Minority
There Would Be No Capitalism Without the State
Maybe It’s Just That Most People Are Really Quite Right Wing
We’re Wealthier Now, We Can’t Afford That Anymore
Unfulfilled Potential

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


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