Two policy proposals receiving increasing attention are the job guarantee (JG) and basic income guarantee (BIG). The first would provide everyone of working age with the option of a guaranteed job. The second would introduce an unconditional income payment. To…
A recent post introduced the income-expenditure model, a staple of introductory courses in macroeconomics. In this post, a closely related model of the sectoral financial balances is considered at a similarly introductory level. The ‘sectoral financial balances model’, or ‘SFB…
In any society, there will be real output (real income) that is not produced solely by humans. Some real income is due to the contribution of nature – land, natural resources, beneficial weather patterns, animals and so on. Some real…
Technology has reached the point where nobody should be compelled to spend most of their waking hours working in dangerous, menial or otherwise unpleasant jobs (‘bad jobs’, for short). It is increasingly possible to mechanize most menial and repetitive tasks.…
It is well known that for Keynes the demand for investment goods, as for labor services, is a derived demand. The demand for investment goods ultimately depends on the extent to which they are needed to produce items of consumption.…
The notion of tax-driven money is easiest to understand in relation to an exogenous tax such as a property tax or simple head tax. Demand for a state money is most effectively driven by exogenous taxes, not endogenous ones such…
This is a follow-up to a recent post on the income-expenditure (IE) model and is at a similar introductory level. Some knowledge from the previous post is assumed, so for those unfamiliar with the model, it would be best to…
Warren Mosler’s contributions to the MMT Round Table in Sofia required a translator for the Bulgarian audience. As an alternative to watching the videos (which can be viewed in video 1 and video 2), some might find it convenient to…
This is intended as an introductory post to explain the Keynesian (and Kaleckian) view of causation between desired investment and desired saving in particular, and desired injections and desired leakages in general. Initially, the argument is presented with reference to…
