Beardsley Ruml, Chairman of the Federal Reserve Bank of New York, said it in Jan 1946. It’s still correct. Added — with thanks to Ed Walker (@MasaccioEW) — to the FAQ page on taxes. Here
On Jan 15, Eric Tymoigne, Associate Professor of Economics at Lewis & Clark, tweeted: I have created links to the final drafts of all my papers, reviews, chapters at the following page (click on “DRAFT” at the end of the reference). He’s shared nearly two decades of work posted to his page. Many should be posted throughout this site.
The Law & Political Economy (LPE) Project — housed at Yale Law School — “brings together a network of scholars, practitioners, and students working to develop innovative intellectual, pedagogical, and political interventions to advance the study of political economy and law. Our work is rooted in the insight that politics and the economy cannot be separated and that both are constructed in essential respects by law. We believe that developments over the last several decades in legal scholarship and policy helped to facilitate rising inequality and precarity, political alienation, the entrenchment of racial hierarchies and intersectional exploitation, and ecological and social catastrophe. We aim to help reverse these trends by supporting scholarly work that maps where we have gone wrong, and that develops ideas and proposals to democratize our political economy and build a more just, equal, and sustainable future.”
From UC Davis Journal of Law & Political Economy: Better Than Jail: Social Policy in the Shadow of Racialized Mass Incarceration
— Noah D. Zatz, Professor, UCLA School of Law, 2021 Posted to Research section of our Job Guarantee page.
Explore their blog, which features a nifty set of sort fields. Added to the NiceThings blogroll. Watch for contributions from the young lawyers and law students affiliated or associated with Modern Money Network (MMN), inlcuding Ashley Burke (@lilburke247), Raúl Carrillo (@RaulACarrillo), Emma Caterine (@EmmaCaterineDSA), Rohan Grey (@rohangrey) and Luke Herrine (@LDHerrine).
I’m always playing catch-up. In this case, the fun started when I more or less stumbled on Cory Doctorow wrote a good explainer about modern monetary theory from Mark Frauenfelder (@Frauenfelder) writing for BoingBoing on May 15, 2020. I added it to the News and Commentary page and then, because I’ve been reading and adding Doctorow to this site for some time, I thought to gather them all in one place and fill in with pieces I’d missed. Here then, the results of an evening browse. What I found is below the tweets, with links to the pages where they are included on this site.
While he’s been thinking and writing about MMT for several years now, on June 10, 2020, Doctorow did such a fine job of summarizing the main points on Twitter, that I wanted to capture them.
On Dec 29, 2020, Pavlena Tcherneva (@ptcherneva) used Twitter to share an elegant and accessible thread of 25 talking points comparing the Job Guarantee with Universal (Basic) Income policies and proposals. I added it to the collection under Response & Commentary 2020 here Added to the still under-developed Tcherneva page for good measure.
She begins “Surprised so many smart people bought into the idea that $600/wk UI is the same as $600/wk job guarantee (or better) or that JG jobs must be inherently inessential.” Then (numbers are mine; hopefully I missed no branching tweets):
This Year’s Underground Sensation: Modern Monetary Theory • The economic ideas that once fueled deficit mythbusters and provided hope for a pandemic recovery have spawned a vibrant political subculture.
— Alex Yablon (@AlexYablon) The New Republic Dec 31, 2020
In an effort that is both ambitious and potentially very useful, the folks at Real Progressives (@RealProgressUS) have launched a Book Club webinar on Tuesdays at 5:30 pm pacific, 8:30pm eastern.
Virginia Cotts — Co-Editor in Chief and Media Producer at RP — @folly_oh; Ramona Massachi — Host — @RamonaMassachi; and John Siener of the RP media team have come up with a good format. Each session begins with Stephanie Kelton reading a portion of The Deficit Myth for Audible. RP provides the text on a shared screen. Part two of each session features a principal MMT contributor. Particpants – there were 145 people on Dec 29 – have a dedicated chat channel and a second one for posing questions. Participants can pose, read and up-vote questions in that channel. In order of popularity, the questions are read aloud, either by the organizers or the participant who posed the question.
For the Dec 29 launch, the guest presenter was Fadhel Kaboub (@FadhelKaboub) (@GISP_Tweets) Associate Professor of Economics at Denison University, President of the Global Institute for Sustainable Prosperity He was skillful, gracious, informative and engaging.
RP tells me the recording will soon be available. They are! HERE. I’ll add the links as they are posted.
Dec 29, 2020 – Fadhel Kaboub (@FadhelKaboub) Available
Jan 5, 2021 – Rohan Grey (@RohanGrey) Available
Jan 12, 2021 – Wm Black (@WilliamKBlack) & June Carbone (@carbonej)
Jan 19, 2021
Jan 26, 2021
Feb 2, 2021
Feb 9, 2021
Feb 16, 2021
Feb 23, 2021
From Current Affairs: “Current Affairs host Pete Davis talks with the Modern Money Network’s Rohan Grey and Raúl Carrillo about Modern Monetary Theory, the big idea shaking up the Left’s view of public spending. They — and their ragtag band of economists, activists and politicians — are questioning everything you thought you knew about debt, deficits, spending, and money.”
“To listen to interviews when they first come out — and gain access to our patrons’ “Bird Feed” — consider becoming a monthly patron at our Patreon page. Call into Current Affairs anytime at (504) 867-8851.”
As it happens, while watching for content to add to the site, I’m generally moving back in forth in time. Tonight, I participated in a chat that touched on Warren Mosler’s contribution to MMT thinking. Consequently, I’ve added four or five pieces older pieces to his page, here. Warren, while neither an academic nor an economist, is generally regarded as the founder of MMT. I’ll be adding more to the page, but this seems a good start.