Podcasts about Levy Economics Institute

It is hard to imagine life without sunglasses. So, who came up with the idea – and when? We begin this episode by going way back to the very first pair of sunglasses and I'll reveal how our modern-day sunglasses came about not all that long ago. ago. http://www.glasseshistory.com/glasses-history/history-of-sunglasses/ We have all felt that sense of wonder. It's that feeling you get when you first see the Grand Canyon or an incredible sunset or the stars above against a really dark sky. Sadly, we often lose our sense of wonder as we get older. Still, your sense of wonder is worth holding on to and developing further, according to Monica Parker. She has spent many years helping people discover how to lead lives full of wonder. Monica is author of the book The Power of Wonder (https://amzn.to/3I5F5Y4). Listen as she explains the amazing benefits of finding wonder in your world. What is money and how does it work? It may seem like a simple question yet, there is a lot of misunderstanding about it. One example is that some people worry about the federal government running out of money. What if the government can't pay its bills? Well, that can't happen according to L. Randall Wray, a professor of Economics at Bard College, Senior Scholar at the Levy Economics Institute and author of Money for Beginners: An Illustrated Guide (https://amzn.to/42BuPPG). Listen as he discusses how money works, how it has changed and what the future of money is. Some people claim they can get by on 4 or 5 hours of sleep? Really? What happens when people who sleep very little are tested against people who get a good night's sleep? Listen as I explain what happens to people who try to perform on very little sleep. https://www.restoringhealth.center/how-many-hours-of-sleep-do-you-actually-need PLEASE SUPPORT OUR SPONSORS!!! MINT MOBILE: Ditch overpriced wireless and get 3 months of premium wireless service from Mint Mobile for 15 bucks a month at ⁠⁠⁠⁠⁠https://MintMobile.com/something⁠⁠⁠⁠⁠ ! FACTOR: Eat smart with Factor! Get 50% off at ⁠⁠⁠⁠⁠⁠⁠https://FactorMeals.com/something50off⁠⁠⁠⁠⁠⁠⁠ TIMELINE: Get 10% off your order of Mitopure!  Go to ⁠⁠⁠⁠⁠⁠⁠https://Timeline.com/SOMETHING⁠⁠⁠⁠⁠⁠⁠ ROCKET MONEY: Cancel your unwanted subscriptions and reach your financial goals faster! Go to ⁠⁠https://RocketMoney.com/SOMETHING⁠⁠ QUINCE: Elevate your shopping with Quince! Go to ⁠⁠⁠⁠⁠⁠⁠https://Quince.com/sysk⁠⁠⁠⁠⁠⁠⁠ for free shipping on your order and 365 day returns! INDEED: Get a $75 sponsored job credit to get your jobs more visibility at ⁠⁠⁠⁠⁠⁠⁠https://Indeed.com/SOMETHING⁠⁠⁠⁠⁠⁠⁠ right now! DELL: The power of Dell AI with Intel inside is transforming the world of pro sports! For the players and the fans who are there for every game. See how Dell Technologies with Intel inside can help find your advantage, and power your wins at ⁠⁠⁠https://Dell.com/Wins⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Steve's guest is noted economist L. Randall Wray, one of the early developers of modern money theory. As many times as this podcast has talked about MMT, it's always topical. In fact, just last week, Elon Musk discovered 14 magic money computers in government agencies! So, Trump had to hire the richest man in the world who hired who knows how many hundreds of young tech kids to discover what we've been saying for 30 years, which is that Congress appropriates money, and then the computers keystroke it into people's accounts. There's no mystery about this at all, but they think they've discovered not only something that people didn't know, but something that's, oh, it's so scary. It's nefarious that the government uses computers to increase the size of people's accounts. Well, that's spending. That's the way it's done. Clearly, this is a good time to revisit the valuable insights of MMT and look at the implications for building a society that serves its people. This episode dives deep into the fundamentals, debunking misconceptions about government spending, the role of taxes, and the myth that the US government can run out of money, like a household. Randy and Steve talk about changes in the economy due to financialization, and the difference between budget constraints and inflation constraints. Randy explains why we need to look at the history of debt in order to understand money. He talks about banking, including transactions between the Federal Reserve and the Treasury. The conversation breaks down complex concepts into relatable terms, sometimes with a touch of humor. Illustrating the creation of currency, Randy describes an imaginary scenario in which the fictional characters Robinson Crusoe and Friday devise a currency to facilitate barter. Randy: So, they come up with the idea of, ‘hey, we can use seashells as a medium of exchange.' And this is where money came from. It was Robinson Crusoe and Friday. Okay, think about this a little bit. It's pretty bizarre. We've got Crusoe and Friday marooned on a desert island. I can think of two much more likely scenarios. Okay, one, Crusoe came from Europe. What do Europeans do when they come across native people? Steve: Kill them. Anyone with an interest in how the economy truly operates will learn something from this episode. L. Randall Wray is a Professor of Economics at the Levy Economics Institute of Bard College, and Emeritus Professor at University of Missouri-Kansas City. He is one of the developers of Modern Money Theory and his newest book on the topic is Understanding Modern Money Theory: Money and Credit in Capitalist Economies (Elgar), forthcoming in spring 2025. Recent books on MMT include Making Money Work for Us (Polity, November 2022), a companion illustrated guide, Money For Beginners (Polity, May 2023, with Levy Institute graduate Heske Van Doornen), and the third edition of Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems (Springer, 2024). He is also the author of Why Minsky Matters (Princeton, 2015) as well as the author, co-author, and editor of many other books. Find more of his work at levyinstitute.org

The Roundtable Panel: a daily open discussion of issues in the news and beyond. Today's panelists are CEO of The Business Council of New York State Heather Mulligan, Siena College Professor of Economics, Aaron Pacitti, Associate Professor of Government at Dutchess Community College and since 2023, she has been President of the World Affairs Council of the Mid-Hudson Valley Dr. Karin Riedl, and Economist, working as Associate Professor of economics at Bard College, President of the Levy Economics Institute, and expert at the Institute for New Economic Thinking Pavlina Tcherneva.

Guest: James K. Galbraith is Professor of Government at the University of Texas at Austin.  He is also a Senior Scholar with the Levy Economics Institute of Bard College and part of the executive committee of the World Economics Association; and is the author of several books including his latest, Entropy Economics: The Living Basis of Value and Production co-authored with  Jing Chen.   The post James Galbraith on Tariff Wars, Inflation, Recession, & the Politics of the Trump's Economy appeared first on KPFA.

History doesn't stand still, and every time we talk about BRICS on this podcast, there's more to unpack. To understand the significance of BRICS, we must begin with (wait for it) monetary sovereignty. Economist Yan Liang is an expert on China's economy and MMT. She joins Steve to discuss the evolving role of the BRICS nations (Brazil, Russia, India, China, South Africa) and the increasing number of countries becoming involved in challenging US dollar hegemony and the current global financial system. Weaponizing of the US dollar has reached an all-time high. Yan explains the specific ways in which US-dominated international institutions and dollar dependency impede development in the Global South. The episode looks at the significance of de-dollarization and its possible longterm effects. Yan also touches on the importance of technology transfer and intellectual property rights in building sustainable economies. Yan Liang is Peter C and Bonnie S Kremer Chair Professor of Economics at Willamette University. She is also a Research Associate at the Levy Economics Institute, a Non-Resident Senior Fellow at the Global Development Policy Center (Boston University), and a Research Scholar of the Global Institute for Sustainable Prosperity. Yan specializes in the Modern Monetary Theory (MMT), the Political Economy of China, Economic Development, and International Economics. Yan's current research focuses on China's development finance and industrial transformation, and China's role in the global financial architecture. @YanLian31677392 on X

L. Randall Wray is a professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute who is a long-term proponent of Modern Monetary Theory, a heterodox macroeconomic theory that teaches the government should not worry about accruing debt, because it is always able to print more money to service that debt. This is one of those theories that sounds too good to be true - how could it be that there's nothing wrong with debt, and that there's nothing stopping a country like the United States from spending as much as it wants on social services and public works projects? At the heart of the theory, the piece that makes the whole thing go, is a huge shift in the way that we understand money. Instead of seeing it as an immutable unit of exchange, MMT theorists argue that money is primarily a money of account - which is simply a ledger system for keeping track of who owes what to whom. We take apart Wray's story of the history of money, with a detour into Medieval tally sticks, how barter systems evolve into monetary ones, and how central banking sealed our economic fate, and how debt is far more valuable than we realize. Sign up for our Patreon and get episodes early + join our weekly Patron Chat https://bit.ly/3lcAasB AND rock some Demystify Gear to spread the word: https://demystifysci.myspreadshop.com/ OR do your Amazon shopping through this link: https://amzn.to/4g2cPVV (00:00) Go! Who is Randall Wray? (00:05:03) Money's Origins and Importance (00:13:55) Development of Writing and Record-Keeping (00:26:00) Tribal Justice Systems (00:35:51) Ledger and Barter Systems (00:41:58) Tally Sticks and Medieval Finance (00:52:30) Transition from Tally Sticks to Central Banking (01:02:33) Central Banking and its Origins (01:19:17) The Role of Central Banks in Preventing Bank Runs (01:26:57) Tax Liabilities and Money Demand (01:37:10) Currency Redemption and Economic Circulation (01:46:08) Fiscal Policy and Future Burden (01:56:20) The Role of the Federal Reserve and Treasury (02:04:40) Bond Market and Fiscal Management (02:13:22) Government Spending and Inflation (02:20:22) Oil Price Shocks and Policy Responses (02:30:03) Dollar Dominance and Financial Trust (02:35:00) Future Economic Questions #sciencepodcast, #longformpodcast, #ModernMonetaryTheory, #EconomicsExplained, #MoneyOrigins, #CentralBanking, #FiscalPolicy, #GovernmentSpending, #DebtEconomy, #WilliamOfOrange, #BankOfEngland, #InflationControl, #FinancialHistory, #EconomicInsights, #MonetaryPolicy, #TaxSystem, #BondMarket, #TribalEconomies, #MoneyAndDebt, #Hyperinflation, #DollarDominance, #FinancialTrust Check our short-films channel, @DemystifySci: https://www.youtube.com/c/DemystifyingScience AND our material science investigations of atomics, @MaterialAtomics https://www.youtube.com/@MaterialAtomics Join our mailing list https://bit.ly/3v3kz2S PODCAST INFO: Anastasia completed her PhD studying bioelectricity at Columbia University. When not talking to brilliant people or making movies, she spends her time painting, reading, and guiding backcountry excursions. Shilo also did his PhD at Columbia studying the elastic properties of molecular water. When he's not in the film studio, he's exploring sound in music. They are both freelance professors at various universities. - Blog: http://DemystifySci.com/blog - RSS: https://anchor.fm/s/2be66934/podcast/rss - Donate: https://bit.ly/3wkPqaD - Swag: https://bit.ly/2PXdC2y SOCIAL: - Discord: https://discord.gg/MJzKT8CQub - Facebook: https://www.facebook.com/groups/DemystifySci - Instagram: https://www.instagram.com/DemystifySci/ - Twitter: https://twitter.com/DemystifySci MUSIC: -Shilo Delay: https://g.co/kgs/oty671

The Roundtable Panel: a daily open discussion of issues in the news and beyond. Today's panelists are Aaron Pacitti is Professor of Economics at Siena College, Pavlina Tcherneva is an American economist, working as professor of economics at Bard College. She is President of the Levy Economics Institute and an expert at the Institute for New Economic Thinking, and Wall Street Investment Banker Mark Wittman.

Robert Misik in conversation with James Galbraith INFLATION, SANCTIONS AND INDUSTRIAL POLICYThoughts on the Disorder in Economic Thought   James K. Galbraith, one of the leading left-wing American economists, examines the economic policy debates in the USA and Europe: inflation has led to real wage losses in Europe, but also to rising costs for companies, particularly in industry. However, the USA has been quicker to get inflation under control and, with the Biden administration's “Inflation Reduction Act”, has put together a package of investments in infrastructure as well as subsidies for ecological transformation. But is this the new form of industrial policy that is needed? Galbraith is skeptical. In Europe, on the other hand, the spectre of “de-industrialization” is already being raised, not least due to the rise in energy prices and production costs in general. How can the European economy respond to this? The programs to date are little more than a drop in the ocean. What needs to be done to achieve a prosperous economy that lifts all boats, not just the luxury yachts? Justice, innovation and ecological transformation – do they go together?   James Galbraith is an American economist. He is currently a professor at the Lyndon B. Johnson School of Public Affairs and at the Department of Government, University of Texas at Austin. He is also a Senior Scholar with the Levy Economics Institute of Bard College and part of the executive committee of the World Economics Association, created in 2011. Robert Misik, Author and Journalist

Guests this week: Lakshman Achuthan and Jim WelshLakshman Achuthan Co-founder of ECRI The leading predictor of cycle turning points.For over 30 years Lakshman has been studying business cycles and working with clients.In 2004, he co-authored Beating the Business Cycle: How to Predict and Profit from Turning Points in the Economy.Lakshman met his mentor, Geoffrey H. Moore, at Columbia University in 1990. After working together for years, with co-founder Anirvan Banerji, the three left Columbia to start ECRI in 1996.He also serves on the Board of Governors for the Levy Economics Institute of Bard College.Jim Welsh Jim has published a monthly investment letter since 1985 that focuses on Federal Reserve monetary policy, the economy, and the financial markets. He has managed a mutual fund, worked for major wire-houses, and has been widely published in financial media. Jim was Forward Funds' ($5.5 billion) Macro Tactical strategist for a number of years, and provides high quality economic and technical market analysis for advisors and investors as a guide to portfolio allocation and tactical portfolio changes. Welsh's Macro Tides models identify trend changes in the domestic & international equity markets, fixed income, currency (USD & Euro) and Gold markets.Host Tracy Shuchart (@chigrl)Follow @MicDropMarkets on X

**RP Book Club is beginning a new series, Sunday April 7, 14, and 21, at 3pm ET/12pm PT. Register once for all three sessions. realprogressives.org/event/rp-book-club-the-communist-manifesto/2024-04-07L. Randall Wray talks with Steve about the concept of value in the context of MMT. Randy discusses the labor theory of value and the liquidity premise theory, saying both approaches are critical to understanding how money works in a capitalist economy.Randy looks at the historical development of economic thought and the neoclassical revolution of the 1870s, which aimed to prove that a free-market economy could reach equilibrium without considering money. He explains why this just isn't so. He compares and contrasts the intentions and conclusions of Keynes and Marx. He emphasizes the need to look beyond surface phenomena and understand the structure of the capitalist economy to determine the value of money.The conversation also goes into the importance of the federal job guarantee in setting wages and stabilizing the value of labor.L. Randall Wray is a Professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute.www.levyinstitute.org

The American people see through mainstream claims of “the greatest economy ever.” They are confronted by evidence to the contrary every day.Steve and his guest, economist Yeva Nersisyan, take a deep dive into the current US economy, looking at the repercussions of the high costs of education, healthcare, and housing.They discuss different perspectives on the causes of inflation and talk about Isabella Weber's work on “sellers' inflation” and its relationship to monopoly power. They argue that the drive for corporate profits, leading to abusive price-setting, has been the primary force behind inflation.They also talk about the effect of fiscal policy on income inequality, revealing politicians' contempt for the working class.Yeva Nersisyan is an associate professor of economics at Franklin and Marshall College in Lancaster, PA, and a research scholar at the Levy Economics Institute of Bard College.

“...the question of how to pay for it is a very complicated question but has much less to do with money than it does to do with social structure and industrial structure. And the quicker we can get away from centering the taxpayer as the goose that holds the golden egg money and more towards the questions of labor and industrial structure that are really going to affect how we provide healthcare, I think we're going to be in a better place.” — Rohan GreyIn 2022, Real Progressives helped our coalition partners, March for Medicare for All, organize a three-day educational summit on the healthcare crisis in the US. This week's episode is from the panel we put together on paying for national improved Medicare for All, featuring Geoff Ginter, Yeva Nersisyan, and Rohan Grey.The panelists discuss:The meaning of currency user vs currency creatorThe money story and order of operationsFinancial restraints vs resource constraintsThe importance of deficit spendingPrivate vs public investment and inflationary constraintsPotential impact of policies on the economyThe truth about the so-called national debtSpecific to Medicare for All, they address the problem of transitioning workers out of administrative jobs in the insurance industry. They explain why Medicare for All is likely to be deflationary rather than inflationary. And they look to history to suggest ways of attracting healthcare workers to underserved locations.Geoffrey Ginter is a New Jersey based certified medical assistant, activist, and MMT evangelist. Yeva Nersisyan is an associate professor of economics at Franklin and Marshall College and a research scholar at the Levy Economics Institute at Bard College.Rohan Grey is an Assistant Professor of Law at Willamette University and the founder and president of the Modern Money Network. MintTheCoin.org@rohangrey on Twitter

Enjoy this short snippet of our first episode coming out later this month. Guest Host John Harvey of Texas Christian University sits down with Senior Scholar James K. Galbraith. The Levy Institute Podcast will delve into conversations in public policy that move beyond conventional approaches. Subscribe and stay tuned for more information!   https://www.levyinstitute.org/

Get your DEMYSTICON 2024 tickets here: https://www.eventbrite.com/e/demysticon-2024-tickets-727054969987 Dr. Michael Hudson is an American economist, Professor of Economics at the University of Missouri–Kansas City and a researcher at the Levy Economics Institute at Bard College, former Wall Street analyst, political consultant, commentator and journalist. Dr. Steve Keen is an Australian economist and author. A post-Keynesian, he criticizes neoclassical economics as inconsistent, unscientific and empirically unsupported. Our conversation examines the false dichotomy of capitalism v. socialism and considers the true dichotomy, which is industrial capitalism v. finance capitalism. Hudson and Keen argue that the transition to finance capitalism, where unearned income is considered economic growth, has truly sown the seeds to ruin the world. Tell us what you think in the comments or on our Discord: https://discord.gg/MJzKT8CQub Sign up for a yearly Patreon membership for discounted conference tickets: https://bit.ly/3lcAasB Support DSPod and the guests when you pick up their books here: Hudson books: https://amzn.to/3Sx6k43 Keen books: https://amzn.to/3MFJ14i (00:00:00) Go! (00:00:19) What we're really talking about is finance capitalism (00:03:25) What is Capitalism? (00:17:55) Was the end of the Happy Days inevitable? (00:28:50) A more nuanced dichotomy than capitalism vs socialism (00:36:02) Why does GDP still manage to slow down? (00:46:32) Why is debt so stifling? (00:55:29) What happens to the money that accumulates at the top (01:01:39) The shape of global financial pressure (01:11:02) Modern examples of debt jubilees (01:19:12) Solutions without collapse? (01:23:13) Persistent economic myths (01:45:38) Strange realities of cancelling student debt (02:03:40) Financializing the basic structures of society (02:15:07) How to structure the next iteration (02:27:48) Doomer optimism (02:33:47) A new, more effective state (02:39:25) Closing thoughts #FinanceCapitalism, #EconomicInequality, #WealthGap, #CorporateGreed, #FinancialSystem, #CapitalismCritique, #IncomeInequality, #GlobalFinance, #FinancialCrises, #EconomicInjustice, #WealthDistribution, #CapitalismFlaws, #FinancialDeregulation, #EconomicCollapse, #SocialJustice, #CorporatePower, #FinancialManipulation, #MarketFailures, #FinancialInsecurity, #SystemicInequality Check our short-films channel, @DemystifySci: https://www.youtube.com/c/DemystifyingScience AND our material science investigations of atomics, @MaterialAtomics https://www.youtube.com/@MaterialAtomics Join our mailing list https://bit.ly/3v3kz2S PODCAST INFO: Anastasia completed her PhD studying bioelectricity at Columbia University. When not talking to brilliant people or making movies, she spends her time painting, reading, and guiding backcountry excursions. Shilo also did his PhD at Columbia studying the elastic properties of molecular water. When he's not in the film studio, he's exploring sound in music. They are both freelance professors at various universities. - Blog: http://DemystifySci.com/blog - RSS: https://anchor.fm/s/2be66934/podcast/rss - Donate: https://bit.ly/3wkPqaD - Swag: https://bit.ly/2PXdC2y SOCIAL: - Discord: https://discord.gg/MJzKT8CQub - Facebook: https://www.facebook.com/groups/DemystifySci - Instagram: https://www.instagram.com/DemystifySci/ - Twitter: https://twitter.com/DemystifySci MUSIC: -Shilo Delay: https://g.co/kgs/oty671

The West, led by the United States, declared economic war against Russia last month in response to the invasion of Ukraine, imposing perhaps the harshest sanctions against any nation in history. President Joe Biden has said that the aim of this economic warfare is to turn the Russian people against its government. Sanctions against Russia's Central Bank were intended to destroy the value of the ruble. One U.S. dollar was worth 85 rubles on Feb. 24, the day of the invasion and soared to 154 per dollar on March 7. However the Russian currency strengthened to 101 this morning. Putin and other Russian leaders were personally sanctioned, as were Russia's largest banks. Most Russian transactions are no longer allowed to be settled through the SWIFT international payment system. The German-Russian Nord Stream 2 gas pipeline was closed down and become bankrupt. The U.S. blocked imports of Russian oil, which was about 5 percent of U.S. supply. BP and Shell pulled out of Russian partnerships. European and U.S. airspace for Russian commercial liners was closed. Europe, which depends on Russia gas, is still importing it, and is so far rebuffing U.S. pressure to stop buying Russian oil. Other Russian commodities, such as wheat, fertilizer and metals have been cut off. A raft of voluntary sanctions followed: PayPal, Facebook, Twitter, Netflix and McDonalds have been shut down in Russia. Coca-cola has stopped sales to the country. U.S. news organizations have left, Russian artists in the West have been fired and even Russian cats are banned. It also gave an opportunity for U.S. cable providers to get RT America shut down. Other Russia media have been de-platformed and Russian government websites hacked. A Yale University professor has drawn up a list to shame U.S. companies that are still operating in Russia. The West's economic war and lethal aid to Ukraine are in lieu of a direct military confrontation with Russia, with all of the unimaginable consequences that could bring. But so far the sanctions do not seem to be working as planned. China has come to Moscow's rescue, buying more oil and other commodities from Russia. Beijing has allowed Russia to use its Union Pay banking system, replaced Russia's use of SWIFT with China's Interbank System (CIPS), and China and the Eurasia Economic Union (EAEU), which Russia is a part of, are designing a new monetary and financial system that would bypass the U.S. dollar, threatening it as the world's reserve currency. That has led the U.S. to try to tie China to the war in Ukraine so that it can impose new sanctions on Beijing , perhaps similar to those on Russia. The United States is acting as though the whole world is the West and that this is the China of 30 years ago. In its effort to impose its unilateral rule on the world, while its domestic social problems mount, the U.S. has not only driven Russia and China closer together than ever, but it has now brought in India, Latin America, Africa and the Middle East into a new bloc with an economic power that exceeds the West. All of those regions have refused to sanction Russia and continue to trade with it. The U.S. has turned the majority of the world's population against it. We might be witnessing the end of Western-dominated globalization and the birth of a divided world of two separate economic, financial and commercial systems. Cutting off trade and finance to Russia has already boomeranged on Western countries, driving up prices, especially at the pump and at the supermarket. Instead of prompting a popular uprising in Russia as a result of its sanctions, Russian President Vladimir Putin's popularity has actually risen since the invasion. Adding China as a target of its economic war could drive the populations of the U.S. and Europe against their own governments instead. Joining us to discuss these issue are two leading economists, Prof. Michael Hudson,  Professor of Economics at the University of Missouri–Kansas City and a researcher at the Levy Economics Institute at Bard College, and Prof. Richard Wolff, Emeritus Prof. of Economics at the MassAmherst and a visiting Prof. at The NewSchool in New York.

**If you'd like to discuss this episode with friends and comrades, join our Macro ‘n Chill listening party on Tuesday evening at 8 ET/5 PT. For the Zoom registration link, go to realprogressives.org/rp-events-calendar/Understanding how monetary sovereign governments create and spend money means looking at the Treasury department and the central bank or, in the US, the Federal Reserve.Economist Eric Tymoigne explains two approaches to understanding the relationship: the consolidated and the collaborative, or cooperative, version of the Treasury and the Fed.The consolidated approach merges the Fed and the Treasury into one entity and analyzes the implications of this merger on public finance. It emphasizes that taxes and government securities don't fund the government, but rather, the government spends by crediting accounts. (This comes as no surprise to MMTers.)The consolidated approach also highlights the importance of injecting reserves into the economy before taxes can be collected or government securities can be sold. The coordinated approach recognizes the separate roles of the Treasury and the Fed but emphasizes the extensive coordination between the two entities.Eric walks us through these operations and touches on the relationship with private banking and the role of reserves on the international stage.Listening to this episode, you can't help but conclude that the ways in which the US manages monetary operations are not consistent with budgetary needs. It's hard to see how it has anything to do with provisioning our society.Eric Tymoigne is an Associate Professor of Economics at Lewis & Clark College, Portland, Oregon, and Research Associate at the Levy Economics Institute of Bard College.@tymoignee on Twitter

RP Book Club spent four weeks on The Case for a Job Guarantee, by Pavlina R. Tcherneva. Each week featured a different guest expert who led the discussion and answered questions. Listeners to this podcast will recognize their names, including Pavlina herself, Fadhel Kaboub, Ben Wilson, and Rohan Grey. We were also honored to have Bill Black and June Carbone join in.For this episode, Macro N Cheese is releasing the audio recording of all four sessions. Since it is unusually long, the time codes for each segment are included below.[00:03:09 - 01:55:41] Session OneGuest: Fadhel KaboubIntroductionChapter 1, “A Public Option for Good Jobs”Chapter 2, “A Steep Price for a Broken Status Quo”[01:55:41 - 03:17:41] Session TwoGuest: Pavlina TchernevaChapter 3, “The Job Guarantee, a New Social Contract and Macroeconomic Model”Chapter 4, “But How Will You Pay for It?”[03:18:44 - 04:41:57] Session ThreeGuest: Ben WilsonChapter 5, “What, Where, and How: Jobs, Design, and Implementation”[04:41:57 - 06:29:43] Session FourGuest: Rohan GreyChapter 6, “The Job Guarantee, the Green New Deal, and Beyond”Use this link to order a copy of The Case for a Job Guarantee, by Pavlina R. TchernevaDr. Fadhel Kaboub is Under-Secretary-General for Financing for Development of the Organisation of Educational Cooperation (OEC). He is an Associate Professor of Economics (on leave) at Denison University and President of the Global Institute for Sustainable Prosperity.@FadhelKaboub on TwitterPavlina R. Tcherneva is an Associate Professor of Economics at Bard College, the Director of OSUN's Economic Democracy Initiative, and a Research Scholar at the Levy Economics Institute, NY.  She specializes in modern money and public policy. Find her work at pavlina-tcherneva.net@ptcherneva on TwitterBenjamin C. Wilson is an Associate Professor of Economics at the State University of New York at Cortland and a research scholar at the Global Institute for Sustainable Prosperity.@autogestion77 on TwitterRohan Grey is an Assistant Professor of Law at Willamette University in Salem, Oregon, and the founder and president of the Modern Money Network. MintTheCoin.org@rohangrey on Twitter

**Don't forget to check out our transcripts! There's one for every episode of this podcast, as well as a section of “extras” with links to relevant resources. Go to realprogressives.org/macro-n-cheese-podcast/ This week we're bringing you all three sessions of the Real Progressives Book Club on L. Randall Wray's Making Money Work for Us. RP Book Club is run by our volunteers with guest experts leading the discussion and taking questions from attendees. This is much longer than our usual episodes of Macro N Cheese, so we've included the time codes for each session. [1:43] — Session One Guest economist Eric Tymoigne Chapter 1, What is Money? Chapter 2, Where Does Money Come From? [1:14:35] — Session Two Guest economist Yeva Nersisyan Chapter 3, Can We Have Too Much Money? Chapter 4, Balances Balance Chapter 5, Life is Full of Trade-Offs [2:43:33] — Session Three Guest economist Randy Wray Chapter 6, The MMT Alternative Framework for Policy Chapter 7, MMT and Policy Use this link to order the book: Making Money Work for Us: How MMT Can Save America by L. Randall WrayEric Tymoigne is an Associate Professor of Economics at Lewis & Clark College in Portland, Oregon; and Research Associate at the Levy Economics Institute of Bard College. @tymoignee on Twitter. Yeva Nersisyan is an Associate Professor of economics at Franklin and Marshall College and a Research Scholar at the Levy Economics Institute. L. Randall Wray is a Professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute.

If you've recently chatted with a well-informed liberal – the kind who reads the NY Times or watches PBS NewsHour – you've heard encouraging things about the economy. You've heard that Biden's doing a good job. Unemployment has gone down, wages have gone up. Why can't you be happy about it all?To celebrate all this good news, we brought back our friend, Yeva Nersisyan, associate professor of economics at Franklin and Marshall College, research scholar at the Levy Institute, and frequent collaborator with MMT OG Randy Wray.Yes, unemployment rates are lower, but we know those numbers don't tell the true story. Or have you already forgotten our episode with Pavlina, just two short weeks ago? Yes, wages have gone up. But so has inflation. And in the race between inflation and wages, inflation is winning. Speaking of which, our Macro N Cheese family knows that one thing worse than inflation is the Fed's cure for it.In this episode, Steve and Yeva look at the disconnect between the ongoing immiseration of the working class and the rosy scenario painted by politicians, pundits, and economists. At least one of those groups should know better. They discuss the looming student debt crisis, and the effect of the Fed's interest rate hikes on student loans.When discussing MMT-informed solutions, Yeva warns:“You have to be consistent — whether it's the Trump tax cuts, whether it's the social security question. And you have to consistently say: the question of taxes and government spending, it should not be about deficits, should not be about debt, it should be about: is this the right thing for the economy? Is this what the people want? Is this what the people need? That's what you need to start with. And just because you want to raise taxes on the wealthy, which I do too, but I don't want to tie it to things like social security, because I think that's just a losing argument, and that's just not true.”MMT points toward answers, if anyone is asking.Yeva Nersisyan is an associate professor of economics at Franklin and Marshall College in Lancaster, PA, and a research scholar at the Levy Economics Institute of Bard College.

When economist Pavlina Tcherneva was last on this podcast, we were a few months into the pandemic. She and Steve talked about nationalizing payroll and the heightened need for a federal job guarantee during a time of crisis.In this episode, the neoliberal approach to unemployment comes under scrutiny. Pavlina explains the inadequacy of official unemployment data. She looks at the problem from several angles, including geography, demographics, and of course, economics.Pavlina and Steve discuss MMT, the politics of NAIRU, and the debt ceiling. They look at a job guarantee as an automatic stabilizer, similar to entitlements like social security and unemployment insurance, possibly shielding it from shifting political tides.Pavlina tells Steve about her collaboration with the Democratizing Work Initiative, a group of academics who are organizing around the principles of democratizing work, decommodifying labor, and decarbonizing the planet.Pavlina Tcherneva is an Associate Professor of Economics at Bard College, the Director of OSUN's Economic Democracy Initiative, and a Research Scholar at the Levy Economics Institute, NY.  She specializes in modern money and public policy. Find her work at pavlina-tcherneva.net@ptcherneva on Twitter

Where and when did someone come up with the idea for sunglasses? This episode begins with a brief history that goes way back in time to the very first sunglasses and how our modern-day sunglasses came about not so long ago. http://www.glasseshistory.com/glasses-history/history-of-sunglasses/ You know what wonder is. It's that feeling you get when you see the Grand Canyon for the first time or a double rainbow or a beautiful sunset. The problem is we tend to lose our sense of wonder over time. Still, it is an emotion worth developing according to Monica Parker. She is a world-renowned speaker who has spent decades helping people discover how to lead and live wonderfully. She is also author of the book The Power of Wonder (https://amzn.to/3I5F5Y4). Listen as she explains the amazing mental, emotional and physical benefits of finding wonder in your world – and exactly how to do it.  What is money and how does it work? There is a lot of misunderstanding about this topic. For example, people worry about the federal government running out of money or not being able to pay its bills. That can't happen according to L. Randall Wray, a professor of Economics at Bard College, Senior Scholar at the Levy Economics Institute and author of Money for Beginners: An Illustrated Guide (https://amzn.to/42BuPPG). Listen as he discusses how money works, how it has changed and what the future of money is.  You know those people who say they can get by with 4-5 hours of sleep? Really? What happens when you test people who sleep so little compared to people who sleep a full 8 hours? Listen as I explain what happens to people who try to perform on very little sleep. https://www.restoringhealth.center/how-many-hours-of-sleep-do-you-actually-need PLEASE SUPPORT OUR SPONSORS! The Daily Boost Podcast is the most popular and longest-running personal growth podcast in the world - for a good reason. Every episode delivers a positive boost of daily motivation and coaching designed to help you get what you want - no matter what gets in the way! Be sure to get your Daily Boost at https://motivationtomove.com today! Discover Credit Cards do something pretty awesome. At the end of your first year, they automatically double all the cash back you've earned! See terms and check it out for yourself at https://Discover.com/match If you own a small business, you know the value of time. Innovation Refunds does too! They've made it easy to apply for the employee retention credit or ERC by going to https://getrefunds.com to see if your business qualifies in less than 8 minutes! Innovation Refunds has helped small businesses collect over $3 billion in payroll tax refunds! We really like The Jordan Harbinger Show! Check out https://jordanharbinger.com/start OR search for it on Apple Podcasts, Spotify or wherever you listen!  Learn more about your ad choices. Visit podcastchoices.com/adchoices

In September, Real Progressives had a webinar with Michael Hudson. It gave our volunteers the opportunity to ask him about his book, The Destiny of Civilization: Finance Capitalism, Industrial Capitalism, or Socialism. This week's podcast brings you the audio of that event.Although his book looks at three economic philosophies, the Q & A focused on contrasting the dynamics of finance capitalism and industrial capitalism. Michael makes the case that in its early days industrial capitalism promoted investment in public infrastructure and basic services, allowing industry to invest in development.Finance capitalism basically sought to break away and consume all of the public infrastructure. Most financial fortunes are made by privatizing the public domain – natural resources and public utilities yield fortunes in economic rent without private investment. This has led to the US, for example, turning over its economic planning to the financial sector.“The objective of finance capitalism, contrary to what's taught in the textbooks, is to make economies high cost, to raise the cost every year.”When asked about debt deflation, Michael explains that the increase in consumer debt leaves less and less money to be spent on consumption.“Right now, you're having the debt-ridden American economy being squeezed. More and more money is paid, not only for debt, but also for other overhead, like healthcare and various monopoly services that are not available to buy goods and services. Debt deflation is when the growth of debt exceeds the rate of growth of the economy. And that's true of every economy.”Since 1945, every recovery in the US and the other western economies has been accompanied by rising levels of debt, making each recovery slower.Michael talks about the current global political economy, oil prices, debt jubilees, monetary hegemony, and the US political parties. When asked for solutions, his answers might be troubling to some. It's worth hearing him out.Michael Hudson is an American economist, Distinguished Research Professor of Economics at the University of Missouri–Kansas City and a research associate at the Levy Economics Institute at Bard College. He is a former Wall Street analyst, political consultant, commentator and journalist.

Hosted by Andrew Keen, Keen On features conversations with some of the world's leading thinkers and writers about the economic, political, and technological issues being discussed in the news, right now. In this episode, Andrew is joined by Daniel Akst, author of War by Other Means: The Pacifists of the Greatest Generation Who Revolutionized Resistance. A native New Yorker, Daniel Akst is a writer whose work has appeared in the New York Times, Wall Street Journal, Los Angeles Times, Boston Globe, Slate, and other leading publications. He has written scores of book reviews over the years and was a board member of the National Book Critics Circle. He has been a Koret Fellow at the University of California (Berkeley) Graduate School of Journalism, a public policy scholar at the Woodrow Wilson International Center in Washington, DC, and a public policy fellow at the Levy Economics Institute of Bard College. Learn more about your ad choices. Visit megaphone.fm/adchoices

Grumbine: Can we have too much money? Wray: Yes, we surely can. Usually, our problem is that there's too much bank money, and the usual consequence is a financial crisis. Obviously, Steve and his guest are talking about the nation, not their own wallets. In this episode, he welcomes L. Randall Wray to Macro N Cheese for the eighth time to talk about Randy's new book, "Making Money Work for Us: How MMT Can Save America," which will be released in America in November. Our listeners know they can count on Randy to explain MMT principles clearly without drowning us in a sea of wonkiness, but, also, without oversimplifying the subject. Consider the above exchange... and then this: Wray: Money cannot cause inflation. I can state that unequivocally. MMT understands that those two statements are not contradictory. Randy talks about the banks financing too much speculative activity that goes bad, usually resulting in a financial crisis. Extensive government spending – when it's targeted, as in a job guarantee – does not cause a crisis, does not cause inflation. He contrasts this to the wrong kind of government spending, and describes how it is inflationary (cough, UBI). Steve and Randy go through the other questions that MMT is uniquely able to answer in a way that isn't disconnected from our real-world observations. What is money and how is it created? What does it mean when you say “taxes drive money”? They discuss deficits and debt – and why it is that the few times the US repaid part of the national debt, it led to a depression, except under Bill Clinton, when it led to the great financial crisis. You'll want to listen to this episode just for the discussion of the Fed and the banks. The CEO's should all be locked up. L. Randall Wray is a Professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute. www.levyinstitute.org

Edited highlights from Harvard Kennedy School research fellow Paul Sheard's presentation on quantitative easing at the Levy Economics Institute's recent summer seminar.   Video of this event: https://youtu.be/0MrWQvvGAZM   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   For an intro to MMT: Our first three episodes: https://www.patreon.com/posts/41742417 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318   All our episodes in chronological order: https://www.patreon.com/posts/43111643   Quick MMT reads: Warren's Mosler's MMT white paper: http://moslereconomics.com/mmt-white-paper/ Steven Hail's quick MMT explainer: https://theconversation.com/explainer-what-is-modern-monetary-theory-72095 On government debt: “Some Numbers Are Big. Let Me Help You Get Over It”: https://christreilly.com/2020/02/17/some-numbers-are-big-let-me-help-you-get-over-it/   More on quantitative easing: Episode 59 - Warren Mosler: What Do Central Banks Do?:https://www.patreon.com/posts/39070023 Paul Sheard:“Repeat After Me: Banks Cannot And Do Not "Lend Out" Reserves”: https://www.hks.harvard.edu/sites/default/files/centers/mrcbg/programs/senior.fellows/2019-20%20fellows/BanksCannotLendOutReservesAug2013_%20(002).pdf Paul Sheard: “A QE Q&A: Everything You Ever Wanted To Know About Quantitative Easing”: https://www.hks.harvard.edu/sites/default/files/centers/mrcbg/files/PSheardQEQAAugust2014.pdf   Episodes on monetary operations: Episode 20 - Warren Mosler: The MMT Money Story (part 1): https://www.patreon.com/posts/28004824 Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318 Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887 Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Episode 84 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): https://www.patreon.com/posts/46352183 Episode 86 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): https://www.patreon.com/posts/46865929    Episodes on inflation: Episode 7: Steven Hail: Inflation, Price Shocks and Other Misunderstandings: https://www.patreon.com/posts/41780508 Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 Episode 128 - L. Randall Wray & Yeva Nersisyan: What's Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558   Sign up for Professor Bill Mitchell's online MMT 101 course (Sep 14 - Oct 12 2022): https://www.edx.org/course/modern-monetary-theory-economics-for-the-21st-century   Details of Modern Money Lab's online grad and postgrad courses in MMT: https://modernmoneylab.org.au/   Sign up for alerts from The Gower Initiative For Modern Money Studies about their forthcoming MMT book: https://gimms.org.uk/   A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757   We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos   Transcript for opening monologue: https://www.patreon.com/posts/71589954?pr=true   Show notes: https://www.patreon.com/posts/71589989?pr=true

Why have we been told there isn't a magic money tree? And could such a thing actually exist? Alex Andreou discusses this question and unpacks modern monetary theory with L. Randall Wray, a senior scholar at the Levy Economics Institute of Bard College who has authored several books on the subject.  “For a very long time we've had a view that finance is a scarce resource.” “What we have is this belief that the Government is just like a household and it could run out of money.”  “There appears to be no limit to the private financial sector's ability to layer up more debt.”  “Politicians are scared to death of inflation… politically, it is a huge issue.”  “We argue we should focus on resource availability and the public purpose.”  “The economy decides what the deficit will be – it takes two to tango.”  https://www.patreon.com/bunkercast Written and presented by Alex Andreou. Lead Producer: Jacob Jarvis. Producers: Jacob Archbold and Jelena Sofronijevic. Assistant Producer: Elina Ganatra. Audio production by Robin Leeburn. THE BUNKER is a Podmasters Production Learn more about your ad choices. Visit megaphone.fm/adchoices

Patricia and Christian talk to economic anthropologist and co-founder of the Debt Collective, Professor Hannah Appel about the growing movement for debt abolition and where MMT fits in with it.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     For an intro to MMT: Listen to our first three episodes: https://www.patreon.com/posts/41742417   All our episodes in chronological order: https://www.patreon.com/posts/43111643   For more on The Debt Collective: https://debtcollective.org/what-we-do/debt-abolition/#faqs   The Debt Collective on Twitter: https://twitter.com/StrikeDebt   NYT Student Debt Editorial, Annotated by the Debt Collective: https://medium.com/@debtcollective/nyt-student-debt-editorial-annotated-by-the-debt-collective-ccafa6e3a3dc   The Debt Collective - “Cancel Student Debt: The Best Answers To The Toughest Questions”: https://medium.com/@debtcollective/cancel-student-debt-the-best-answers-to-the-toughest-questions-3e4309877db6     Hannah Appel - “Debtors Of The World Unite”: https://bostonreview.net/articles/debtors-world-unite/   Attend online events from the Levy Economics Institute summer seminar, June 11–18, 2022 (NB session times are in eastern time): https://www.levyinstitute.org/conferences/summer_sem_public_schedule_6_2.pdf   For more on the Edward Lipiński Foundation's MMT Summer School in Poznań, Poland (10th - 14th August 2022): https://fundacjalipinskiego.pl/wydarzenia/mmt-summer-school-2022/   Sign up for alerts from The Gower Initiative For Modern Money Studies about their forthcoming MMT book: https://gimms.org.uk/       More on monetary operations: Episode 20 - Warren Mosler: The MMT Money Story (part 1): https://www.patreon.com/posts/28004824   Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318   Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887   Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 “An Accounting Model of the UK Exchequer – 2nd edition” by Andrew Berkeley, Richard Tye & Neil Wilson: https://gimms.org.uk/2021/02/21/an-accounting-model-of-the-uk-exchequer/ Our episodes about “An Accounting Model of the UK Exchequer”: Part 1: https://www.patreon.com/posts/46352183 Part 2: https://www.patreon.com/posts/46865929    More on inflation: Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 Episode 128 - L. Randall Wray & Yeva Nersisyan: What's Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558   A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757   We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos   Transcript for opening monologue: https://www.patreon.com/posts/67518447   Show notes: https://www.patreon.com/posts/67518491

Andrea Terzi is Professor of Economics at Franklin University Switzerland and Research Associate at the Levy Economics Institute of Bard College, New York. He has taught at Rutgers University, the Institute for International Studies in Florence, the European College of Parma, and Catholic University. His research interests include central banking, monetary operations, macro-financial accounts, and the effects of monetary and fiscal policy on private savings and aggregate demand.He has authored numerous scholarly articles in the fields of macro-monetary economics. Terzi's co-authored and co-edited 2007 book from Palgrave Macmillan (Euroland and the World Economy) offered an early diagnosis of Europe's unsustainable path, and his commentary on the Euro crisis and the flaws of conventional monetary economics has been highlighted in the media.Terzi holds a degree with honors in political economy from Bocconi University and a Ph.D. in economics from Rutgers University, was a Jean Monnet Fellow at the European University Institute, and serves on the editorial boards of the European Journal of Economics and Economic Policies: Intervention and the Journal of Post Keynesian Economics. DONATE TODAYA note from Lev:I am a high school teacher of history and economics at a public high school in NYC, and began the podcast to help demystify economics for teachers.  The podcast is now within the top 2.5% of podcasts worldwide in terms of listeners (per Listen Notes) and individual episodes are frequently listed by The Syllabus (the-syllabus.com) as among the 10 best political economy podcasts of a particular week.  The podcast is reaching thousands of listeners each month.  The podcast seeks to provide a substantive alternative to mainstream economics media; to communicate information and ideas that contribute to equitable and peaceful solutions to political and economic issues; and to improve the teaching of high school and university political economy. I am looking to be able to raise money in order to improve the technical quality of the podcast and website and to further expand the audience through professionally designed social media outreach. I am also hoping to hire an editor. Our goal is to raise $12,000 this year. If you can donate a few dollars each month it will help us reach that goal. And if you know of a family foundation that might be interested in donating to A Correction please be in touch. Thank you! (And a huge thank you to all of the people who have already supported the podcast!)Best, Lev

Real Progressives and Macro N Cheese are committed to bringing MMT to activists and folks with no background in economics. Many of us were only interested in learning how MMT disrupts the concept of taxes funding federal programs, but the more we know, the more we want to understand. MMT is funny that way. If you're new to MMT, this week's interview with L. Randall Wray might appear to be wonky and intimidating. But we urge you to listen and promise it will be worth it. We've had a few episodes dealing with inflation in recent weeks because that's where we are at this particular time in history. We believe it can't be talked about often enough because we're surrounded by misinformation in the mainstream media and lies from the mouths of so-called experts. Steve invited Randy to talk about the recent paper he co-authored with Yeva Nersisyan, another friend of this podcast. The title speaks volumes: Is It Time for Rate Hikes? The Fed Cannot Engineer a Soft Landing but Risks Stagflation by Trying. To put it bluntly, confronting inflation by raising interest rates is dangerous. Randy describes the catastrophic chain reaction – causing bankruptcies at home and tanking the economies of developing nations. He explains in detail how this happens, both to individuals and nations. The ‘experts' love to blame government spending for today's inflation – especially the paltry stimulus checks disbursed during the pandemic. Wages are another favorite culprit. Listeners to this podcast know these are not the causes. (How long ago were those damn checks?) However, both the pandemic and the current war have brought us supply chain disruptions. We can also look to corporate manipulation of prices and markups: “And they're very open about this. When they have their meetings with shareholders and others, they say, look, our customers are not going to blame us if we hike up the markups and take more profits, because they realize that inflation is creeping up. So, they're not going to blame us. So, let's do it. And they are.” Randy defines stagflation and its causes. He compares today's inflation to that of the 1970s along with the actions of the infamous Paul Volcker. He explains why the Fed's “tools” for fighting inflation are no tools at all. He suggests a legitimate role for a central bank includes protecting the public from banking fraud. He replies to Steve's question about eliminating the interest rate altogether: “This was actually Keynes's proposal to have a zero overnight interest rate. His proposal was to euthanize the entire rentier class. You all know what euthanize means. Mercy killing of the rentier. That is the class of people that live off collective interest. He saw them as functionless in the economy. They don't serve any useful function. So, let's euthanize them now. Keynes didn't really mean kill.” Steve talks of people's desperation as they look for solutions to the real-life problems that are not on the Fed's radar. Inflation could be addressed with targeted spending on behalf of the public using the fiscal power of Congress. Expecting the Federal Reserve to fix it with interest rate adjustments is like giving a child a fake steering wheel in the back seat and expecting them to drive the car. L. Randall Wray is a Professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute. www.levyinstitute.org/scholars/l-randall-wray

Patricia and Christian talk to economist and President of the Global Institute For Sustainable Prosperity Professor Fadhel Kaboub about how global food and energy systems have been fostered to benefit the global north at the expense of the global south, and how understanding modern money is vital to untangling the mess.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast     For an intro to MMT: Listen to our first three episodes: https://www.patreon.com/posts/41742417   All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our episodes with Fadhel Kaboub: https://www.patreon.com/posts/43484621   Stay current with Fadhel via Twitter: https://twitter.com/FadhelKaboub   Episode 12 - Fadhel Kaboub: Monetary Sovereignty, Colonialism and Independence: https://www.patreon.com/posts/41790149   Bill Mitchell - “Zimbabwe for hyperventilators 101”: http://bilbo.economicoutlook.net/blog/?p=3773     Register for events at the Modern Money Network's 4th Annual MMT Conference (held online over the next six weekends in April and May): https://events.modernmoney.network/category/7/     More on monetary operations: Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318   Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887   Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683     More on inflation: Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 Episode 128 - L. Randall Wray & Yeva Nersisyan: What's Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558   A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757 Details for the Levy Economics Institute of Bard College 2022 Summer Seminar: https://www.levyinstitute.org/news/summer-seminar-2022   We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos   Transcript for opening monologue: https://www.patreon.com/posts/65378023   Show notes: https://www.patreon.com/posts/episode-131-free-65377999

Patricia and Christian talk to scholar, researcher, CUNY lecturer and executive director of Public Money Action, Andrés Bernal about his most recent paper “Inflationary Pressures in the Time of Covid-19: MMT as a Theory of Inflation”.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   For an intro to MMT: Listen to our first three episodes: https://www.patreon.com/posts/41742417   All our episodes in chronological order: https://www.patreon.com/posts/43111643     Register for events at the Modern Money Network's 4th Annual Conference (to be held online over the next four weekends in April): https://events.modernmoney.network/category/7/   Patricia and Christian will be on this panel “MMT Content Production and Publication”: https://events.modernmoney.network/event/12/   “Inflationary Pressures in the Time of Covid-19: MMT as a Theory of Inflation” by Andrés Bernal: http://www.global-isp.org/wp-content/uploads/WP-132.pdf   Stay current with Andrés via Twitter: https://twitter.com/andresintheory   Stay current with the Money On The Left collective: https://twitter.com/moneyontheleft   The Debt Collective: https://twitter.com/StrikeDebt   Interview with Braxton Brewington of The Debt Collective on student loan cancellation: https://fair.org/home/braxton-brewington-on-student-loan-debt-andy-marra-on-trans-youth-rights/     Warren Mosler / Robert Murphy debate: https://youtu.be/cUTLCDBONok   An overview of chartalism: https://en.wikipedia.org/wiki/Chartalism     For more on banking operations:   Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318   Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887   Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683   Our Job Guarantee episodes: Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: https://www.patreon.com/posts/41742701   Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: https://www.patreon.com/posts/36034543     More on inflation: Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 Episode 128 - L. Randall Wray & Yeva Nersisyan: What's Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558 A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757 More on the Levy Economics Institute of Bard College 2022 Summer Seminar: https://www.levyinstitute.org/news/summer-seminar-2022   We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos   Transcript for opening monologue: https://www.patreon.com/posts/64711994   Show notes: https://www.patreon.com/posts/64711495

Patricia and Christian talk about what's likely to be missing from Chancellor Rishi Sunak's spring statement.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   For an intro to MMT: Listen to our first three episodes: https://www.patreon.com/posts/41742417   All our episodes in chronological order: https://www.patreon.com/posts/43111643   Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318   Episode 30 - Steven Hail: Understanding Government Bonds (Part 1): https://www.patreon.com/posts/29621245   Episode 31 - Steven Hail: Understanding Government Bonds (Part 2): https://www.patreon.com/posts/29829500   Our Job Guarantee episodes: Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: https://www.patreon.com/posts/41742701   Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: https://www.patreon.com/posts/36034543     More on inflation: Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 Episode 128 - L. Randall Wray & Yeva Nersisyan: What's Causing Accelerating Inflation? Pandemic Or Policy Response?: https://www.patreon.com/posts/63776558 A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757 More on the Levy Economics Institute of Bard College 2022 Summer Seminar: https://www.levyinstitute.org/news/summer-seminar-2022   We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos   Transcript for opening monologue: https://www.patreon.com/posts/64142931   Show notes: https://www.patreon.com/posts/64142978

Patricia and Christian talk to MMT economists L. Randall Wray and Yeva Nersisyan about their most recent paper, “What's Causing Accelerating Inflation? Pandemic Or Policy Response?”   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   For an intro to MMT: Listen to our first three episodes: https://www.patreon.com/posts/41742417   All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our episodes with L. Randall Wray: https://www.patreon.com/posts/44467066   “What's Causing Accelerating Inflation: Pandemic or Policy Response?” by Yeva Nersisyan & L. Randall Wray: https://www.levyinstitute.org/publications/whats-causing-accelerating-inflation-pandemic-or-policy-response   “Still Flying Blind After All These Years: The Federal Reserve's Continuing Experiments With Unobservables” by Dimitri B. Papadimitriou & L. Randall Wray: https://www.levyinstitute.org/pubs/ppb_156.pdf   “How to Pay for the Green New Deal” by Yeva Nersisyan & L. Randall Wray: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=339898     Episode 126 - Dirk Ehnts: How Banks Create Money: https://www.patreon.com/posts/62603318     Our Job Guarantee episodes: Episode 4 - Fadhel Kaboub: What is the Job Guarantee?: https://www.patreon.com/posts/41742701   Episode 47 - Pavlina Tcherneva: Building Resilience - The Case For A Job Guarantee: https://www.patreon.com/posts/36034543     More on inflation:   Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379   A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757   More on the Levy Economics Institute of Bard College 2022 Summer Seminar: https://www.levyinstitute.org/news/summer-seminar-2022   We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos   Transcript for opening monologue: https://www.patreon.com/posts/63776575   Show notes: https://www.patreon.com/posts/63776558

**There's a transcript accompanying every episode of Macro N Cheese. You'll also find links to other resources on the Extras page. Go to https://realprogressives.org/macro-n-cheese-podcast/ (realprogressives.org.org/macro-n-cheese-podcast/ )** Alexander Valchyshen brings special knowledge of both economics and conditions in Ukraine. He's a PhD student under Scott Fullwiler and has more than twenty years of experience in Ukraine's banking and financial markets, so he has a point of view that the US public rarely hears. Given the current geopolitical conflict, Steve wanted to fill the gaps in his knowledge of Alexander's homeland. It's no surprise that social media and the major news organizations are unreliable. “As I said, it's a pretty difficult time. But at the same moment, this is a very crucial moment not only for Ukraine itself, for its existence, because we have to understand Ukraine as a sovereign country in every possible sense of that word, not only in the political terms, but also in the economic terms.” Some of what Alexander describes is very familiar, including the discrepancy between what Ukrainian policy makers understand and their public stance as fiscal conservatives. Alexander goes into some detail about the handling of budget deficits by turning to foreign markets. “I tend to differentiate between currency and money units of account ... What makes Ukraine vulnerable and weak is that historically, as many other countries, there has been instability, there has been a period of hyperinflation and people developed this habit to find a rescue in foreign money. And there is widespread usage of foreign money of account in this economy.” The episode looks at both the history and current conditions of Russia and Ukraine. At a time when most of the news from that part of the world is weighted with emotion and skewed by complex, often obscured interests, we're bringing you a perspective you may not be accustomed to. Alexander Valchyshen is a Research Fellow at the Global Institute for Sustainable Prosperity and an interdisciplinary Ph.D. student in the Economics department of UMKC, under the supervision of Dr. Scott Fullwiler. He holds an M.S. in Economic Theory and Policy (2019) from the Levy Economics Institute at Bard College. He completed his Master's thesis under the supervision of Dr. L. Randall Wray and Dr. Jan Kregel. He has more than 20 years of experience in Ukraine's banking and financial markets, including with some of Ukraine's major banks and financial firms. During 2016-17, Alexander supervised a team of Ukrainian translators, who translated two books by Dr. Wray―Modern Money Theory and Why Minsky Matters―into Ukrainian. In the Fall of 2018, he held the position of visiting instructor of Finance at Bard College, and taught its Financial Management course to undergraduate students, supervised by Dr. Pavlina Tcherneva. @AlexValchyshen on Twitter

Patricia and Christian talk to author, public finance consultant, and Professor of Law Robert Hockett about his proposal to tame speculative bubbles and put public capital back to public use.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   For an intro to MMT: Listen to our first three episodes: https://www.patreon.com/posts/41742417   All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our episodes with Robert Hockett: https://www.patreon.com/posts/63228139   Building Banks Better: A Plan to Put Public Capital Back to Public Use by Robert Hockett: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4023614   Fine-Tuning Monetary Easing, Part 2: The Fed's New Chicago Trading Capacity by Robert Hockett: https://www.forbes.com/sites/rhockett/2022/01/31/fine-tuning-monetary-easing-part-2-the-feds-new-chicago-trading-capacity/?sh=33ff44a3318d   Money from Nothing: Or, Why We Should Stop Worrying About Debt and Learn to Love the Federal Reserve by Robert Hockett and Aaron James: https://www.amazon.co.uk/Money-Nothing-Worrying-Federal-Reserve/dp/B08FLQK2YF/ref=sr_1_1?crid=KT51L5RY6QZ6&keywords=robert+hockett&qid=1646152833&s=books&sprefix=Robert+Hockett%2Cstripbooks%2C70&sr=1-1   Financing the Green New Deal: A Plan of Action and Renewal by Robert Hockett: https://www.amazon.co.uk/Financing-Green-New-Deal-Renewal/dp/3030484491/ref=sr_1_3?crid=KT51L5RY6QZ6&keywords=robert+hockett&qid=1646152833&s=books&sprefix=Robert+Hockett%2Cstripbooks%2C70&sr=1-3   More on inflation:   Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757   Levy Economics Institute of Bard College 2022 Summer Seminar: https://www.levyinstitute.org/news/summer-seminar-2022   We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos   Show notes: https://www.patreon.com/posts/63227310

Patricia and Christian talk to economist and author Dr Dirk Ehnts, about his latest book, MMT Essentials, the hierarchy of money, and where commercial banks fit into it.   Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast   Springer Essentials: MMT by Dirk Ehnts (available in German at time of posting): https://link.springer.com/book/10.1007/978-3-658-36488-5   Levy Economics Institute of Bard College 2022 Summer Seminar: https://www.levyinstitute.org/news/summer-seminar-2022   For an intro to MMT: Listen to our first three episodes: https://www.patreon.com/posts/41742417   All our episodes in chronological order: https://www.patreon.com/posts/43111643   All our episodes with Dirk Ehnts: https://www.patreon.com/posts/44467243   Dirk Ehnts' website: https://www.dirk-ehnts.de/ Dirk Ehnts on Twitter: https://twitter.com/DEhnts Episode 13 - Steven Hail: Everything You Always Wanted To Know About Banking, But Were Afraid To Ask: https://www.patreon.com/posts/41790887 Episode 43 - Sam Levey: Understanding Endogenous Money: https://www.patreon.com/posts/35073683 Episode 84 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 1): https://www.patreon.com/posts/46352183 Episode 86 - Andrew Berkeley, Richard Tye & Neil Wilson: An Accounting Model Of The UK Exchequer (Part 2): https://www.patreon.com/posts/46865929  An Accounting Model of the UK Exchequer by Andrew Berkeley, Richard Tye & Neil Wilson: https://gimms.org.uk/wp-content/uploads/2021/02/An-Accounting-Model-of-the-UK-Exchequer-2nd-edition.pdf   Episode 65 - Phil Armstrong: Understanding Inflation: https://www.patreon.com/posts/40672678 Episode 104 - John T Harvey: Inflation, Stagflation & Healing The Nation: https://www.patreon.com/posts/52207835 Episode 123 - Warren Mosler: Understanding The Price Level And Inflation: https://www.patreon.com/posts/59856379 A list of MMT-informed campaigns and organisations worldwide: https://www.patreon.com/posts/47900757   Transcript for opening monologue: https://www.patreon.com/posts/62603373   We are working towards full transcripts, but in the meantime, closed captions for all episodes are available on our YouTube channel: https://www.youtube.com/channel/UCEp_nGVTuMfBun2wiG-c0Ew/videos   Show notes: https://www.patreon.com/posts/62603318

Finance has an oversized presence in contemporary mature nations. It has grown enormously in terms of size, relative to the rest of the economy. And, financialization has crept into all aspects of our lives. Housing, education, and healthcare are all targets for investors. More recently, new investment vehicles are being marketed that would even financialize natural ecosystems. We speak with Randall Wray, senior scholar at the Levy Economics Institute and professor of economics at Bard College.

Nesse episódio, a professora Ana Frazão conversa com Luiza Nassif, Professora do Levy Economics Institute sobre Economia feminista e Economia do cuidado. Apresentação: Ana Frazão Produção e Edição: José Jance Marques

Economics is a one semester thing in the education system. But it's a critical topic that influences all sorts of things in our society. So many people, however, don't understand HOW the system actually works. Adam is joined by L. Randall Wray, professor of Economics at Bard College, Senior Scholar at the Levy Economics Institute, and one of the founders of MMT, about how our government works and how we can go about teaching our children. We're also graced with some stories by Isaac and Elliot (Weird Isaac and Super Elliot), as well as Ezekiel telling the story of Ezekiel and his dog. Website: www.LevyInstitute.org Macroeconomics www.HomeschooledByDad.com

What can be done to promote global prosperity? Press play for the answer, and to learn: What factors contribute to inflation in the U.S. What three structural weaknesses exist in developing countries that struggle with weak currencies What economic problems are worsened by tourists Why the U.S. may need to restart the basis of the U.S. economy in coming years Associate professor of economics at Denison University and President of the Global Institute for Sustainable Prosperity, Fadhel Kaboub, has held research affiliations with Levy Economics Institute and the Harvard Kennedy School. As an expert on modern monetary theory (MMT), which includes the Green New Deal and job guarantee, Kaboub's work is centered around the use of public policy to enhance monetary and economic sovereignty in the Global South. MMT is an approach that challenges the mainstream policy framework, which generally states that the government can only afford to pay for things that we can raise tax revenues from, or borrow from financial markets. Beyond that, the mainstream policy framework posits that anything the government pays for would be inflationary, eventually bankrupting the country. This is where MMT comes in and says…Not necessarily...We have plenty of spending capacity, we just aren't tapping into it. Kaboub explains that different countries have different degrees of untapped spending capacity, such as the Green New Deal, inequality in healthcare, and climate change mitigation, all of which he says can be addressed without hitting inflation constraints. He discusses many of the common strategies suggested for strengthening economies in developing countries, and why and how these strategies fail. Long-term strategic views are critical for maintaining a sovereign monetary system and geopolitical influence, says Kaboub. He dives into the details of all this and so much more. For more information, visit http://www.global-isp.org/ and https://denison.edu/people/fadhel-kaboub.

SPECIAL EPISODE: Recorded in New York, Richard Marrano, MSc in Finance ’18, interviews Professor Randall Wray, MMT Economist, Senior Scholar at the Levy Economics Institute and Professor of Economics at Bard College. Professor Wray explains the complexities behind Modern Monetary Theory (MMT), inflation and how a federal job guarantee programme could strengthen the economy.

Por que existem poucas mulheres economistas? A pesquisadora Luiza Nassif, do Levy Economics Institute of Bard College, é a convidada dessa semana para responder a esta pergunta. Luiza mostra os obstáculos para mulheres na economia e discute como eles podem influenciar a própria formulação de políticas públicas - além de apresentar temas da área conhecida como Economia Feminista. / Para saber mais: https://www.idp.edu.br/podcasts/economisto/

Paul Jay, the former CEO of The Real News Network, now is founder and publisher of theAnalysis.news and President of Counterspin Films. On November 2, 2020 he invited the renowned economist Michael Hudson on theAnalysis.news. Michael Hudson is professor of economics at the University of Missouri, Kansas City, and a researcher at the Levy Economics Institute at Bard College. He’s also a former Wall Street analyst. Jay and Hudson began by discussing whether Trump policies have brought jobs and industries back home - as Trump still claims. They also discuss the huge and mounting Covid related debt of ordinary people and the need for writing it down. Michael Hudson elaborates on the difference in the amounts of money in the Covid stimulus plan - with about $8 trillion going to the one percent and $2 trillion to the rest of us. The full 49 minute conversation is free on the website of theAnalysis.news - and there is also a transcript.

Paul Jay, the former CEO of The Real News Network, now is founder and publisher of theAnalysis.news and President of Counterspin Films. On November 2, 2020 he invited the renowned economist Michael Hudson on theAnalysis.news. Michael Hudson is professor of economics at the University of Missouri, Kansas City, and a researcher at the Levy Economics Institute at Bard College. He’s also a former Wall Street analyst. Jay and Hudson began by discussing whether Trump policies have brought jobs and industries back home - as Trump still claims. They also discuss the huge and mounting Covid related debt of ordinary people and the need for writing it down. Michael Hudson elaborates on the difference in the amounts of money in the Covid stimulus plan - with about $8 trillion going to the one percent and $2 trillion to the rest of us. The full 49 minute conversation is free on the website of theAnalysis.news - and there is also a transcript.

11 de janeiro de 2021 • Episódio #163 do podcast Economia em Tempos de Pandemia, por Monica de Bolle. Participação especial de Julia Braga, doutora pelo Instituto de Economia da UFRJ. Julia já trabalhou com modelos de projeção de demanda por Energia Elétrica em projetos do CEPEL/Eletrobrás e foi Assessora Econômica no Ministério do Planejamento. De 2010 a 2013 atuou como colaboradora do IPEA em pesquisas sobre Inflação. Em 2017 e 2018 atuou como Visiting Scholar no Levy Economics Institute of Bard College. É Professora Associada da Faculdade de Economia da Universidade Federal Fluminense (UFF) desde 2006. (Fonte: UFF)

This contains highlights (from the point of view of an MMTer!) Congressional testimony of Professor of Economics, Bard College; and Senior Scholar, Levy Economics Institute, L. Randall Wray, at the November 20th, 2019 hearing called "Reexamining the Economic Costs of Debt." The hearing is partially in response to the March, 2019, Republican-led Senate Resolution 182: "A resolution recognizing the duty of the Senate to condemn Modern Monetary Theory and recognizing Modern Monetary Theory would lead to higher deficits and higher inflation." Here is Professor Wray's written testimony (which includes a question from MN Representative Ilhan Omar, and a detailed answer) and related blog post. Here is the video that this audio comes from. Here is the full audio of the hearing. Specific highlights 32:30 (37 minutes, 30 seconds) to 37:20: Opening statements 52:30 to 55:10: Representative Smith. "taxpayer debt, not government debt" 1:00:30 to 1:01:00: Representative Horsford: "Do you think the long term economic and fiscal consequences of neglect could be more damaging than 'debt'?" 1:03:30 to 1:09:30: SC Representative Norman: "Taxpayer debt, government term misused by the left." "Dr. Wray, have you ever run a private business?", "GND is top of the list, above national defense?" Forcing all to put a pricetag on the GND 1:15:30 to 1:19:10: China 1:27:20 to 1:31:20: Representative Woodal: debt ratio, Representative Scott: Economist Jared Bernstein: "Government is like a household is very misleading because they can borrow at low rates." 1:34:40 to 1:41:00: Representative Hern. MMT says we don't have a responsibility, MMT is a left Trojan horse for big spending and our kids and grandkids will have to pay for it. 1:59:50 to 2:05:50: Entitlement reform and "crowding out." 2:07:40 to 2:10:40: Representative Johnson. Green New Deal and Representative Schakowsky 2:21:40 to 2:35:00: Arkansas Representative Steve Womack. (This segment is featured in episode 34 of Activist #MMT with Mark Collins. Here is the specific snippet.) 2:45:50 to end: Kind of closing statements. Automation. Sectoral balances.

This contains highlights (from the point of view of an MMTer!) Congressional testimony of Professor of Economics, Bard College; and Senior Scholar, Levy Economics Institute, L. Randall Wray, at the November 20th, 2019 hearing called "." The hearing is partially in response to the March, 2019, Republican-led : "A resolution recognizing the duty of the Senate to condemn Modern Monetary Theory and recognizing Modern Monetary Theory would lead to higher deficits and higher inflation." Here is Professor Wray's (which includes a question from MN Representative Ilhan Omar, and a detailed answer) and related . Here is that this audio comes from. Here is the of the hearing. Specific highlights 32:30 (37 minutes, 30 seconds) to 37:20: Opening statements 52:30 to 55:10: Representative Smith. "taxpayer debt, not government debt" 1:00:30 to 1:01:00: Representative Horsford: "Do you think the long term economic and fiscal consequences of neglect could be more damaging than 'debt'?" 1:03:30 to 1:09:30: SC Representative Norman: "Taxpayer debt, government term misused by the left." "Dr. Wray, have you ever run a private business?", "GND is top of the list, above national defense?" Forcing all to put a pricetag on the GND 1:15:30 to 1:19:10: China 1:27:20 to 1:31:20: Representative Woodal: debt ratio, Representative Scott: Economist Jared Bernstein: "Government is like a household is very misleading because they can borrow at low rates." 1:34:40 to 1:41:00: Representative Hern. MMT says we don't have a responsibility, MMT is a left Trojan horse for big spending and our kids and grandkids will have to pay for it. 1:59:50 to 2:05:50: Entitlement reform and "crowding out." 2:07:40 to 2:10:40: Representative Johnson. Green New Deal and Representative Schakowsky 2:21:40 to 2:35:00: Arkansas Representative Steve Womack. (This segment is featured in of Activist #MMT with Mark Collins. Here is the .) 2:45:50 to end: Kind of closing statements. Automation. Sectoral balances.

This is the full audio of the November 20th, 2019, called "Reexamining the Economic Costs of Debt," featuring Professor of Economics, Bard College; and Senior Scholar, Levy Economics Institute, L. Randall Wray.

This is the full audio of the November 20th, 2019, called "," featuring Professor of Economics, Bard College; and Senior Scholar, Levy Economics Institute, L. Randall Wray.

"As the Trump administration ignores the pleas of its own health experts and embraces a 'herd immunity' strategy that scientists have condemned as fringe and dangerous, researchers at the University of Washington School of Medicine are predicting an 80% spike in US coronavirus deaths by February as cases continue to rise across the nation," Common Dreams reported Friday. What happens next?"On September 1, US health officials announced they would suspend evictions across the country to help stem further spread of the novel coronavirus," Reuters reported Monday. But renters are still in trouble. "The local, state, and federal eviction bans that gave them temporary protection in the spring began to lapse in early summer. September's reprieve by the CDC [US Centers for Disease Control and Prevention], which protected many, but not all, renters will expire in January," the outlet noted. What's going on now, and what does this portend for the future?According to a Friday article in MintPressNews: "Citing 'censorship outcry' from the three branches of government, FCC Chairman Ajit Pai announced yesterday via tweet the agency's intention to move forward with regulation of social media by looking to modify Section 230 of the Communications Act, which protects the likes of Facebook and Twitter from the parts of the US code that open publishers to legal challenges over the content posted to their platforms, which inevitably puts content creators, themselves, in the crosshairs of the legal system without the benefit of their First Amendment rights." Is this a real problem?"A year after former Bolivian President Evo Morales was ousted in a military coup that installed a brutal far-right regime, Morales ally Luis Arce declared victory in the South American nation's high-stakes presidential election early Monday after exit polls showed the socialist candidate with a large advantage over his two main competitors," Common Dreams reported Monday. What does this mean going forward?After months of US opposition, the Iran arms embargo at the UN has expired, and despite American objections, UN officials uniformly agree on the matter. Don't tell that to the Trump administration, though, as it insists the embargo is still in place. What happens next?US President Donald Trump "says he'll support a bigger coronavirus relief aid package than $1.8 trillion – and blames [House Speaker Nancy] Pelosi for stonewalling for political gain," Al Jazeera reported on October 15. Is political brinkmanship being played here? Is Pelosi's unwillingness to allow any Trump victory so close to the November election coming at the expense of the American people?Trump and Democratic presidential nominee Joe Biden have their differences, but they share a distrust of China. "This year's presidential race has been dominated by two crises that have upended American lives, the coronavirus, and the economic recession," columnist Doyle McManus wrote for the Los Angeles Times earlier this month. How will this state of distrust play out in the long run?"The Kremlin said on Monday that Moscow hoped talks with the United States would continue despite Washington rejecting a Russian proposal to unconditionally extend the last treaty limiting the two countries' strategic nuclear weapons," Reuters reported Monday. "Kremlin spokesman Dmitry Peskov said the demise of the New START accord, which was signed in 2010 and is due to expire in February, would have 'harmful' consequences." How much of this is tied to Trump being a very transactional person and not understanding that this is not as simple as renewing a building lease?Guests:Dr. Yolandra Hancock - Board-certified pediatrician and obesity medicine specialistJack Rasmus - Professor in the Economics and Politics departments at St. Mary's College of CaliforniaMarshall Auerback - Market analyst and research associate at the Levy Economics Institute of Bard College Wyatt Reed - Sputnik news analyst and producer for By Any Means NecessaryScott Ritter - Former UN weapons inspector in Iraq Richard Lachmann - Professor at the State University of New York at Albany and author of "First Class Passengers on a Sinking Ship: Elite Politics and the Decline Great Powers" Caleb Maupin - Journalist and political analystMark Sleboda - Moscow-based international relations and security analyst

Welcome to episode 50 of Activist #MMT. Today is part two of my five-part conversation with one of the original developers of MMT, Mathew Forstater. Mat is a professor of economics at the University of Missouri Kansas City, or UMKC which, according to Sam Levey, who was my first-ever guest and is also UMKC economics PhD. student, is where MMT was born. Mat is also research director for the Global Institute for Sustainable Prosperity and research associate for the Levy Economics Institute at Bard College. (Here is a link to part one.) Today Mat starts by describing the difficulties endured by women and people of color throughout the economics discipline, whether heterodox or mainstream. We spend the bulk of our time, however, discussing the sad reality of unemployment statistics in the United States. This begins with the overly rosy and highly unrealistic U-3 measurement by the Bureau of Labor Statistics, or BLS. The less unrealistic measurement by the BLS is called U-6. I wouldn’t go as far as calling it "better," but it is less bad. What both leave out is the millions upon millions of Americans who simply do not exist as far as those statistics are concerned. Not only are they not counted in the report, this flaw is not even recognized or acknowledged as a flaw. The non-acknowledgment is perpetuated by media, the general public, and finally, lawmakers. As Mat describes in his chapter in the 2013 Encyclopedia of Race and Racism, called "Unemployment and Underemployment," those who are disappeared from the employment statistics include, among others, the homeless and phone-less, simply because the survey is conducted by phone. Further, because of the realities of our society, including de facto racism and slavery, such as the war on drugs and the 13th Amendment, black Americans are much more likely to end up in prison. This is because, since our federal representatives do not prevent mass suffering when they clearly could, many citizens choose to enter the military because it provides good pay and benefits, in exchange for the risk of being blown up. Of course, those who enter the military or are put in jail are usually among the most disadvantaged in society. In other words, these millions don’t just magically disappear from the labor pool, they are actively pushed out.

Welcome to episode 50 of Activist #MMT. Today is part two of my five-part conversation with one of the original developers of MMT, Mathew Forstater. Mat is a professor of economics at the University of Missouri Kansas City, or UMKC which, according to Sam Levey, who was my first-ever guest and is also UMKC economics PhD. student, is where MMT was born. Mat is also research director for the Global Institute for Sustainable Prosperity and research associate for the Levy Economics Institute at Bard College. (Here is a link to .) Today Mat starts by describing the difficulties endured by women and people of color throughout the economics discipline, whether heterodox or mainstream. We spend the bulk of our time, however, discussing the sad reality of unemployment statistics in the United States. This begins with the overly rosy and highly unrealistic U-3 measurement by the Bureau of Labor Statistics, or BLS. The less unrealistic measurement by the BLS is called U-6. I wouldn’t go as far as calling it "better," but it is less bad. What both leave out is the millions upon millions of Americans who simply do not exist as far as those statistics are concerned. Not only are they not counted in the report, this flaw is not even recognized or acknowledged as a flaw. The non-acknowledgment is perpetuated by media, the general public, and finally, lawmakers. As Mat describes in his chapter in the 2013 Encyclopedia of Race and Racism, called "Unemployment and Underemployment," those who are disappeared from the employment statistics include, among others, the homeless and phone-less, simply because the survey is conducted by phone. Further, because of the realities of our society, including de facto racism and slavery, such as the war on drugs and the 13th Amendment, black Americans are much more likely to end up in prison. This is because, since our federal representatives do not prevent mass suffering when they clearly could, many citizens choose to enter the military because it provides good pay and benefits, in exchange for the risk of being blown up. Of course, those who enter the military or are put in jail are usually among the most disadvantaged in society. In other words, these millions don’t just magically disappear from the labor pool, they are actively pushed out.

Thorvald Grung Moe is a 30 year veteran is of the Norges Bank, the central bank of Norway, and has also worked in the Norwegian Ministry of Finance, the World Bank, and the IMF. Thorvald joins Macro Musings to talk about Marriner Eccles and a paper he has written on him title, *Marriner Eccles in the 1950 Treasury-Federal Reserve Accord: Lessons for Central Bankers.* David and Thorvald specifically discuss Eccles’ views on countercyclical monetary policy and government finance, his role in reforming and centralizing the Fed, and the many other lessons that can be learned from his life, particularly in the realm of macroeconomics.   Transcript for the episode can be found here: https://www.mercatus.org/bridge/tags/macro-musings   Thorvald’s Twitter: @finstab Thorvald’s Levy Economics Institute profile: http://www.levyinstitute.org/scholars/thorvald-grung-moe   Related Links:   *Marriner S. Eccles and the 1951 Treasury – Federal Reserve Accord: Lessons for Central Bank Independence* by Thorvald Grung Moe http://www.levyinstitute.org/pubs/wp_747.pdf   David’s Twitter: @DavidBeckworth David’s blog: http://macromarketmusings.blogspot.com/

Pavlina R. Tcherneva, associate professor at Bard College and research scholar at the Levy Economics Institute and the author of The Case for a Job Guarantee and Oren Cass, executive director of American Compass, a domestic policy advisor for the Romney presidential campaign and the author of The Once and Future Worker: A Vision for the Renewal of Work in America (Encounter Books, 2018), talk about the solutions offered by both approaches and where on the spectrum from capitalist to socialist each candidate stands, from their own very different points of view.

Today we examine how much capitalism and how much socialism is needed to save America's middle class. On Today's Show:Pavlina R. Tcherneva, associate professor at Bard College and research scholar at the Levy Economics Institute and the author of The Case for a Job Guarantee (Polity, 2020) and Oren Cass,  executive director of American Compass, a domestic policy advisor for the Romney presidential campaign and the author of The Once and Future Worker: A Vision for the Renewal of Work in America (Encounter Books, 2018), talk about where on the spectrum from capitalist to socialist each candidate stands, from their own very different points of view.

The Trump administration is upping the ante in its confrontation with China in the waterways of the South China Sea."Since late January, American B-1B and B-52 bombers, usually operating in pairs, have flown about 20 missions over key waterways, including the South China Sea, the East China Sea and the Sea of Japan," Reuters reported Tuesday. What is the endgame here?On Monday, US President Donald Trump defended Kyle Rittenhouse, the suspect in the shootings last week in Kenosha, Wisconsin, as having acted in self-defense. The president said, "We're looking at all of it. That was an interesting situation. You saw the same tape as I saw," adding that it appeared Rittenhouse was "very violently attacked" by demonstrators. There seem to be a number of problems with this statement. How should we interpret this?Stella Moris, WikiLeaks co-founder Julian Assange's partner, "says he is in 'a lot of pain' and 'a lot thinner' after she visited him in Belmarsh prison with their two children for the first time in six months," the Daily Mail reported on August 25. What's going on in his world?There's a health crisis and civil unrest in the US, and 57.3 million workers have filed for unemployment over the past five months, according to US Labor Department numbers. Meanwhile, Congress sits out, failing to provide more relief while the country faces its largest-ever eviction crisis, activists say. What are we to make of this?"Israeli Prime Minister Benjamin Netanyahu said on Sunday that Israel has held secret talks with several Arab countries to normalize their relations, a day before Israel's first commercial flight to the United Arab Emirates (UAE)," Xinhua News Agency reported Monday. "'There are many more unpublicized meetings with Arab and Muslim leaders,' Netanyahu said during joint remarks in Jerusalem alongside US President Donald Trump's senior advisor Jared Kushner and national security advisor Robert O'Brien." What's the long-term objective of these meetings and agreements?Our next guest Marshall Auerback co-authored a Monday piece in CounterPunch entitled "The Rotten Alliance of Liberals and Neocons Will Likely Shape US Foreign Policy for Years to Come." What does this mean for the US and the world going forward?A Monday op-ed in Politico was entitled "Take It From Eastern Europe: Now Is Not the Time to Go Soft on Russia," with the subheadline saying, "Vladimir Putin continues to undermine liberal democracy in Europe and beyond. America should not turn its back on that threat."Our last story will be a discussion of the Tuesday Antiwar.com article "America's Expeditionary Kleptocracy: A Banana Republic and Its Banana Wars." We are joined by its author, retired US Army Major Danny Sjursen. GuestsKJ Noh - Peace activist, writer and teacherMargaret Kimberley - Editor and senior columnist at Black Agenda Report and author of "Prejudential: Black America and the Presidents"Karen Kwiatkowski - Retired US Air Force lieutenant colonel, anti-war activist and farmerDanny Haiphong - Author and contributor to Black Agenda ReportCharles Simmons - Attorney, international fellow at Columbia University, professor emeritus of journalism at Eastern Michigan University and co-director of the Hush House Museum & Cultural Center in Detroit, MichiganMarshall Auerback - Market analyst and research associate at the Levy Economics Institute at Bard College Mark Sleboda, Moscow - based International Relations and Security AnalystDanny Sjursen - Retired US Army major and author of "Patriotic Dissent: America in the Age of Endless War"

31 de julho de 2020 • Episódio #94 do podcast Economia em Tempos de Pandemia, por Monica de Bolle. Participação especial de Julia Braga, doutora pelo Instituto de Economia da UFRJ. Julia já trabalhou com modelos de projeção de demanda por Energia Elétrica em projetos do CEPEL/Eletrobrás e foi Assessora Econômica no Ministério do Planejamento. De 2010 a 2013 atuou como colaboradora do IPEA em pesquisas sobre Inflação. Em 2017 e 2018 atuou como Visiting Scholar no Levy Economics Institute of Bard College. É Professora Associada da Faculdade de Economia da Universidade Federal Fluminense (UFF) desde 2006. (Fonte: UFF) Recomendações: • Legião Urbana - Índios (música) • Cheryl Lynn - Got To Be Real (música)

During the pandemic, unemployment is top of mind. But it won't go away when we get control over the virus. Our guest wrote about a "vaccine" for unemployment: a federal jobs guarentee. On Today's Show:Pavlina R. Tcherneva, associate professor at Bard College and research scholar at the Levy Economics Institute and the author of The Case for a Job Guarantee, talks about the Modern Monetary Theory and why it allows for full employment at a living wage -- even now.

Pavlina R. Tcherneva is Associate Professor at Bard College and Research Scholar at the Levy Economics Institute. Learn more about your ad choices. Visit megaphone.fm/adchoices

Pavlina R. Tcherneva, associate professor at Bard College and research scholar at the Levy Economics Institute and the author of The Case for a Job Guarantee, talks about the Modern Monetary Theory and why it allows for full employment at a living wage -- even now.

One of the most enduring ideas in economics is that unemployment is both unavoidable and necessary for the smooth functioning of the economy. This assumption has provided cover for the devastating social and economic costs of job insecurity. It is also false. In this The Case for a Job Guarantee (Polity, 2020), Pavlina R. Tcherneva challenges us to imagine a world where the phantom of unemployment is banished and anyone who seeks decent, living-wage work can find it - guaranteed. This is the aim of the Job Guarantee proposal: to provide a voluntary employment opportunity in public service to anyone who needs it. Tcherneva enumerates the many advantages of the Job Guarantee over the status quo and proposes a blueprint for its implementation within the wider context of the need for a Green New Deal. Pavlina Tcherneva is Associate Professor at Bard College and Research Scholar at the Levy Economics Institute. Stephen Pimpare is Senior Lecturer in the Politics & Society Program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. He is the author of The New Victorians (New Press, 2004), A People’s History of Poverty in America (New Press, 2008), winner of the Michael Harrington Award, and Ghettos, Tramps and Welfare Queens: Down and Out on the Silver Screen (Oxford, 2017). Learn more about your ad choices. Visit megaphone.fm/adchoices

One of the most enduring ideas in economics is that unemployment is both unavoidable and necessary for the smooth functioning of the economy. This assumption has provided cover for the devastating social and economic costs of job insecurity. It is also false. In this The Case for a Job Guarantee (Polity, 2020), Pavlina R. Tcherneva challenges us to imagine a world where the phantom of unemployment is banished and anyone who seeks decent, living-wage work can find it - guaranteed. This is the aim of the Job Guarantee proposal: to provide a voluntary employment opportunity in public service to anyone who needs it. Tcherneva enumerates the many advantages of the Job Guarantee over the status quo and proposes a blueprint for its implementation within the wider context of the need for a Green New Deal. Pavlina Tcherneva is Associate Professor at Bard College and Research Scholar at the Levy Economics Institute. Stephen Pimpare is Senior Lecturer in the Politics & Society Program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. He is the author of The New Victorians (New Press, 2004), A People’s History of Poverty in America (New Press, 2008), winner of the Michael Harrington Award, and Ghettos, Tramps and Welfare Queens: Down and Out on the Silver Screen (Oxford, 2017). Learn more about your ad choices. Visit megaphone.fm/adchoices

One of the most enduring ideas in economics is that unemployment is both unavoidable and necessary for the smooth functioning of the economy. This assumption has provided cover for the devastating social and economic costs of job insecurity. It is also false. In this The Case for a Job Guarantee (Polity, 2020), Pavlina R. Tcherneva challenges us to imagine a world where the phantom of unemployment is banished and anyone who seeks decent, living-wage work can find it - guaranteed. This is the aim of the Job Guarantee proposal: to provide a voluntary employment opportunity in public service to anyone who needs it. Tcherneva enumerates the many advantages of the Job Guarantee over the status quo and proposes a blueprint for its implementation within the wider context of the need for a Green New Deal. Pavlina Tcherneva is Associate Professor at Bard College and Research Scholar at the Levy Economics Institute. Stephen Pimpare is Senior Lecturer in the Politics & Society Program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. He is the author of The New Victorians (New Press, 2004), A People’s History of Poverty in America (New Press, 2008), winner of the Michael Harrington Award, and Ghettos, Tramps and Welfare Queens: Down and Out on the Silver Screen (Oxford, 2017). Learn more about your ad choices. Visit megaphone.fm/adchoices

One of the most enduring ideas in economics is that unemployment is both unavoidable and necessary for the smooth functioning of the economy. This assumption has provided cover for the devastating social and economic costs of job insecurity. It is also false. In this The Case for a Job Guarantee (Polity, 2020), Pavlina R. Tcherneva challenges us to imagine a world where the phantom of unemployment is banished and anyone who seeks decent, living-wage work can find it - guaranteed. This is the aim of the Job Guarantee proposal: to provide a voluntary employment opportunity in public service to anyone who needs it. Tcherneva enumerates the many advantages of the Job Guarantee over the status quo and proposes a blueprint for its implementation within the wider context of the need for a Green New Deal. Pavlina Tcherneva is Associate Professor at Bard College and Research Scholar at the Levy Economics Institute. Stephen Pimpare is Senior Lecturer in the Politics & Society Program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. He is the author of The New Victorians (New Press, 2004), A People’s History of Poverty in America (New Press, 2008), winner of the Michael Harrington Award, and Ghettos, Tramps and Welfare Queens: Down and Out on the Silver Screen (Oxford, 2017). Learn more about your ad choices. Visit megaphone.fm/adchoices

One of the most enduring ideas in economics is that unemployment is both unavoidable and necessary for the smooth functioning of the economy. This assumption has provided cover for the devastating social and economic costs of job insecurity. It is also false. In this The Case for a Job Guarantee (Polity, 2020), Pavlina R. Tcherneva challenges us to imagine a world where the phantom of unemployment is banished and anyone who seeks decent, living-wage work can find it - guaranteed. This is the aim of the Job Guarantee proposal: to provide a voluntary employment opportunity in public service to anyone who needs it. Tcherneva enumerates the many advantages of the Job Guarantee over the status quo and proposes a blueprint for its implementation within the wider context of the need for a Green New Deal. Pavlina Tcherneva is Associate Professor at Bard College and Research Scholar at the Levy Economics Institute. Stephen Pimpare is Senior Lecturer in the Politics & Society Program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. He is the author of The New Victorians (New Press, 2004), A People’s History of Poverty in America (New Press, 2008), winner of the Michael Harrington Award, and Ghettos, Tramps and Welfare Queens: Down and Out on the Silver Screen (Oxford, 2017). Learn more about your ad choices. Visit megaphone.fm/adchoices

One of the most enduring ideas in economics is that unemployment is both unavoidable and necessary for the smooth functioning of the economy. This assumption has provided cover for the devastating social and economic costs of job insecurity. It is also false. In this The Case for a Job Guarantee (Polity, 2020), Pavlina R. Tcherneva challenges us to imagine a world where the phantom of unemployment is banished and anyone who seeks decent, living-wage work can find it - guaranteed. This is the aim of the Job Guarantee proposal: to provide a voluntary employment opportunity in public service to anyone who needs it. Tcherneva enumerates the many advantages of the Job Guarantee over the status quo and proposes a blueprint for its implementation within the wider context of the need for a Green New Deal. Pavlina Tcherneva is Associate Professor at Bard College and Research Scholar at the Levy Economics Institute. Stephen Pimpare is Senior Lecturer in the Politics & Society Program and Faculty Fellow at the Carsey School of Public Policy at the University of New Hampshire. He is the author of The New Victorians (New Press, 2004), A People’s History of Poverty in America (New Press, 2008), winner of the Michael Harrington Award, and Ghettos, Tramps and Welfare Queens: Down and Out on the Silver Screen (Oxford, 2017). Learn more about your ad choices. Visit megaphone.fm/adchoices

An alternate title for this episode could be “Back to Basics.” It reminds us why Randall Wray’s MMT Primer continues to be a definitive resource for the Macro & Cheese community. This 2017 interview came about when the American Monetary Institute (AMI) published an article critiquing MMT. Randy Wray was mentioned and quoted throughout, so Steve invited him on to set the record straight — and maybe shed some light on AMI and its theory of “positive money.” If you don’t come away with a clear understanding of it, it’s because Randy himself can’t always get to the bottom of AMIs logic. It turns out they have some less than pristine methodology. It’s hard to assess the strength of their theory when you can’t pin down the theory. They don’t even produce balance sheets. AMI wants the Treasury to print greenbacks because they posit that the Federal Reserve is private and independent, with full control over the US dollar. Randy explains that we do, indeed, have a sovereign currency, and suggests that we read the Federal Reserve Act of 1913. The Fed is a creature of government, under the control of the Congress. Its very limited independence consists of the freedom to set overnight interest rate targets. It’s easier for Randy to debunk AMI’s critique of Modern Monetary Theory, and a large part of the interview takes us through the fundamentals of MMT — how money is created, the differing roles of the Treasury and the Fed, the causes of hyperinflation, sectoral balances, and why the US will always have a trade deficit. In our lifetimes, at least. We end with a long discussion of solutions to inequality. Since taxing the rich is politically unfeasible, Randy says a better way to reduce their wealth is to attack it at its source, where vast wealth is amassed. He wants to forbid corporations from buying back their stocks. Corporate CEOs and upper management receive outsized compensation in the form of stock options. Corporations spend more on stock buybacks than on investment in plants and equipment, which would create jobs. The buybacks raise the value of the shares, then the CEOs exercise their stock options for huge amounts of money. There’s no reason to allow it. This is an episode you’ll want to listen to right before trying to explain MMT to your uncle. Better yet, send him the link. L. Randall Wray is a Professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute. http://www.levyinstitute.org/scholars/l-randall-wray https://neweconomicperspectives.org/modern-monetary-theory-primer.html Steve Grumbine says this article changed his life. Check it out: https://neweconomicperspectives.org/2014/05/taxes-mmt-approach.html

The coronavirus epidemic has brought about an unprecedented level of unemployment and destitution in the US. Without significant structural change, it could affect people’s lives for decades to come. In this interview, Pavlina Tcherneva talks about the roots of the problem and lays out the kind of imaginative yet practical solutions that we need. Pavlina’s new book, The Case for a Job Guarantee, will be published later this month. It is a call to rethink the assumption that unemployment is unavoidable and that there’s little we can do about it. As a primer on the Job Guarantee, it documents all the benefits of the proposal. It confronts the narratives on competition, the market, and personal responsibility. The book exposes what Pavlina calls a major failure of her profession of economics. Economists have validated unemployment, structuring our thinking about the economy, markets, and their behavior, around the fallacious concept of a “natural rate of unemployment.” This validation brings massive failure at the theoretical, policy, and moral levels. At the time of this interview, ongoing demonstrations across the globe have been erupting -- spurred by the Black Lives Matter movement in the US -- expressing discontent with inequality in country after country. The spotlight on racial and economic inequality, compounded by the public health crisis, makes this an ideal time to look at the Job Guarantee. In addition to providing economic security for individuals, it centers on the creation of jobs that are geared to the needs of each community. This is a time to think long and hard about preparedness for future crises of all types, and environmental rehabilitation is long overdue. The Job Guarantee has a significant place in all of these plans. In the current economic paradigm, work that doesn’t generate profit is undervalued. Yet on a human level, these are the jobs that matter the most: education, health care, environmental protection, and care for the young or elderly are the true essentials of life. The interview is vibrant with the depth of understanding and empathy that we’ve come to expect from Pavlina. Our social, political, and economic problems are not intellectual problems to be played out on charts. Unemployment and underpaid jobs take a devastating toll on individuals, families, and communities. Nobody understands this as well as Pavlina. PAVLINA R. TCHERNEVA, Ph.D., is an Associate Professor of Economics at Bard College and a Research Scholar at the Levy Economics Institute, NY. She specializes in Modern Monetary Theory and public policy. Check out a recent op-ed crafted by a group of international female scholars. It’s been published in 26 languages. https://democratizingwork.org/ Book https://www.wiley.com/en-us/The+Case+for+a+Job+Guarantee-p-9781509542109 Website: https://www.pavlina-tcherneva.net/ Twitter: @ptcherneva

Dr. Michael Hudson is one of our nation’s finest and most important economists and Wall Street financial analysts. Dr. Paul Craig Robert’s recently called him “the world’s best economist.” He is currently the President of The Institution for the Study of Long-Term Economic Trends, a distinguished research professor of economics at the University of Missouri, a professor of economics at Peking University in China,  and a research associate at the Levy Economics Institute at Bard College. He was the Chief Economic Policy Advisor for the Rep. Dennis Kucinich’s 2008 presidential campaign and has served as an adviser to the White House, State and Defense departments at the Hudson Institute, and the United Nations Institute.  Besides his renown as an economist, Michael is also an archaeologist of ancient Near Eastern civilizations and is an editor of the International Scholars Conference on Ancient Near Eastern Economies. He  has written many books and important papers and articles, including his most recent "And Forgive Them Their Debts: Lending, Foreclosure and Redemption from Bronze Age Finance to the Jubilee Year" which goes into a history of interest bearing debt beginning in earlier ancient civilizations and how solutions against predatory debt can be found in the past.His website is Michael-Hudson.com

Dr. Michael Hudson is one of our nation's finest and most important economists and Wall Street financial analysts. Dr. Paul Craig Robert's recently called him “the world's best economist.” He is currently the President of The Institution for the Study of Long-Term Economic Trends, a research professor of economics at the University of Missouri and a research associate at the Levy Economics Institute at Bard College. He was the Chief Economic Policy Advisor for the Rep. Dennis Kucinich's 2008 presidential campaign and has served as an adviser to the White House, State and Defense departments at the Hudson Institute, and the United Nations Institute.  Michael has written many books and important papers and articles, including his most recent "J is For Junk Economics: A Guide to Reality in an Age of Deception," which explains how the global economy really works, and “Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy” that addresses the cause and effect behind the polarization of the 1% versus 99% emerged. His website is Michael-Hudson.com

With the U.S. economy going into a deep slump, the Federal government has attempted to counteract the pain by increasing spending. But for cities and states, it’s virtually impossible for them to run counter-cyclical fiscal policy. Furthermore, the crisis is draining local coffers due to public health expenditure and the collapse of tax revenue. This has already led to the start of a state and local austerity wave (spending cuts, layoffs, etc.) that could take years to reverse. On this week’s episode, we speak with three people who have been writing about this aspect of the crisis, and how it could be addressed by both the Fed and the U.S. Treasury. We’re joined by Skanda Amarnath of Employ America, Yakov Feygin of the Berggruen Institute, and Alex Williams, a grad student at the Levy Economics Institute of Bard College, to discuss the shape of the problem and the way back to economic health.

It’s always a treat to welcome L. Randall Wray, one of our favorite economists and guests, to Macro n Cheese. This episode is an added treat because, in a bit of a departure, Randy talks to Steve about politics and policy, looking through the lens of MMT while putting today’s issues in a historical context. Who better to bring that perspective than someone who lived through it? Maybe he wasn’t around for the Great Depression or World War II, but as a baby boomer, he witnessed first hand much of the massive growth and expansion of the postwar years and talks about what made America great and not-so-great during that period.   Randy states the only reason the policies proposed by Bernie Sanders seem so far outside the mainstream is because the mainstream has become so regressive. The ideas aren’t radical -- the Democratic Party is conservative.   Steve asks him why our society is so regressive. Much of the answer lies in the rise of finance capital -- the financialization of the economy. Wall Street has its fingers in every aspect of society, yet it doesn't produce anything, so the net value added to the economy is massively negative. Randy likens them to the rentier class. They take a percentage of corporate profit right off the top. A percentage of one’s paycheck goes to the FIRE sector -- finance, insurance, and real estate. (Obamacare is a recent example that furthered the process.) Obviously they’re not going to support democracy.   Randy says that in order to assess a policy proposal we shouldn’t ask how much it will cost. The correct questions are: do we know how to do it and do we have the resources. He and Steve go down the list, from free college and daycare, to Medicare for All, to the greening of the economy and public ownership of utilities -- the answer to those questions is “yes.” We have historical examples of some major successes. We also have examples of failures, like JFK’s “war on poverty,” from which to learn and craft more systemic approaches.   They consider the likely deflationary bias of Medicare for All and Randy explains why economists are talking about offsets. This is an episode that will interest everyone who’s interested in real possibilities for shared prosperity.   L. Randall Wray is a Senior Scholar at the Levy Economics Institute of Bard College.   http://www.levyinstitute.org/scholars/l-randall-wray   https://www.goodreads.com/book/show/33657496-macroeconomics

For this episode, we’re republishing a terrific conversation we had with economist and author, Caroline Webb, PhD (in episode 33). We loved her book, How to Have a Good Day, and still do, and we loved talking to her about her work both as an economist and as a musician. On top of that, Caroline is just one of those people that is great to hang out with. Caroline was educated at Oxford, Cambridge, and the Levy Economics Institute. She has worked at McKinsey & Associates, performed at Carnegie Hall, delivered speeches at the Davos World Economic Forum. And more importantly for our discussion today, Caroline as the author of How to Have a Good Day, a terrific how-to guide that has been published in more than 60 countries. It’s worth noting that when we talked about How to Have a Good Day, Caroline said that it was the hardest project she’s ever taken on. In fact, it is literally the result of her lifetime’s worth of research and experience. She even admitted that she doesn’t see another book – at least like this one – in her future. We agree that How to Have a Good Day is rich with wisdom beyond the bullet points and we recommend it to our listeners.   Links Caroline Webb: https://en.wikipedia.org/wiki/Caroline_Webb How To Have a Good Day: https://carolinewebb.co/books/how-to-have-a-good-day/ Personal Why: https://magazine.vunela.com/part-ii-defining-your-personal-why-eed037a352e2 Priming: https://www.psychologytoday.com/us/basics/priming Priming Socks: http://blog.lanterngroup.com/?s=socks Carnegie Hall: https://en.wikipedia.org/wiki/Carnegie_Hall Peak End Effect: https://en.wikipedia.org/wiki/Peak%E2%80%93end_rule System 1 “Automatic”: https://en.wikipedia.org/wiki/Thinking,_Fast_and_Slow System 2 “Deliberate”: https://en.wikipedia.org/wiki/Thinking,_Fast_and_Slow   Musical Links Donna Summer “I Feel Love”: https://www.youtube.com/watch?v=Nm-ISatLDG0 Cecilia Chorus: http://ceciliachorusny.org/

Sage interviews Professor Nancy Folbre about the evolution of care work in the U.S. Folbre is the Director of the Program on Gender and Care Work at the Political Economy Research Institute at the University of Massachusetts Amherst and a Senior Fellow of the Levy Economics Institute at Bard College. This podcast was recorded at Sage’s “Perspectives on the Future” Conference, a two-day event in Austin, Texas, that featured diverse thought leaders on geopolitical events, investment strategy, risk management, retirement policy and issues, women and investing, and sustainable investing.

This 2017 interview features a younger Steve Grumbine speaking with a younger-still Brad Voracek. Brad was in the first graduating class of the masters’ program at the Levy Economics Institute of Bard College. His real-world experience as a teacher and mentor in Arizona is vastly different from Steve’s, a father of nine in Pennsylvania, who has had to cope with the medical challenges and expenses faced by his late father -- and now, his own.   It’s refreshing to hear a young person explain how MMT makes sense based on his own observations and point of view. Rather than engaging in arguments about politics and economics, Brad tells us that he approaches each issue with simple questions: what is our purpose/what do we want? In his view, rather than battling over a basic income, let’s determine how to meet people’s basic needs -- after all, we already know how to pay for it.   Steve and Brad take the discussion of a job guarantee away from the usual talk of a transitional buffer stock of labor and delve instead into a broader range of human values. In redefining work we can find a kind of fulfillment that we don’t always associate with minimum wage jobs. Whether we find that fulfillment in creative fields, caring for the vulnerable, or public service in general, the possibilities are endless.   Brad is less riled by anti-MMT cynics than some of our older colleagues. This may be because of his early exposure to the concept of sectoral balances. It boils down to basic double-entry accounting; a debit on one side is a credit on the other. It’s always a two-sided transaction between humans. A government deficit means a private surplus.   Join us for this intergenerational conversation. You might see something in a whole new light!   Brad Voracek got his master’s degree at the Levy Economics Institute of Bard College. In 2017 he worked in AmeriCorps VISTA, observing how direct job creation programs work in practice. Now he is a high school teacher at Phoenix Coding Academy and lead mentor for the robotics team. @bradvoracek on Twitter

In 1946, Beardsley Ruml, chairman of the NY Federal Reserve, published an article entitled “Taxes for Revenue are Obsolete.” According to Randall Wray this was consistent with the thinking of the time. In the 1930s and 40s, politicians and economists understood that taxes did not finance the federal budget. In fact, during World War II the government ran a deficit that was 25% of the GDP and a national debt equal to 100% of GDP.   This 2017 interview begins with Wray giving credit to Warren Mosler for the MMT insight that, in short, “taxes drive money.” We need only to look at colonial America for the basic facts. The colonies passed, simultaneously, the laws allowing for issuance of currency simultaneously and allowing the government to levy taxes in that currency. The purpose of that tax was to redeem those notes and burn them, a low-tech way of achieving the same effect as today’s keystrokes debiting our accounts when we pay taxes.   During the postwar years, the understanding that tax revenue does not fund federal spending was lost. It is politically expedient for those opposed to relying on government to solve social problems. They argue that we cannot expand spending on social programs unless we “find” more money somewhere. They claim that raising taxes will cause a reduction in private investment, thus stunting economic growth. There is not much daylight between the positions of conservatives and liberals. Whether they’re opposed to or in favor of government social programs, both sides believe that the money would have to come from taxpayers and, more specifically, from taxing the rich. Wray maintains that by tying these programs to taxing the rich, progressives are defeating their own policy.   In this episode, L. Randall Wray and Steve Grumbine discuss the difference between “good” and “bad” taxes, the role of the Federal Reserve and how it could be reformed, and the historic connection between attempts to repay the national debt and the onset of periods of economic depression. Finally they look at the connection between state and federal economies, and how taxes serve each. In the past, states were given block grants to make up the shortfall in their budgets. There is no reason not to do this again. Wray concludes with the observation that it is possible to create all the jobs that we need, providing income on the one hand and necessary services on the other.   Isn’t it interesting how nearly all discussions among proponents of Modern Monetary Theory lead to a federal job guarantee? This is not a coincidence.   L. Randall Wray is Senior Scholar at the Levy Economics Institute and Professor of Economics at Bard College   Papers: www.levyinstitute.org/publications/?auth=287   Co-editor Journal of Post Keynesian Economics ISSN 0160-3477 (Print), 1557-7821 (Online) www.tandfonline.com/toc/mpke20/current   New Book: Why Minsky Matters: An Introduction to the work of a maverick economist, Princeton University Press http://press.princeton.edu/titles/10575.html   New Book: Modern Money Theory: a primer on macroeconomics for sovereign monetary systems, Palgrave Macmillan http://www.palgrave.com/page/detail/modern-money-theory-l-randall-wray/?isb=9781137539908

Have you seen Eric Tymoigne’s recent tweet destroying the top myths about Modern Monetary Theory? If not, listen to this episode and hear the myths evaporate. Tymoigne begins by giving an elegant explanation of MMT as a theoretical framework explaining how governments issuing their own currency, or monetarily sovereign, operate in the economy.  Understand that and you understand the importance of government policies in promoting full employment and price stability. And now, the myths: #1 MMT ignores Minskian financial instability. Listen to Eric’s explanation of Minsky's Financial Instability Hypothesis.  He describes why, in the last financial crisis, people took on mortgages they were unable to afford, giving them no choice but to borrow more, default or attempt to sell their assets.  #2 MMT ignores capital controls. Capital controls regulate the flow of money into and out of a country. Ideally, you only allow money that is productive and limit speculative activity through taxes or other barriers. #3 MMT only applies to the US. Wrong. MMT applies to any country with monetary sovereignty. What does that mean? When a country issues its own currency it is monetarily sovereign. Similarly when it issues debt only denominated in own currency, imposes taxes only in own currency, and makes payments using its own currency, it satisfies the definition of monetary sovereignty.  Plenty of nations do that.   Eric explains what’s special about the US is having foreign demand for the US dollar. When the   foreign sector wants to save in US dollars, the federal deficit must increase.  But even the US has constraints making it appear not to have sovereignty. The public debt ceiling, which has been used for political gain, has created disruptions and self-inflicted constraints. #4 MMT says nothing about developing economies. (Editor’s note: anyone who has listened to Fadhel Kaboub knows that this is patently false.) Development involves complex decisions regarding how to develop production and provide for the needs of the people in housing, education and healthcare. Monetary sovereignty gives you some freedom to work through these issues.   #5 MMT doesn’t recognize there can be tradeoffs. MMT economists are constantly confronted with examples of hyperinflation in Zimbabwe and the Weimar Republic. They understand these were unique circumstances; when spending runs close to a nation’s productive capacity, there are potential inflationary pressures. In the US and other developed, monetarily sovereign countries, we are far from full productive capacity today. #6 MMT is for monetary financing of government spending. Eric explains the complex relationship between the central bank and the Treasury. This is a complicated issue, coordinated in an extremely refined manner. #7 MMT says deficits don’t matter. Eric explains that deficits matter quite a bit because deficits inject income into the private sector. The government can always afford to deficit spend. MMT is concerned with the availability of real resources. Eric Tymoigne is an Associate Professor of Economics at Lewis and Clark College, Portland, Oregon; and Research Associate at the Levy Economics Institute of Bard College. His areas of teaching and research include macroeconomics, money and banking, and monetary economics. https://college.lclark.edu/live/profiles/51-eric-tymoigne https://www.tandfonline.com/doi/abs/10.1080/05775132.2019.1639412?journalCode=mcha20&

Under a Federal Jobs Guarantee, rather than distributing unemployment checks, the government would give a living-wage job to everyone that needs one. It’s a concept that’s been gaining popularity recently, and it’s often pitted against universal basic income. For the second episode in this two-part series exploring both ideas, expert Pavlina Tcherneva and Representative Ro Khanna join Nick and Paul to make the case for a Job Guarantee.  Pavlina Tcherneva is an Associate Professor of Economics at Bard College and a Research Scholar at the Levy Economics Institute. Her research on the job guarantee has informed the proposals of several members of congress, and she has collaborated with governments around the world on designing and evaluating employment programs.  Twitter: @ptcherneva Ro Khanna is the U.S. Representative from California’s 17th congressional district. He sits on the House Budget, Armed Services, and Oversight and Reform committees and is first vice chair of the Congressional Progressive Caucus. He also serves as an Assistant Whip for the Democratic Caucus. In 2018, he introduced legislation to ensure that every jobless worker in the country is given the opportunity to earn a living. Twitter: @RoKhanna  Further reading:  Ro Khanna Has an Ambitious Plan to Put the Unemployed to Work. Just Don’t Call It a Job Guarantee. https://slate.com/business/2018/07/ro-khanna-has-an-ambitious-plan-to-help-the-unemployed-just-dont-call-it-a-job-guarantee.html  Trump’s bait and switch: job creation in the midst of welfare state sabotage: http://www.paecon.net/PAEReview/issue78/Tcherneva78.pdf 4 big questions about job guarantees: https://www.vox.com/2018/4/27/17281676/job-guarantee-design-bad-jobs-labor-market-federal-reserve The Federal Job Guarantee - A Policy to Achieve Permanent Full Employment: https://www.cbpp.org/research/full-employment/the-federal-job-guarantee-a-policy-to-achieve-permanent-full-employment Unemployment: The Silent Epidemic: http://www.levyinstitute.org/pubs/wp_895.pdf  The Job Guarantee: Design, Jobs, and Implementation: http://www.levyinstitute.org/pubs/wp_902.pdf Learn more about your ad choices. Visit megaphone.fm/adchoices

Steve's guest is L. Randall Wray, a professor of Economics at Bard College and Senior Scholar at the Levy Economics Institute.  In this 2017 interview, Wray looks at the Global Financial Crisis from both sides now. The celebrated economist tells Steve how the rise of shadow banking led to banking deregulation, opening the door for massive fraud, leading to the global financial crisis. He then explains in detail how globalism affected average Americans, suppressing their wages for 40 years and forcing them to amass unsustainable personal debt.  These two threads led to the GFC.   Wray compares the federal government’s response to the banking crisis with the reaction to the real economy’s crisis, the jobs crisis, and the consumer spending crisis. Is it any wonder that Wall St recovered, but the rest of the economy did not?   He maintains that only a federal job guarantee will prevent more pain. Manufacturing jobs are not coming back to the US any time soon.  He goes on to address both the myths and reality of Social Security and Medicare.  And finally, he offers a simple but truthful description of the relationship & interaction between the central bank, or Federal Reserve, and the Treasury.   http://www.levyinstitute.org/scholars/l-randall-wray http://neweconomicperspectives.org/about.html

Albertastan.ca - 015 - The Story So Far Part II Continued The Story So Far Part II  Is a reinterpretation by Richard Gordon of a speech given by professor Dr. Richard Wolf at the at the Levy Economics Institute of Bard College in Annandale-On-Hudson, NY in 2016-2018  

Albertastan.ca - 014 - The Story So Far Part II  - GWNN -  Christ church mosque attack hits hard around the world. https://www.cbc.ca/news/politics/canada-threat-level-1.5057778 Us Pharmaceutical industry doesn’t even spit! https://www.cbc.ca/news/health/phrma-drug-prices-pharmaceutical-industry-pmprb-health-1.5012423 Press progress points out that fucking fraser “institute” is full of shit and you should know that!  https://pressprogress.ca/professional-educators-dont-take-the-fraser-institutes-school-rankings-seriously-neither-should-you/ Rich kids are parents are cheaters and slime! https://www-m.cnn.com/2019/03/14/us/college-cheating-scam-how-authorities-found-out/index.html?r=https%3A%2F%2Fwww.cnn.com%2F Ides of March are marching away from Jason Kenney and his sudo Fascist party The UCP. https://edmontonjournal.com/news/politics/edmonton-meadows-ucp-board-members-want-fair-nomination-after-kenney-appoints-candidate-len-rhodes Kamikaze donor was critical member of The Kenney organization https://pressprogress.ca/kamikaze-donor-was-a-critical-member-of-jason-kenneys-leadership-team-leaked-ucp-e-mails-reveal/ My assumptions about Brian jean. https://nationalpost.com/news/politics/brian-jeans-back-or-not-former-wildrose-leader-denies-rumour-he-will-return-to-alberta-politics RCMP involvements prompts call for FashJ to come clean on the Kamikaze candidate!  https://edmontonjournal.com/news/politics/reports-of-rcmp-probe-into-ucp-leadership-race-spark-call-for-kenney-to-come-clean/wcm/4db6c718-b368-4454-a367-e4021741b57d The Story So Far Part II  Is a reinterpretation by Richard Gordon of a speech given by professor Dr. Richard Wolf at the at the Levy Economics Institute of Bard College in Annandale-On-Hudson, NY in 2016-2018 Visit www.albertastan.ca and JOIN the ARMY today

In this episode of Macro n Cheese, Pavlina Tcherneva of Bard College, the Levy Economics Institute, and the Center for Full Employment and Price Stability (CFEPS) joins Steve Grumbine to talk about the prominent role of women in developing and promoting Modern Monetary Theory. As one of the leading architects of what is known as the Federal Job Guarantee, she explains how redefining work will liberate families as well as the marginalized.

In this episode of Macro n Cheese, Pavlina Tcherneva of Bard College, the Levy Economics Institute, and the Center for Full Employment and Price Stability (CFEPS) joins Steve Grumbine to talk about the prominent role of women in developing and promoting Modern Monetary Theory. As one of the leading architects of what is known as the Federal Job Guarantee, she explains how redefining work will liberate families as well as the marginalized. Now…. Enjoy the very next episode of Macro n Cheese! Special Thanks to Geoffrey Ginter for the excellent intro song! And of course special thanks to our guest Pavlina Tcherneva, the donors of Real Progressives and our excellent staff of volunteers.

An unabridged reading of Stephanie Bell (now Kelton)'s 1998 paper, "Can Taxes and Bonds Finance Government Spending?", via The Levy Economics Institute at Bard College. This reading is in both audio and video form, the latter which presents each of the figures and tables at the proper spots. Download the paper: - http://www.levyinstitute.org/pubs/wp244.pdf - https://papers.ssrn.com/sol3/papers.c...ract_id=115128 Audio only: https://soundcloud.com/peopleconversations/bellkelton Audio plus screenshots of the figures and tables: https://youtu.be/ysymMg-INw4 This is the first recording in a larger effort to read aloud unabridged versions of various MMT-based economic papers and books (either with permission or those old enough to be no longer copyrighted). Two more readings have already been recorded and are currently in post-production. Although I'm learning a lot, creating these recordings is a very labor intensive process. In total, it takes approximately one hour of effort per page. Please consider supporting this effort by contributing, and especially consider becoming a monthly patron: https://citizensmedia.tv/contribute/

Caroline Webb is an overachiever. Oxford, Cambridge, Levy Economics Institute, McKinsey & Associates, Carnegie Hall performer, Davos World Economic Forum speaker. It’s an inspiring list of accomplishments. Even with all of those remarkable feats, our discussion focused on Caroline as the author of How to Have a Good Day, a terrific how-to guide that has been published in more than 60 countries. In our discussion, we covered how the book is written – with lots of juicy details in the narrative supported by end-of-chapter bullet points – and how critical that format is to the way the reader comprehends it. Frankly, the format makes it easy to read and to grasp and to put into action. It’s written in a very purposeful manner and it pays off: the author’s effort translates into the reader’s ease of application. A central theme to the book is the Personal Why. Caroline discussed with Kurt and Tim how important it is to set up your personal WHY for work so that your daily efforts have meaning. Caroline gave great examples of how we can find our personal WHY in virtually every job. We talked about why it’s important to have a Devil’s Advocate in your life to question and challenge from time to time. The Devil’s Advocate can help keep our deliberate (a.k.a. System 2) thinking engaged, so we don’t rely on our low-calorie automatic (a.k.a. System 1) thinking all the time. Caroline comes from a long line of musicians but rarely has a chance to talk about that history, so we found it extra fun to engage her in a romp down Music Lane. She admitted that one of her most common interview questions is spurred by her comments in the book about using Donna Summer’s “I Feel Love” as a priming mechanism. But reminded us that’s just ONE song!  In fact, she has dozens of different priming soundtracks for different effects and different situations. We even brought our priming discussion back to socks. Go figure. The musical discussion went off in the direction of piano at an early age and even a baccalaureate in music and ending up with a chat about the Cecilia Chorus and performing regularly at Carnegie Hall, right in her new hometown of New York City. She shared with us how she took an economics course in secondary school and was tricked into liking it because the professor made it more of a course on human behavior, philosophy and politics than a course about supply and demand curves. The human behavior aspect of the course became more prevalent as she moved through her amazing career and was one of the many catalysts she experienced to write the book. Across her career, Caroline has worked in a wide variety of corporate and governmental settings but in recent years, she’s moved away from the heavy lifting of policy work. Today, most of her work focuses on individuals and she spoke to the joy she finds in working with all sorts of teams. Her focus on individual, specific goals gets reinforced regularly with feedback that getting clear on what you want to accomplish could be one of the most important things you can do in your life. Once you have a clear design for what you want to accomplish, she encourages us to create daily hacks to make each day a good day. It’s in the regular application of small tweaks that we find the days get better and add to the creation of a better life – at whatever situation you’re in. And she’s quick to admit to using her own advice. We ended our discussion with an energetic dive into the peak-end effect. Fortunately, our memories are not digital video recorders that capture every single thing. We simply come away with the highlights – but which ones we remember can be influenced by how we process them. Even though not every moment in every day is wonderful, we can find things that we did well or worked well to add to our memories. “I remembered my umbrella today!” is a simple acknowledgment that can reinforce our good-day approach and positively impact our memories. We can also use the peak-end effect when ending a meeting with a short reflection on the one thing that went well during that meeting. Or end our workday with a reflection on what one thing worked well, didn’t go haywire, or simply went as planned. And we could even end our day – before we sleep – with gratitude for our situation, whatever that may be. Personal gratitude is something Caroline does not want us to overlook. It’s worth noting that when we talked about How to Have a Good Day, Caroline said that it was the hardest project she’s ever taken on. In fact, it is literally the result of her lifetime’s worth of research and experience. She even admitted that she doesn’t see another book – at least like this one – in her future. We agree that How to Have a Good Day is rich with wisdom beyond the bullet points and we recommend it to our listeners.

I met in Rome, at Sapienza University, with two of the three editors of a great new book in economics. Marcella Corsi is professor of economics at Sapienza University of Rome, Italy, and editor of the International Review of Sociology. Carlo D’Ippoliti is associate professor of economics at Sapienza University of Rome, Italy, and editor of PSL Quarterly Review. He is also one of the hosts of this channel. The third editor is Jan Kregel, director of research at the Levy Economics Institute of Bard College, USA, and professor of development finance at Tallinn University of Technology, Estonia. He is also co-editor of the Journal of Post-Keynesian Economics. Classical Economics Today (Anthem Press, 2018) is a collection of essays in honour of Alessandro Roncaglia. It provides an overview on his contributions and on the Classical tradition in Economics. It is a history of ideas in Economics but also an attempt to discuss their contemporary relevance to economic policy and economic theory. The contributors to the volume, like all classical economists in general, regard history as a useful tool of analysis rather than a specialist object of investigation. By denying that a single, all-encompassing mathematical model can explain everything we are interested in, Classical political economy necessarily requires a comparison and integration of several pieces of theory as the only way to discuss economics and economic policy. Economists inspired by the Classical approach believe that economic theory is historically conditioned: as social systems evolve, the appropriate theory to represent a certain phenomenon must evolve too. Therefore, plurality in methods, including the history of economic thought, must be a deliberate choice, as evidenced by the essays in Classical Economics Today: Essays in Honor of Alessandro Roncaglia. The book is a tribute to Alessandro Roncaglia, to his personality and his research interests. Roncaglia’s research is based on Schumpeter’s dictum that good economics must encompass history, economic theory and statistics, and therefore does not generally take the form of elegant formal models that are applicable to all and everything. In this direction, Roncaglia is inspired by the Classical economists of the past, and becomes a model for present-day Classical economists. This is a book for economists, particularly for those who regard history of economic thought as a useful tool of analysis rather than a specialist object of investigation. But the book is approachable by students and non-economists too. The non-expert reader would be delighted to discover that economics is different to what they expected. Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milan, Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. His latest project is looking at health care in rural China. He is the co-convener of the EAEPE’s permanent track on  Learn more about your ad choices. Visit megaphone.fm/adchoices

I met in Rome, at Sapienza University, with two of the three editors of a great new book in economics. Marcella Corsi is professor of economics at Sapienza University of Rome, Italy, and editor of the International Review of Sociology. Carlo D’Ippoliti is associate professor of economics at Sapienza University of Rome, Italy, and editor of PSL Quarterly Review. He is also one of the hosts of this channel. The third editor is Jan Kregel, director of research at the Levy Economics Institute of Bard College, USA, and professor of development finance at Tallinn University of Technology, Estonia. He is also co-editor of the Journal of Post-Keynesian Economics. Classical Economics Today (Anthem Press, 2018) is a collection of essays in honour of Alessandro Roncaglia. It provides an overview on his contributions and on the Classical tradition in Economics. It is a history of ideas in Economics but also an attempt to discuss their contemporary relevance to economic policy and economic theory. The contributors to the volume, like all classical economists in general, regard history as a useful tool of analysis rather than a specialist object of investigation. By denying that a single, all-encompassing mathematical model can explain everything we are interested in, Classical political economy necessarily requires a comparison and integration of several pieces of theory as the only way to discuss economics and economic policy. Economists inspired by the Classical approach believe that economic theory is historically conditioned: as social systems evolve, the appropriate theory to represent a certain phenomenon must evolve too. Therefore, plurality in methods, including the history of economic thought, must be a deliberate choice, as evidenced by the essays in Classical Economics Today: Essays in Honor of Alessandro Roncaglia. The book is a tribute to Alessandro Roncaglia, to his personality and his research interests. Roncaglia’s research is based on Schumpeter’s dictum that good economics must encompass history, economic theory and statistics, and therefore does not generally take the form of elegant formal models that are applicable to all and everything. In this direction, Roncaglia is inspired by the Classical economists of the past, and becomes a model for present-day Classical economists. This is a book for economists, particularly for those who regard history of economic thought as a useful tool of analysis rather than a specialist object of investigation. But the book is approachable by students and non-economists too. The non-expert reader would be delighted to discover that economics is different to what they expected. Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milan, Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. His latest project is looking at health care in rural China. He is the co-convener of the EAEPE’s permanent track on  Learn more about your ad choices. Visit megaphone.fm/adchoices

I met in Rome, at Sapienza University, with two of the three editors of a great new book in economics. Marcella Corsi is professor of economics at Sapienza University of Rome, Italy, and editor of the International Review of Sociology. Carlo D’Ippoliti is associate professor of economics at Sapienza University of Rome, Italy, and editor of PSL Quarterly Review. He is also one of the hosts of this channel. The third editor is Jan Kregel, director of research at the Levy Economics Institute of Bard College, USA, and professor of development finance at Tallinn University of Technology, Estonia. He is also co-editor of the Journal of Post-Keynesian Economics. Classical Economics Today (Anthem Press, 2018) is a collection of essays in honour of Alessandro Roncaglia. It provides an overview on his contributions and on the Classical tradition in Economics. It is a history of ideas in Economics but also an attempt to discuss their contemporary relevance to economic policy and economic theory. The contributors to the volume, like all classical economists in general, regard history as a useful tool of analysis rather than a specialist object of investigation. By denying that a single, all-encompassing mathematical model can explain everything we are interested in, Classical political economy necessarily requires a comparison and integration of several pieces of theory as the only way to discuss economics and economic policy. Economists inspired by the Classical approach believe that economic theory is historically conditioned: as social systems evolve, the appropriate theory to represent a certain phenomenon must evolve too. Therefore, plurality in methods, including the history of economic thought, must be a deliberate choice, as evidenced by the essays in Classical Economics Today: Essays in Honor of Alessandro Roncaglia. The book is a tribute to Alessandro Roncaglia, to his personality and his research interests. Roncaglia’s research is based on Schumpeter’s dictum that good economics must encompass history, economic theory and statistics, and therefore does not generally take the form of elegant formal models that are applicable to all and everything. In this direction, Roncaglia is inspired by the Classical economists of the past, and becomes a model for present-day Classical economists. This is a book for economists, particularly for those who regard history of economic thought as a useful tool of analysis rather than a specialist object of investigation. But the book is approachable by students and non-economists too. The non-expert reader would be delighted to discover that economics is different to what they expected. Andrea Bernardi is Senior Lecturer in Employment and Organization Studies at Oxford Brookes University in the UK. He holds a doctorate in Organization Theory from the University of Milan, Bicocca. He has held teaching and research positions in Italy, China and the UK. Among his research interests are the use of history in management studies, the co-operative sector, and Chinese co-operatives. His latest project is looking at health care in rural China. He is the co-convener of the EAEPE’s permanent track on  Learn more about your ad choices. Visit megaphone.fm/adchoices