The State Determines the Abstract Unit of Account

Patricia and Christian talk to economist and author Dr Phil Armstrong about his recent paper, which is a response to a Marxist critique of Modern Monetary Theory with reference to the Eurozone and Greece.

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 Phil Armstrong: https://www.patreon.com/posts/42072846

Stay current with Phil via Twitter: https://twitter.com/PhilArmstrong58

"A modern monetary theory advocate's response to 'modern monetary theory on money, sovereignty, and policy: A marxist critique with reference to the Eurozone and Greece' by Costas Lapavitsas and Nicolás Aguila (2020)" by Phil Armstrong: https://www.tandfonline.com/doi/abs/10.1080/2329194X.2022.2051720

"Time For Informed Change. Post Covid-19 Economics" by Phil Armstrong & Nick Potts: https://gimms.org.uk/2020/08/13/time-for-informed-change-post-covid-19-economics/

Register for events at the Modern Money Network's 4th Annual MMT Conference: https://events.modernmoney.network/category/7/

For more on the MMT Summer School in Poznań, Poland: https://fundacjalipinskiego.pl/wydarzenia/mmt-summer-school-2022/

Episode 72 - Steven Hail: The External Sector: https://www.patreon.com/posts/43043601

Sign up for alerts from The Gower Initiative For Modern Money Studies about their forthcoming MMT book: https://gimms.org.uk/

Episode 55 - Dirk Ehnts: A Way Forward For The Eurozone: https://www.patreon.com/posts/38252014

The Mosler Plan for Greece: http://moslereconomics.com/2011/06/29/the-mosler-plan-for-greece/

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

"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/66829263

Show notes: https://www.patreon.com/posts/66829431