Evolution of Financial Terminology and the Significance of Accounting in Modern Monetary Theory

According to multi award-winning economist Professor James K. Galbraith, the new book, “Modern Monetary Theory: Key Insights, Leading Thinkers” is ‘a landmark in the development of MMT, a boon for “useful” economists - and a profound challenge to all the others.’

Patricia and Christian talk to the architects of this collaboration of leading experts about how governments spend, why it matters, and why moving beyond our culture’s deeply-held but incorrect assumptions about money and its purpose is now key to human survival.

Please help sustain this podcast!

Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast

Order the Gower Initiative’s “Modern Monetary Theory - Key Insights, Leading Thinkers” (2023) here: https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html

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

All our episodes with Phil Armstrong: https://www.patreon.com/posts/42072846

Relevant to this episode:

The Gower Initiative For Modern Money Studies website: https://gimms.org.uk/

Our interview with Deborah Harrington (a founding member of GIMMS) Episode 96: The Fight For The NHS: https://www.patreon.com/posts/49819223

“Diagrams & Dollars” by JD Alt: https://neweconomicperspectives.org/2014/01/diagrams-dollars-modern-money-illustrated-part-1.html

Professor Stephanie Kelton’s “Angry Birds” presentation: https://youtu.be/Q1SMjeuyF-Y

“Billy Blog” — Professor Bill Mitchell’s blog: http://bilbo.economicoutlook.net/blog/

Our episodes featuring Bill Mitchell at UK Labour conference events in 2019: Episode 31(a): MMT And The Labour Party: https://www.patreon.com/posts/30204508

Episode 34: MMT And The Green New Deal: https://www.patreon.com/posts/30429854

“An Accounting Model of the UK Exchequer” by Neil Wilson, Andrew Berkley and Richard Tye: https://gimms.org.uk/2021/02/21/an-accounting-model-of-the-uk-exchequer/

Our interview with the authors of “An Accounting Model of the UK Exchequer”:

Episode 84 (Part 1): https://www.patreon.com/posts/46352183

Episode 86 (Part 2): https://www.patreon.com/posts/46865929 

Episode 155, where Phil Armstrong talks briefly about his chapter in “Modern Monetary Theory: Key Insights, Leading Thinkers”: https://www.patreon.com/posts/77409078?pr=true

Professor John T. Harvey’s lecture on MMT and exchange rates - Episode 145: What Determines Currency Prices?: https://www.patreon.com/posts/72283811?pr=true

Warren Mosler’s “7 Deadly Innocent Frauds Of Economic Policy”: http://moslereconomics.com/wp-content/powerpoints/7DIF.pdf

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/

For a short, non-technical, free ebook explaining MMT, download MMT founder Warren Mosler’s “7 Deadly Innocent Frauds Of Economic Policy” here: http://moslereconomics.com/wp-content/powerpoints/7DIF.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

More on government bonds (and “vigilantes”):

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

Episode 143 - Paul Sheard: What Is Quantitative Easing?: https://www.patreon.com/posts/71589989?pr=true

Episode 147 - Dirk Ehnts: Do Markets Control Our Politics?: https://www.patreon.com/posts/episode-147-dirk-72906421

Episode 144 - Warren Mosler: The Natural Rate Of Interest Is Zero: https://www.patreon.com/posts/71966513

Episode 145 - John T Harvey: What Determines Currency Prices?: https://www.patreon.com/posts/72283811?pr=true

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

Episode 148 - Pavlina Tcherneva: Why The Job Guarantee Is Core To Modern Monetary Theory: https://www.patreon.com/posts/episode-148-why-73211346

Pavlina Tcherneva’s Job Guarantee FAQ page: https://pavlina-tcherneva.net/job-guarantee-faq/

MMT Events And Courses In 2023

Apply for Professor Bill Mitchell’s short, free online course in Modern Monetary Theory (February 15th - March 14th) here: https://www.edx.org/course/modern-monetary-theory-economics-for-the-21st-century

More information about Professor Mitchell’s MMTed project (free public online courses in MMT) here: http://www.mmted.org/

Tickets to the very first Scotonomics festival (online or in-person, Dundee, Scotland 24th-26th March) are available here: https://scotonomics.scot/live-events/

Apply for Dr Dirk Ehnts’ Modern Monetary Theory and European Macroeconomics course at Maastricht University (July 31st - August 4th) here: https://maastricht.dreamapply.com/courses/course/183-modern-monetary-theory-and-european-macroeconomics

Details of Modern Money Lab’s online graduate and postgraduate courses in MMT are here: https://modernmoneylab.org.au/

Extensive list of MMT scholarship compiled by New Economic Perspectives: http://neweconomicperspectives.org/mmt-scholarship

MMT Academic Resources compiled by The Gower Initiative for Modern Money Studies: https://www.zotero.org/groups/2251544/mmt_academic_resources_-_compiled_by_the_gower_initiative_for_modern_money_studies

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

Show notes: https://www.patreon.com/posts/78408355?pr=true