The DemystifySci Podcast
How the Economy Actually Works - Dr. Yeva Nersisyan, Franklin and Marshall - DS Pod 270
Aug 5, 2024
Dr. Yeva Nersisyan, a professor of economics at Franklin and Marshall College, specializes in Modern Monetary Theory and financial instability. The discussion centers on the limits of traditional economic theories and the Federal Reserve's struggle with inflation. Nersisyan emphasizes the importance of job creation for economic stability and critiques the current funding model that prioritizes national security over social services. The conversation also investigates how understanding modern economic principles can reshape governmental fiscal policies for a healthier economy.
02:47:18
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Quick takeaways
- Dr. Yeva Nersisyan highlights Modern Monetary Theory's critique of neoclassical economics, emphasizing its limited comprehension of economic mechanics.
- The podcast discusses the essential role of government in regulating the economy, countering misconceptions about the separation of markets and government influence.
Deep dives
Introduction to Modern Monetary Theory
Modern Monetary Theory (MMT) is positioned as a framework to understand the financial system, emphasizing the role of government spending and its relationship to economic stability. The discussion highlights the contrast between neoclassical and heterodox economics, particularly focusing on how MMT challenges prevailing economic theories regarding fiscal policy and government intervention. It is pointed out that traditional views often neglect the intertwined relationship between government and market spheres, leading to misconceptions about economic operations. By examining MMT, the need for a more nuanced understanding of economics that incorporates societal needs and worker welfare is underscored.
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