How the Economy Actually Works - Dr. Yeva Nersisyan, Franklin and Marshall - DS Pod 270

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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.

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Intro

00:00 • 3min

Engaging Listeners and Exploring Economic Theories

03:13 • 3min

Economic Theories: Market Dynamics and Government Roles

05:54 • 22min

Rethinking Money: Credit, Trust, and Banking Systems

28:12 • 18min

Rethinking Money: An IOU Perspective

45:53 • 9min

Navigating Student Participation in Large Classrooms

54:27 • 1min

Economic Capacity and Job Creation

55:55 • 17min

Understanding the Nuances of Modern Monetary Theory

01:12:58 • 4min

Rethinking Economic Priorities

01:17:05 • 12min

Government's Talent Dilemma & Economic Challenges

01:28:44 • 27min

Fiscal Policy and the Labor Market

01:56:13 • 17min

Unpacking Inflation and Economic Policy

02:13:38 • 29min

Economic Insights and Education

02:42:35 • 4min

Dr. Yeva Nersisyan is a professor of economics at Franklin and Marshall College whose research focus includes Modern Monetary Theory, Post-Keynesianism, and the Institutionalist traditions. She has published widely on the subject of banking and financial instability, which is why we invited her on to talk about how the economy *actually* works. MMT theorists argue that Neo-classical economists have a deeply limited understanding of the economy, as demonstrated by the Fed’s recent inability to control inflation by adjusting interest rates - which is basically the only lever available to it. We discuss how it seems that no one who is sitting at the top of the economic pyramid seems to understand how to shift the course of the economy, how providing jobs is the key to stability, the emergence of modern economic policy in the post-war years, and much more. 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/ (00:00:00) Go! (00:06:41) What are the basic economic levers?

(00:13:14) Regulation comes either way

(00:20:29) Keynes says

(00:26:15) Money supply first

(00:34:26) What is money?

(00:43:29) FDIC - has it been tested?

(00:56:00) Industry & money

(01:07:08) Jobs needed v. jobs wanted

(01:13:20) Patreon Ask

(01:13:27) Revised MMT

(01:28:50) Government brain drain

(01:40:10) Extreme povery at home

(01:53:00) Economic policy starts post war

(02:04:26) Inflation v. employment

(02:19:40) Financialization v. humanization

(02:30:04) Today's democrazy

(02:40:03) Infrastructure vs. ATMs #sciencepodcast, #longformpodcast, #ModernMonetaryTheory, #EconomicsExplained, #PostKeynesian, #FinancialStability, #JobsFirst, #EconomicPolicy, #MoneySupply, #BankingInsights, #InflationDebate, #GovernmentSpending, #EconomicLevers, #FiscalPolicy, #MonetaryTheory, #EmploymentFocus, #EconomicInequality 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