#72 Steven Hail: The External Sector

Patricia and Christian talk to Dr Steven Hail about imports and exports, and the effect they have on a nation’s balance sheet, using the sectoral balance framework.

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

Sectoral balance accounting identity: (G - T) = (S - I) + (M - X)

G = government spending

T= taxes paid back to government 

S= private savings

I= private investment spending

M= exports

X= imports

Our Episode 64 with John T Harvey on exchange rates: https://www.patreon.com/posts/40518059

Our episode 65 with Phil Armstrong on inflation: https://www.patreon.com/posts/40672678

Bill Mitchell on the external sector: http://bilbo.economicoutlook.net/blog/?p=40433

Videos from the Sustainable Prosperity Conference in Adelaide 2020: https://www.youtube.com/channel/UCOa-eNvDrPWp_-7QnLGwZNQ/videos

Sustainable prosperity action group website: https://www.sustainable-prosperity.net.au/?fbclid=IwAR2bFeGKYODjinrrzcJKlHrpT-Bs18NyyxkY1miYmvGl-avC70aLBw42VjA

Australian Unemployed Workers Fight Back Podcast: https://unemployedworkersunion.com/fight-back-radio/

Modern Money Australia: https://modernmoneyaustralia.org

Transcript for opening monologue: https://www.patreon.com/posts/43048015

Show notes: https://www.patreon.com/posts/43043601