Commentaries (some of them cheeky or provocative) on economic topics by Ralph Musgrave, Durham, UK. This site is dedicated to Abba Lerner. I disagree with several claims made by Lerner, and made by his intellectual descendants, that is advocates of Modern Monetary Theory (MMT). But I regard MMT on balance as being a breath of fresh air for economics.
Modern Monetary Theory:
"Any school of thought that is not 'MMT consistent' is inapplicable with regards to any actual economy. And you can quote me on that." – Warren Mosler.
Mosler’s law: There is no financial crisis so deep that a sufficiently large tax cut or spending increase cannot deal with it.
1. Taking the p*ss out of Europe’s debt problems: http://www.youtube.com/watch?v=EaD2taAWCoY
2. Harry Endfield and the gold standard: http://www.hamsab.net/women-know-your-limits-harry-enfield-bbc-comedy/
3. Quantitative Easing explained:
The problem. Deficits and / or national debts allegedly need reducing. The conventional wisdom is that they are reduced by raising taxes and / or cutting government spending, which in turn produces the money with which to repay the debt. But raised taxes or spending cuts destroy jobs: exactly what we don’t want. A quandary.
Peer reviewed publications:
1. A Market Imitating Employment Subsidy, in The Future of the Welfare State, (editor: Bent Greve), 2006, published by Ashgate.
2. Flaws in the Benefit Transfer Programme, The Review of Policy Studies, Vol 3 No.3, 1997.
3. Giving pensioners a bigger state pension would be a better way of helping them than free travel, in Local Transport Today, Issue 457, Nov. 2006.
4. Abolishing Unemployment, Economic Research Council Research Study No 7, 1980.
5. Let’s Print Money and Buy Back National Debts. Positive Money.
Non-peer reviewed (or only lightly peer reviewed) publications. The coloured clickable links below are EITHER the title of the work, OR a very short summary (where I think a short summary conveys more than the title).
1. Having government as employer of last resort is a flawed policy: remove the flaws and you’re left with an employment subsidy that might worth a try.
i) The above is not a complete list in that earlier versions of some papers have been omitted. For a more complete list see here, and “browse by author” (top of left hand column).
ii) 7 deals with a wide range of alleged reasons for government borrowing, including Keynsian borrow and spend. 6 is an updated version of the "anti-Keynes" arguments in 7. 5 is an updated version of 1, which in turn is an updated version of 4.