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John Christensen from the Tax Justice Network addresses the Modern Monetary Theory idea that governments don't need tax revenues if they want to spend money. Doing so, he sums up the main points made by MMT proponents and their critics, and shows how MMT can be reconciled with another progressive economic narrative: "Modern Tax Theory". While MMT made valuable contributions to the policy debate on fiscal policy, it misrepresents the importance of taxation as a political matter and as a way to generate public revenues. This is where MMT steps in.
The Magic Money Tree: From Modern Monetary Theory to Modern Tax Theory
After completing the module, participants should have gained a basic understanding of the economic school of thought referred to as "Modern Monetary Theory" and should be able to analyze the monetary processes at play in the economy and evaluate fiscal and monetary policy decisions from an MMT-perspective.
Introduction to Modern Monetary Theory
Karl Marx was the greatest champion of the labor theory of value. The logical problems of this theory have, however, split scholars of Marx into two factions: those who regard it as an indivisible component of Marxism, and those who wish to continue the spirit of analysis begun by Marx without the labor theory of value.
Use-Value, Exchange Value, and the Demise of Marx's Value Theory of Labor
This paper attempts to clarify how the European economic crisis from 2007 onwards can be understood from the perspective of a Marxian monetary theory of value that emphasizes intrinsic, structural flaws regarding capitalist reproduction. Chapter two provides an empirical description of the European economic crisis, which to some extent already reflects the structural theoretical framework presented in chapter three. Regarding the theoretical framework Michael Heinrich's interpretation of 'the' Marxian monetary theory of value will be presented. Heinrich identifies connections between production and realization, between profit and interest rate as well as between industrial and fictitious capital, which represent contradictory tendencies for which capitalism does not have simple balancing processes. In the context of a discussion of 'structural logical aspects' of Marx's Critique of the Political Economy, explanatory deficits of Heinrich's approach are analyzed. In the following, it is argued that Fred Moseley's view of these 'structural logical aspects' allows empirical 'applications' of Marxian monetary theories of value. It is concluded that a Marxian monetary theory of value, with the characteristics of expansive capital accumulation and its limitations, facilitates a structural analysis of the European economic crisis from 2007 onwards. In this line of argument, expansive production patterns are expressed, among other things, in global restructuring processes, while consumption limitations are mitigated by expansive financial markets and shifts in ex-port destinations.
The European economic crisis from 2007 onwards in the context of a global crisis of over-production of capital - a Marxian monetary theory of value interpretation
Global Social Theory is a large wiki-like project by Gurminder K Bhambra. Its central aim is decolonising and diversifying universities, production of knowledge, and social thought in general.
It represents a large online library divided into three parts: concepts, thinkers, and topics in/of social theory and decolonial thought. Every part comprises of short, introductory articles on an according theme. It may be helpful to give you a general overview (and a list of basic readings) on the most essential areas of social theory: caste, class, and race; civil society; racism; secularism; feminism and many others.
It may also allow students whose university curriculum in sociology, economics, or other social sciences lacks diversity to compensate for that.
Global Social Theory
In this podcast 'How Economic Theory and Policy Reinforce Racism' William Spriggs, the AFL-CIO’s chief economist, discusses the inadequacies of the pandemic economic rescue package and the influence of mainstream economic theory. He further explores how mainstream economic theory continues to fail everyone, especially Black communities, by disregarding history.
How Economic Theory and Policy Reinforce Racism
Usually, Critical Theory and Economics are, for better or worse, no longer seen to be in a continuum. This article by Lukas Meisner serves as an introduction to Critical Theory for all (heterodox) economists, who want to understand and explain what they can, otherwise, just state and describe.
Critical Theory for Heterodox Economists: Questioning the Premises of Supply and Demand
The 2007-2008 financial crisis exposed the shortcomings of mainstream economic theory with economists unprepared to deal with it. In the face of this, a major rethinking of economics seems necessary and in presenting alternative approaches to economic theory, this book contributes to the rebuilding of the discipline.
Alternative Approaches to Economic Theory
Economics, Culture and Social Theory examines how culture has been neglected in economic theorising and considers how economics could benefit by incorporating ideas from social and cultural theory.
Economics, Culture and Social Theory
Modern Monetary Theory and Practice: An Introductory Text is an introductory textbook for university-level macroeconomics students. It is based on the principles of Modern Monetary Theory (MMT).
Modern Monetary Theory and Practice: an Introductory Text
In this volume, Katz offers a detailed summary of the foundations, evolutions and approaches of Dependency Theory in Latin America, focusing on the regional interpretations of Marxism, Developmentalism and World-Systems Theory.
Dependency Theory After Fifty Years
What is game theory? Game theory is a way of thinking about strategic interactions between people, which makes it a crucial component of economics, political science, international relations, psychology and a variety of other disciplines that deal with the complexities of human interaction in decision making.
An Introduction to Game Theory in Public Policy
What’s inflation? Why is it relevant? And is there an agreed theory about its roots and causes, or is it a contentious concept? That’s what this text is all about: We define what inflation actually means before we delve into the theoretical debate with an interdisciplinary and pluralist approach: What gives rise to it, what factors might influence it, and, consequently, what might be done about it?
Inflation in economic theory
Approaching the law of nature that determines all forms of economy. The bulk of economic theory addresses the economic process by setting out on a catalogue of aspects, seeking the laws in the aspects and hoping to get together a reliable view of the whole.
Economic theory, methodology, and secure foundations
Modern Monetary Theory (MMT) is a school of monetary and macroeconomic thought that focuses on the analysis of the monetary and credit system, and in particular on the question of credit creation by the state.
Modern Monetary Theory
This book is about history of monetary economic thought. From the 18th century with Hume and Smith to the early 20th, the author explains the different schools of thought regarding the monetary theories and policies and specially the central banking theory.
Monetary Theory and Policy from Hume and Smith to Wicksell
This groundbreaking collection explores the profound power of Social Reproduction Theory to deepen our understanding of everyday life under capitalism. It tackles issues such as child care, health care, education, family life and the roles of gender, race and sexuality, and shows how they are central to understanding the relationship between economic exploitation and social oppression.
Including contributions by: Lise Vogel, Nancy Fraser, David McNally and Susan Ferguson.
Social Reproduction Theory
A detailed introduction into dependency theory that rethinks its relevance to modern development challenges.
Dependency Theory and Uneven Development
Understanding international trade is central to economics and is currently a hot political issue. It’s an area where popular perceptions of mainstream economics are low, since they have historically missed some important downsides of trade agreements, especially the hollowing out of former manufacturing hubs in the Western world. et economists have for long time had a theory of trade with an impressive amount of scientific clout behind it: the gravity trade model.
A Theory of Enormous Gravity
Game theory is the standard quantitative tool for analyzing the interactions of multiple decision makers. Its applications extend to economics, biology, engineering and even cyber security.
Game Theory I - Static Games
This book is an original, systematic, and radical attempt at decolonizing critical theory. Drawing on linguistic concepts from 16 languages from Asia, Africa, the Arab world, and South America, the essays in the volume explore the entailments of words while discussing their conceptual implications for the humanities and the social sciences everywhere.
Changing Theory
This paper investigates how the concept of public purpose is used in Modern Monetary Theory (MMT). As a common denominator among political scientists, the idea of public purpose is that economic actions should aim at benefiting the majority of the society. However, the concept is to be considered as an ideal of a vague nature, which is highly dependent on societal context and, hence, subject to change over time. MMT stresses that government spending plans should be designed to pursue a certain socio-economic mandate and not to meet any particular financial outcome. The concept of public purpose is heavily used in this theoretical body of thought and often referred to in the context of policy proposals as the ideas of universal job guarantee and banking reform proposals show. MMT scholars use the concept as a pragmatic benchmark against which policies can be assessed. With regards to the definition of public propose, MMT scholars agree that it is dependent on the social-cultural context. Nevertheless, MMT scholars view universal access to material means of survival as universally applicable and in that sense as the lowest possible common denominator.
Modern Monetary Theory and the public purpose
Jason Smith takes a stab at blind faith in the efficiency of the price mechanism to provide market information. To do so, he calls upon Information Theory and Generative Adversarial Networks to argue the price mechanism is faulty and skewed towards supply.
Hayek Meets Information Theory. And Fails
A concise introduction to Marx's Labour Theory of Value, the three ratios and the falling rate of profit hypothesis.
Marx's Theory of Economic Crisis
Ingrid Harvold Kvangraven digs into the Eurocentric nature of economics and the role dependency theory could play in decolonizing it.
Dependency Theory & the Decolonization of Economics
Maria Nikolaidi on how Minsky’s theory has been modelled over past decades and how one can use these models in order to analyse contemporary issues such as financial fragility and financial instability caused by climate change.
Minsky's theory about financial fragility and financial instability
As tax day approached, St. Francis College Economics Professors launched their first Economics Week with three days of guest speakers and student research. Randall Wray explains some basic principles of Modern Monetary Theory.
Modern Money Theory for Beginners
An introductory course on Game Theory
Game Theory
An Introduction to the Political Theory of John Maynard Keynes. John Maynard Keynes was arguably the greatest economist of the 20th century. He discovered the idea that governments should stimulate demand during economic downturns.
An Introduction to the Political Theory of John Maynard Keynes
Peter Bofinger argues that the Modern Monetary Theory gives theoretical justification for bold answers to the corona crisis.
Coronavirus crisis: now is the hour of Modern Monetary Theory
A comprehensive account of how government deficits and debt drive inflation
The Fiscal Theory of the Price Level
As opposed to the conventional over-simplified assumption of self-interested individuals, strong evidence points towards the presence of heterogeneous other-regarding preferences in agents. Incorporating social preferences – specifically, trust and reciprocity - and recognizing the non-constancy of these preferences across individuals can help models better represent the reality.
A fresh perspective to economic theory: Social preferences and their impact on gender and policy
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