Category Archives: Stephanie Kelton

The Economy: Does More Government Help or Hurt?

Video of public debate on the role of Government in the economy presented at the Kansas City Public Library, Plaza Branch on September 16, 2014. This excerpt only contains Dr. Stephanie Kelton’s presentation. Her slides are available below the video. The full version of the debate including the Q&A session at the end is available on our YouTube channel.

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Seeping into the Mainstream?

By Stephanie Kelton

Scott Fullwiler spent part of the afternoon reading (and reacting to) a paper that John Cochrane just gave at a conference on central banking in Stanford, CA. I haven’t read the paper yet, but judging by Scott’s reaction on Twitter, there’s lots to like about it. (Mostly because it appears to draw heavily from a broad swath of at least a decade of published work from MMTers.)

STF

We’ll have to wait for Scott’s forthcoming post to see just how close the parallels are (and how much Cochrane 2014 departs from Cochrane 2009). It will be interesting, particularly because several years ago Cochrane wasn’t interested in garnering insight from outside the mainstream. “Every now and then,” he confessed, “there’s an excluded subgroup that turns out to be right.” But he readily admitted — nay, disparaged – “I haven’t read their specific work. I’m busy, and I try to read what is considered interesting and valid.” Being right matters, and I think that’s why MMT has begun to seep into the mainstream. The risk (though this is not how Noah sees it) is that “all the interesting heterodox ideas [will] quickly get incorporated into the mainstream in some slightly bastardized form,” leaving the discipline as a whole only marginally better off, while those who did the heavy lifting remain at the margins.

 

 

Stephanie Kelton Talks with Randy Wray

Stephanie’s latest podcast. This episode is a broad-ranging discussion of conventional economics and the heterodox alternatives to IS/LM, Ricardian equivalence, among others.

 

Stephanie Kelton talks with Fred Lee

Stephanie’s latest podcast. She talks with UMKC Economist Dr. Fred Lee about the micro/maco distinction, Post-Keynesian price theory, the problems with neoclassical economics and his ideas about how to move the discipline in a more useful direction.  (Note: There are some audio quality issues but only for the first 30 seconds).

Turn That Frown Upside Down

(Updated – slides added)

Stephanie Kelton’s keynote address to the students, faculty, and visitors at Augustana College’s (Sioux Falls, SD) Undergraduate Research Symposium on Saturday, April 12, 2014 at 10am. Stephanie begins at 2:40. The topic of the keynote is Debt and Deficits in the Modern Economy. The slides are available below the video.

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PBS goes MMT, Cites JKG

What gives money its value?  PBS explores. You can check it out here.

The President and Republicans Are Both Wrong on Deficit Reduction

In early Summer 2013, Class Conscience interviewed Dr. Edward J. Nell, the Malcolm B. Smith Professor of Economics at the New School for Social Research in New York City. Both Drs. Stephanie Kelton and Mathew Forstater were students of Dr. Nell. 

Five Ways to Improve Your Odds of Succeeding in the Labor Market

By Stephanie Kelton

It’s been five-and-a-half years since the US economy officially went into  recession and three-and-a-half years since we entered the “recovery” phase of the business cycle. While technically in “recovery,” it’s no secret that when it comes to the labor market, workers are suffering the weakest turnaround in the post-WWII era.

And despite what you may have read, the truth is we’re still nowhere near full employment — at least not if you’re honest and you’re counting everyone who wants full-time work and can’t get it.

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Year-In-Review for NEP and MMT

By Stephanie Kelton

Another year has come to pass, and we at NEP would like to offer our sincere appreciation to all of you, our readers. NEP was launched in the summer of 2009 when Stephanie Kelton, Randy Wray and Bill Black teamed up to offer commentary and policy advice about the most dreadful economic meltdown of our time. Many of you have been with us from the beginning – engaging us in the comments section, challenging us to do more, and spreading our ideas beyond NEP – and some of you have even joined us as contributors. A lot has happened since 2009, and we could not have achieved all that we have without your support. So thank you!

Before we turn the page on another year, we’d like to take a moment to look back on some of our proudest moments from 2013.

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Slapping Trillions of Obligations Into the Diapers of the Next Generation

By Stephanie Kelton

I get a huge volume of e-mail, but I don’t get the kind of hostile stuff that guys like Joe Weisenthal and Paul Krugman sometimes joke about.  I got one today, though, and boy is this guy steaming over my MMT coloring book!  Here’s the message:


It’s hard not to sympathize with a guy like this.  He apparently has kids, and he’s scared to death that his children and grandchildren will suffer real harm because Washington won’t get its fiscal house in order.  And why wouldn‘t he think that?  I mean, really.  Politicians on both sides of the aisle have spent decades labeling the government’s finances a “fiscal train wreck” that will leave future generations with a “crushing burden of debt.”  The mainstream media hypes these fears on a daily basis, and even NPR appears to be shilling for the debt scolds.

So it’s no wonder a guy like this is blasting me. He had probably never before encountered anything that rejects, so forcefully, the entire compilation of debt and deficit tropes.

He doesn’t strike me as a particularly open-minded guy, but I think I’ll send him this list of suggested readings anyhow.  Maybe he hasn’t finished his holiday shopping.

Recommended Inoculation

Freedom From Debt by Frank Newman

7 Deadly Innocent Frauds of Economic Policy by Warren Mosler

Understanding Modern Money by L. Randall Wray

Also these short articles:

Does Debt Matter? by Robert Skidelsky

Balanced Budgets and Depressions by Frederick Thayer

* I did bother to reproduce, by the way.  These are my little burdens of joy.  Both will find copies of the coloring book in their stockings on Christmas morning.

 

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