A Google NotebookLM generated podcast using Joan Robinson's academic paper called the Unimportance of Reswitching that aims to explain the post-Keynesian theory of growth. She starts by introducing the concept of “reswitching”, which is a debate over how economists reach different conclusions when trying to explain the relationship between saving and investment. Robinson then goes on to explain how her own post-Keynesian model addresses these shortcomings. This model attempts to explain the relationship between saving, investment, and output, focusing on the “rate of profit” and how it can be affected by factors like "technological progress". The author highlights the need for a “pseudo-production function” that considers the technical specifications of different production techniques and how they affect the rate of profit. She ultimately concludes that, due to the complexities of real-world economies, a purely theoretical model cannot fully capture the nuances of economic growth.

Deep Dive Podcast: Joan Robinson's The Unimportance of Reswitching

Sociologist Geoffrey Ingham’s Ontology of Money was fed into Google's NotebookLM podcast generator.  The Ontology of Money is a groundbreaking work in the field of monetary theory, challenging traditional views and constructing a novel understanding of money's nature and origin. He argues that money is not a mere product of barter exchange, but rather a social construct. Ingham refutes the theory that money emerges spontaneously from market transactions, instead positing that it is established through a process of "collective intentionality," whereby societies agree upon a shared abstract measure of value, known as a "money of account." This "money of account," embodied in units like dollars or euros, is the foundation of money's existence, pre-dating the market and acting as a framework for transactions. Ingham further maintains that money is fundamentally a social relation of credit and debt, where the act of creating money inevitably creates debt. He then proceeds to delve into the historical development of capitalist credit-money, exploring its intricate relationship with the state, central banks, and the banking system. Ultimately, Ontology of Money presents a powerful argument that money, far from being an objective economic tool, is a socially constructed and sustained symbolic abstraction, deeply interwoven with power dynamics and social relations.

Deep Dive Podcast: Geoffrey Ingham's Ontology Of Money

This podcast generated by Google's NotebookLLM processing Tax-Driven Money: Additional Evidence from the History of Thought, Economic History, and Economic Policy (January 2006)
by Mathew Forstater and Ingham, G. (2009) ‘Notes on Revisiting the Credit Theory of Money.’. and examines two interconnected theories of money: the Credit Theory and the Tax-Driven Money (TDM) approach.

The Credit Theory posits that money's essence is not as a physical commodity, but as a social relation representing debt/credit. All participants in a monetary system engage in these relations, settled by transferring abstract value.

The TDM approach, a specific form of credit theory, argues that the government's power to levy taxes and demand payment in a specific unit of account drives the value and general acceptability of money.

Both sources reviewed in this document find historical and theoretical support for these propositions, challenging the traditional commodity view of money.

Deep Dive Podcast: Tax-Driven Money and Credit Theory of Money  Geoffrey Ingham/Mathew Forstater

This working paper from the Levy Economics Institute proposes a policy solution to the problem of involuntary unemployment in the United States: the Job Guarantee (JG). This comprehensive policy document explores the concept, objectives, and design features of the JG program, arguing that it is a superior policy option to the current system of unemployment benefits.  The paper begins by defining full employment as a situation where anyone of legal working age who wants to work can obtain employment at a living wage with decent working conditions. It then examines the conceptual understanding of unemployment, identifying it as a monetary problem, a failure of the public sector, and a moral failure.  The paper proceeds to outline the objectives of the JG program, including providing decent jobs on demand to all who wish to work, guaranteeing a basic human right to employment, creating job opportunities in close proximity to the unemployed, and serving the public purpose. It then details key program features, such as its permanent but voluntary nature, living wage guarantee, local administration, federal funding, and its role as a safety net and transitional jobs program.  The paper further explores the expected benefits of the JG, including the elimination of involuntary unemployment, raising the income floor, establishing a labor standard for the economy as a whole, stabilizing inflation, improving income distribution, and disrupting vicious cycles in the labor market. It also emphasizes the economic, social, and environmental benefits of the program.  The paper delves into the design and implementation aspects of the JG program, discussing its short- and long-run operation, preparedness response through Community Jobs Banks, preventative features, program budget and funding mechanism, administrative agencies and project-executing organizations, and participatory democracy. It also details types of jobs that could be created under the JG, with a particular focus on a "National Care Act" that addresses environmental, community, and individual care needs.  Finally, the paper explores popular support for the JG, addressing frequently asked questions about the program's size, wage, cost, funding, administration, potential displacement of existing work, job types, potential for corruption and abuse, and its effectiveness as a countercyclical stabilizer. The authors argue that the JG is a necessary policy solution for addressing the complex issue of unemployment, offering a more humane and effective approach to economic stability and social progress. 

Paper: https://www.levyinstitute.org/pubs/wp_902.pdf

Deep Dive Podcast:  The Job Guarantee: Design, Jobs, and Implementation

Google's NotebookLM applied to two Continuous Variation blog posts about Keynes' General Theory

The first source is a summary of the Post-Keynesian economic worldview, outlining five key principles: the importance of quantifiable variables, the centrality of expectations, the investment-driven nature of the economy, markets as sites of governance, and the divergence between microeconomic morals and macroeconomic outcomes. The second source is a table of contents for a series of essays that the author has written about John Maynard Keynes's General Theory, offering a succinct overview of the key ideas explored in each chapter.

Source: https://www.continuousvariation.com/p/general-theory-table-of-contents
Source: https://www.continuousvariation.com/p/the-post-keynesian-worldview-in-five

Deep Dive Podcast: General Theory

a nigga said i rap like mr. krabs off a perc, i felt that </3

SOCIALS:
Instagram - www.instagram.com/ssjdaki/
TikTok - www.tiktok.com/@ssjdaki
Twitter - twitter.com/dakialmighty

LISTEN TO THE SONG ON ALL PLATFORMS:
Spotify - https://open.spotify.com/track/4p80eY05WJcdtp6dlDPUH1?si=f7ac70fc58c54d6a
Apple Music - https://music.apple.com/us/album/man-of-my-word/1771424862?i=1771424863

LYRICS:
TAKE 5
I CAN TELL THEY AINT LEARN FROM THE LAST TIME
THEY BEEN SAYIN MY NAME IN THE GRAPVINE
IM THE BEST, I WONT LET EM DEBATE MINE
SSJ, HE GOT BITE LIKE A GREAT WHITE
NIGGAS HATE BUT THEY WATCHIN LIKE DATELINE
I HE RUN UP IM TAKIN LIKE 8 LIVES
CHOP CHOP TO HIS TOP, IT GON BREAK MINDS

PUT THAT BOY IN THE DIRT
WHOLE LOTTA PUSSY NIGGAS
WHAT YOU WANT, I'VE DONE IT
YEA I'VE BEEN UP IN FIRST
NIGAS DONT EVEN GET IT
WHAT I DO IS MAGIC
IN THE GAME LIKE A CURSE
I'VE BEEN LIKE THE MISSING FACTOR
WHAT YOU DO DONT MATTER
SWEAR TO GOD ITS THE WORST (SHIT)
AND IMMA KEEP CAUSIN DAMAGE 
IF YOU TALK IM BLAMMIN
IM A MAN OF MY WORD

FEEL THE STATIC IF YOU GET ON MY NERVES
MY BITCH MY SHOOTER, KEEP THAT FAN IN HER PURSE 
THEY SAY THEY HATE ME BUT THEY STILL GONNA LURK
AND THIS CHOP ON WET HIM DOWN TO CHRIST LIKE A CHURCH

METAL FUSION, LET IT IT RIP, LET IT BURST
KNOCK HIM OF THE WHIP, HE KICKIN THE CURB
PUT HIM UNDER NOW HE PART OF THE DIRT

AND THEY TRIED TO TAKE, BUT IMMA GET IT BACK
BETTER CONTEMPLATE BOUT WHO YOU GETTIN AT
OK CAUSE I CAN UP THAT PACE AND HAVE YOU RUNNIN TRACK
WE DONT DO NO BREAKS, WE PUSHIN ON THE GAS

AND THEY HATE BECAUSE IM MAKIN BANK FROM PUNCHIN, PUNCHIN, PUNCHIN IN LIKE CHINS
AND MY FLOW IS MORE ALIEN THAN MARTIANS IS
IM THE BEST AND RAPPIN'S ONLY PART OF IT
SO COME N TRY IT BRO, IM RIPPIN CARTLIDGE
ON MY DICK THATS WHERE YOUR FUCKIN DAUGHTER SPIN
YOU CAME UP BRAVE, BUT CHOPPA KNOCK YOU ARMORLESS
NEED IT ALL LIL BITCH, DONT DO NO BARGAININGS
IM SPITTIN FIRE, SOMETHING LIKE AN ARSONISTS
AND TO YOU LAMES YOU NO FUCKIN PART OF THIS
I HIT MY SHOT, IM BREAKIN WHERE MY TARGET IS
IM ON TOP, BITCH WHAT IM SPITTIN MARVELOUS

YOU GET WASHED LIL NIGGA
SEND YOU UP TO GOD LIL NIGGA
STRAP DOWN, COME BOX LIL NIGGA
WATCH HOW WE POP OUT
STEP, GET ROCKED, I AINT REALLY WITH THE TALK LIL NIGGA

LIKE SUICIDE, METAL MY WRIST
TOO MUCH WATER, MY NECK FULL OF MIST
TALKIN DOWN, BUT THEM NIGGAS IS BITCH
THEY DONT WANT IT, DONT WANT IT LIKE THIS

MAN OF MY WORD!

MAN OF MY WORD! (PROD. MMT)

If NIMBY is the classist rejection of affordable housing ("Not in my back yard”), then YIMBY is sold as the progressive counter to it: “Yes, in my back yard; because I believe affordable housing should be widely available, even in my own neighborhood.” But of course, housing development has nothing to do with the needs of the poor or the working class. It has nothing to do with the public purpose. 

Steve’s guest, political economist David Fields, explains: 

“YIMBY is yes to housing in my backyard, but housing for developers to extract profit from land value.  So build as much as possible within a given area and, in the end, extract as much as possible through rent extraction and land value appreciation. It's not, in my view, yes to actual affordable housing in my backyard to house working class folks. No, it's yes to luxury skyscrapers, luxury this, luxury that. Build as cheaply as possible for vested interests to maximize gain.” 

YIMBY’s want us to believe that sheer quantity will bring prices down, because that’s how the market works.  Those who object are accused of NIMBYism. In addition,  

“They're economically illiterate, they're economically stupid, they don't know, they don't pay attention, and they're not letting the magic do its magic. Which, anybody who knows a modicum of economics and knows that supply and demand is institutionally configurated - not natural  - should be flabbergasted and say, how did this get to be so popular, so celebrated?  Well, there are vested interests involved.” 

The episode explores the misleading narratives of YIMBYism and compares the market-driven approach to housing to trickle-down economics, emphasizing the constructed scarcity and profit motives behind urban planning. David points out the misuse of economic models like the Marshallian Cross, highlighting flaws in the market logic often used to justify YIMBY policies.  

David and Steve talk about the broader neoliberal agenda of privatization and deregulation, and its stranglehold on government policies. Awareness and organization are needed to combat systemic class inequality in housing and beyond. 

David Fields is from a critical realist and genetic structuralist ontology and epistemology. His work centers on the intricacies concerning the interactions of foreign exchanges and capital flows, with economic growth, fiscal and monetary policy and distribution, whereby critical attention is paid to the notion of endogenous money. He also delves into the political economy of regional development to study patterns with respect to the nature of housing, social stratification, and community planning.

YIMBYism is Code for Gentrification with David Fields

**Our Substack brings every new episode of this podcast as well timely alerts about our book clubs and webinars and reminders for Tuesday night’s gatherings of Macro ‘n Chill. All this and more, straight to your inbox. Subscribe now: realprogressives.substack.com 

Recently, Steve appeared with host Sean St. Heart on Coup Save America, a weekly podcast committed to breaking through political rhetoric and focusing our attention on the core problems affecting our nation. The episode’s title was Exploring Modern Monetary Theory with Steve Grumbine, but of course it’s almost impossible to limit an MMT conversation to macroeconomics alone. 

From the Coup Save America show notes: 

 
“’Are Progressives like 8-bit robots walking into walls when it comes to understanding economics?’ 

“Today we welcome special guest Steve Grumbine, founder and CEO of the nonprofits Real Progressives and Real Progress in Action. Steve is here to tell us how Modern Monetary Theory could benefit the working class American – and why it doesn’t. If you think a podcast on economics will be dry and dull, you’ve never heard Steve’s animated and passionate viewpoints on the subject. 

“Steve and Sean start the episode by reflecting upon the most recent presidential debate, then Steve launches right into the truth about our nation’s economy. While explaining the term “austerity” as it relates to macroeconomic models, Steve dispels the myth that if a government spends money on its people, it will cause inflation. We learn about the history of the Federal Reserve and how it works, what the federal deficit actually means, and what taxes really are and why they exist. Steve teaches us the difference between a ‘currency user’ and a ‘currency issuer,’ along with explaining how inflation works and why he hates using the term Modern Monetary Theory. 

“What would an idealistic economic system look like? It comes down to understanding class, power, and the average working man’s lack of agency. As progressives, we sabotage our own agenda by not understanding how economics work. Steve describes our movement’s ignorance as a ‘self-inflicted gunshot wound to the junk,’ and he tries to clear up some of the more common misunderstandings. He talks about the history of capitalism and how the system is now eating itself alive. When you pay interest rates, where does that money go? Is the middle class even a real thing? Steve attests that Modern Monetary Theory could contribute to fixing our society’s problems, but MMT can’t do it alone. How do we make our progressive goals actionable and not just theoretical? Why do progressives go to sleep whenever Democrats are in power rather than demanding real change? 

“Steve does a brilliant ‘Trumper’ impression as he explains how we need to create working class awareness. We (as progressives) need to accept that Medicare can’t work on a state-by-state level, and Steve calls out our dreams of a Universal Basic Income as being ‘batshit, bullshit crazy’ (although there is still hope in the idea of Universal Basic Services). So, how do we solve our economic problems? Listen to learn about ‘outside the nine dots,’ ‘creating dual power,’ and how ‘education and awakening are two different things.’ 

“Other topics include: Giving Biden credit for the CHIPS Act, price gauging during the pandemic, ‘Dude, Where’s My Car,’ and the economic theories of Clara E. Mattei and Jason Hickel.”  

Coup Save America is a weekly talk show hosted by Sean St. Heart that plants the mental seeds of social change by inciting a politically progressive coup of knowledgeable citizens to challenge the status quo.   

coupsaveamerica.com 

@coupsaveamerica on Twitter

Coup Save MMT with Sean St. Heart

this sequence is inspired and recorded thanks to my friends

MINIMIX  - • -  REZERVOR

What’s the point of understanding money if we don’t look at the power relations controlling its distribution?

Bill Mitchell, a key figure in the development of modern monetary theory, is back for his twelfth appearance on the podcast, beginning with Episode One, Putting the T in MMT.

As a key figure in the development of MMT, Bill articulates how this theory fundamentally challenges conventional economic wisdom by asserting that governments, as currency issuers, are not financially constrained in the same manner as households or businesses.

This critical insight dispels the prevailing narrative that insists the government cannot afford to invest in social programs. This forces us to look not only at political choices, but the class power behind those choices.

The conversation delves into the dynamics of class conflict, inflation, and the role of private banks in shaping the financial landscape. Economic austerity, rising costs, and stagnant wages force the working class to take on more and more private debt.

Bill Mitchell is Professor of Economics and Director of the Centre of Full Employment and Equity (CofFEE) at the University of Newcastle, NSW Australia. He is also the Docent Professor of Global Political Economy at the University of Helsinki, Finland, and Guest International Professor at Kyoto University, Japan.

Bill is a professional musician and plays guitar with the Melbourne Reggae-Dub band – Pressure Drop.  

Follow his work on https://billmitchell.org/blog/

Working Class MMT with Bill Mitchell

Welcome to episode 154 of Activist #MMT. Today's part two with German MMT economist Dirk Ehnts. (Here's a link to .) Above is the episode in audio form. Below is the episode in video form:  In addition to talking about Dirk's books, we discuss two major concepts. First is the idea that a major characteristic of human beings is they really don't like saying "I want to" do something horrible. They want to instead be able to say "I must." Conversely, instead of saying "I don't want to" do something good and necessary they will do whatever it takes to say "I can't." A simple example is when you ask a friend to join you for lunch. Today they just don't feel like going out. They don't want to say something like "I just don't want to go out with you today. I still like you a whole lot, but I'm just feeling like staying at home and vegging with my TV." They'd rather say "I can't", such as due to a family obligation or sickness ("I'm really not feeling well today"). A bigger example is those in power denying healthcare to the masses. They want to profit, but even more, they want the power. "If you quit, you'll lose healthcare for not just you, but your entire family." Instead of admitting this, they would rather be able to point to the taxpayer myth and say "I must deny you healthcare because how're you gonna pay for it?". Understanding how the economy actually works makes it impossible to use these kinds of excuses. The other concept we discuss is how value is decided on by those in power. I'm a full-time singer is senior centers. It disgusts me to have to discuss money. When asked what my fee is, I always respond "the best you can do, such that I can keep returning in the long term." I never give a specific number. Some facilities have small budgets, some have large. I don't want to take advantage of them, they (at least, the activities director whom I know personally) doesn't want to take advantage of me. All I ask for is the best you can do. It's worked out well enough. I maintain good relationships and it's turned out to be financially viable, if not lucrative. The real value of singing for seniors is far removed from money. But because I must pay taxes and bills in order to survive, that non-financial value must be translated into financial terms. The very fact that I must do this negotiation with every activities director at every facility, and that I must use great effort to confirm I've received payment after every performance (which sometimes takes a couple months to arrive), is a testament to the fact that my job makes no rich person richer. If it did, there would be systems in place to greatly reduce these burdens.

Ep154[2/2]: Dirk Ehnts: MMT makes "I can't" (provide healthcare) impossible. Also: Who gets to decide value?

History doesn’t stand still, and every time we talk about BRICS on this podcast, there’s more to unpack. To understand the significance of BRICS, we must begin with (wait for it) monetary sovereignty.

Economist Yan Liang is an expert on China’s economy and MMT. She joins Steve to discuss the evolving role of the BRICS nations (Brazil, Russia, India, China, South Africa) and the increasing number of countries becoming involved in challenging US dollar hegemony and the current global financial system.

Weaponizing of the US dollar has reached an all-time high. Yan explains the specific ways in which US-dominated international institutions and dollar dependency impede development in the Global South.

The episode looks at the significance of de-dollarization and its possible longterm effects. Yan also touches on the importance of technology transfer and intellectual property rights in building sustainable economies.

Yan Liang is Peter C and Bonnie S Kremer Chair Professor of Economics at Willamette University. She is also a Research Associate at the Levy Economics Institute, a Non-Resident Senior Fellow at the Global Development Policy Center (Boston University), and a Research Scholar of the Global Institute for Sustainable Prosperity.

Yan specializes in the Modern Monetary Theory (MMT), the Political Economy of China, Economic Development, and International Economics. Yan’s current research focuses on China’s development finance and industrial transformation, and China’s role in the global financial architecture.

@YanLian31677392 on X

Brick by BRICS with Yan Liang

In Da Fild - Aktony7 (Feat GEE $HIT x RDS Jaey)

WIDE BODY - GEE $HIT (ft RDS Jæy)

vocals @planet-ghoul
beat @killingfrancis x @mmt2k13
art @secretgardenswag

lyrics:
wit gang
we ain’t dealing wit no snake ass nigga bro
switch lanes
dis dat loud pack bumpin like da #stereo

keep da 619 like im mysterio
oh das ya mans online heard he not holding up
and how you talking on my name when you don’t know me bro
im sitting back and watching niggas as I think they grow
hypocritical asf i know
relapse off the pack im on go
longs nails on my hands fuck da coke
for da molly and xanax and mo
baby dis not the planet you know
call my reap up he takin ur soul
it’s my time bro yeh dis what I know
different pills in my body iss gross
yeah das cap cus I only smoke dope I ain’t dumb like you niggas yall doin the most
gaf bout my life no u don’t
spraying the club wit the glee that I tote
i close my eyes




@PLANETGHOUL - #stereo [+@KILLINGFRANCIS x @MMT.FLP]

CHASENO10! [+KILLINGFRANCIS x MMT]

@mmt2k13
@svmsynyster
Exploding Kittens (the series) on netflix got me through covid the way cult of the lamb got me through it the first time

SUSHI ROLL (PROD. MMT + SVMSYNYSTER)

A podcast about real-world economics, including Modern Money Theory, and how life changes when you discover it.

Hosted by third-year MMT activist, Jeff Epstein.

This SoundCloud channel was formerly called People Conversations, by Citizens' Media TV (CMTV). All People Conversations interviews remain intact in this channel. Any MMT articles I write remain hosted on the CMTV website: https://citizensmediatv.wordpress.com/

“MAY YOU REST IN PEACE” EP OUT NOW
KARMAMØB! 
CERTIFIED ANGEL!⭐️

Macroeconomics has never been so ... delish!  Macro and Cheese explores the progressive movement through the lens of Modern Monetary Theory, with hot and irreverent political takes, spotlights in activism, and the razor sharp musings of Real Progressives Founder and host Steve Grumbine.  The cheese will flow as experts come in for a full, four course deep dive into the hot queso. 

Comfort Food for Thought!

New tracks tagged #MMT