268: Understanding Modern Monetary Theory (MMT) by Professor Dr. Randy Wray, Levy Economics
Episode description
Jason Hartman talks with Dr. Randy Wray, one of the foremost experts in Modern Monetary Theory, about why Minsky the philosopher is important, what exactly MMT is and why it's relevant in today's monetary society. They especially tackle the job guarantee program that MMT espouses and what's coming up for the US in the economy for the next few years.
Key Takeaways:
[1:26] Who is Minsky and why is he someone we should concern ourselves with?
[4:43] What is Modern Monetary Theory and why is it applicable?
[10:31] The governments going back to the colonies spends money into existence and then taxes it back to avoid causing inflation
[13:38] Has all the money that was put into the economy during Obama's term been taken back out by taxes or is it causing inflation?
[17:51] The test you need to use to discover if you're doing monetary policy correct
[21:48] Spending during The New Deal greatly helped move our nation forward and allowed us to become the richest, most developed nation on Earth
[25:49] The job guarantee that Dr Wray is focusing on now would involve a lot of care work, and it would be decentralized
[28:58] What's coming up, economically, for the United States
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