In 2021 I put out a working paper with my simple mathematical model that illustrated MMT’s theory of the determination of the price level. You can read the paper here, or an earlier version of the model in a blog post here. Then at the 2nd MMT Summer School in…

A buffer stock is a price stabilization scheme. To run a buffer stock, some entity sets a target price of a particular good, and then buys and/or sells the good in whatever quantity is needed to move the market price to the target. …

I finally got around to reading the late David Graeber’s masterful book Bullshit Jobs: A Theory. Graeber brilliantly explores the hidden underworld of “bullshit jobs,” which he defines as “a form of paid employment that is so completely pointless, unnecessary, or pernicious that even the employee cannot justify its existence…

There is a massive amount of confusion, both in popular discourse and in actual academic economics, around the concepts of saving and investment. Much of this trouble hails from a very deep misconception of what “finance” is. Finance refers, in the most basic sense, to your ability to pay for…

Warren Mosler and other MMTers have emphasized for decades that “the currency is a public monopoly,” which means that, just as the monopolist sets the price of its product, the government has pricing power over the currency. For MMT this doesn’t come from setting the quantity of money or something…

In the face of the Coronavirus crisis, the immediate focus of economic attention is, quite rightly, on relief. But after relief, we will face a vexing question that we must answer: who will take the economic losses wrought by this pandemic? Every individual, corporation, city government, etc. has bills to…