I listened to an interview of Warren Mosler by Bob Murphy, for episode 18 of The Bob Murphy Show podcast. A link to the full interview is at the bottom of the post. The interview is easily divided into three sections, which can be listened to independently if desired, so I broke the interview audio … Continue reading Warren Mosler Interviewed about Modern Monetary Theory (MMT)
The first published book describing how our modern economy works was published in 1993. The title is Soft Currency Economics: What Everyone Thinks That They Know About Monetary Policy is Wrong. The author is Warren Mosler. Who is Warren Mosler? Warren Mosler is identified as an Economist, when it seems that's true now in retrospect. … Continue reading Who Figured Out MMT? When? How?
In his seminal work The Wealth of Nation, Adam Smith told a story of how barter is inefficient, and how money was invented to make barter more efficient. To move us from direct exchange to indirect exchange. Direct exchange is where the man with the cow and the person with 30 chickens do a direct … Continue reading How did Money Come Into Existence?
The generally accepted definition of money I was taught in High School Economics class is "Money is a medium of exchange and a standard of value". What does this mean? Medium of Exchange It can be used to buy and sell stuff. Standard of Value There is common agreement that money is what the value … Continue reading What is Money?
This post is inspired by a video I saw on YouTube from a guy named Tim Youmans. Tim seems to be another guy out there in the world who has seen how modern economies really work, can't unsee it, and wish others could see it too. The video below is a man named Warren Mosler … Continue reading Why Job Training Alone Doesn’t Reduce Unemployment