Modern Money Theory: Week 4

James E Keenan

Henry George School of Social Science
November 30 2020

Table of Contents

1. Introduction

2. Review of Previous Session
3. Money and Banking
4. Central Banking
5. Taxation
6. [B[Pause for Questions]B]

8. Fiscal Space

9. Functional Finance versus the Household Budget Analogy
10. Record Federal Budget Deficit
11. Solution: Balanced Budget Constitutional Amendment
12. Those Hard Working Utah Families!
13. The Household Budget Analogy (1)
14. The Household Budget Analogy (2)
15. How You Gonna Pay for It?
16. Government Budget Constraint
17. Government Budget Constraint Denied
18. Abba Lerner and Functional Finance
19. [B[Pause for Questions]B]

20. The Job Guarantee Versus the Unemployment-Inflation Tradeoff
21. Alleged Tradeoff between Unemployment and Inflation
22. "MIT School" Reformulation of the Phillips Curve
23. Phillips Curve Became "Menu of Policy Choices"
24. Was There a Tradeoff, Either in Theory or in Practice?
25. Was There a 'Natural Rate of Unemployment?'
26. The MIT School versus the Chicago School
27. How Does Government Respond to Economic Crises?
28. The Possibility of a Job Guarantee
29. Historical Background
30. Private Sector Cannot Extend Unlimited Offer to Work
31. The Job Guarantee Wage
32. Job Guarantee in Expansion and Contraction
33. [B[Pause for Questions]B]