Modern Money Theory: Week5

James E Keenan

Henry George School of Social Science
December 7 2020

Table of Contents

1. Introduction

2. Review of Previous Session
3. Household Budget Analogy
4. Functional Finance
5. Alleged Unemployment-Inflation Tradeoff
6. Possibility of a Job Guarantee
7. [B[Pause for Questions]B]

8. MMT Policy Perspective

9. Case for a Job Guarantee
10. Job Guarantee Antecedents
11. Minsky: Government Should Be Employer of Last Resort
12. Mitchell: Buffer Stocks
13. Mitchell and Mosler: Job Guarantee as Anti-Inflation Buffer Stock
14. Read Tcherneva's Book
15. [B[Pause for Questions]B]

16. Green New Deal
17. The Green New Deal: How You Gonna Pay for It?
18. The War Economy
19. Government Had to Drain Spending Power from the Non-government Sector
20. Did Government Have to Amass Tax Revenue before Spending on War?
21. Nersisyan and Wray: How to Pay for the Green New Deal
22. The Questions Nersisyan and Wray Ask
23. We'll Pay for the Green New Deal the Same Way We Paid for the War
24. Robert Hockett: Financing the Green New Deal

25. How Does Government Pay for Health Care?
26. COVID-19 Pandemic
27. Medicare for All
28. But Aren't the Trust Funds Going to Run Dry Some Day?
29. So Why Do We Have Those Trust Funds, Anyway? (1)
30. So Why Do We Have Those Trust Funds, Anyway? (2)
31. Attempts at National Health Care
32. Medicare-for-All: How Ya Gonna Pay for It?

33. Conclusion
34. Be on Alert for Catchphrases
35. Suppose You Hear Your Congressperson Say ...
36. Thank You!

37. Bonus Slides

38. UBI vs JG
39. Universal Basic Income
40. UBI Is Transfer Payment
41. UBI and Macroeconomic Conditions
42. Job Guarantee and Macroeconomic Conditions
43. Job Guarantee Contributes to Output
44. Methodology Once Again
45. UBI versus JG: Difference in Values
46. UBI, Automation, Artificial Intelligence
47. What (Some) UBI Advocates Ignore
48. Class Bias of Some UBI Advocates