Stephanie Kelton On MMT and the Inflation We're Seeing Today
For years, economists of the MMT school have been arguing that the way we think about deficits and government spending is all wrong. Whereas many people warn about the unsustainability of the national debt -- likening it to a household credit card bill -- the MMT view is that real resources are the constraint on government spending, and that inflation is the sign that real resources are being stretched. So what about now? We had substantial fiscal support during the pandemic, and now we have the highest inflation in over four decades. On this episode we speak with Stephanie Kelton, a leading proponent of MMT, a professor at Stony Brook, and the cohost of the Best New Ideas In Money podcast. We discuss the causes of the current inflation, and how to think about it through the MMT lens. This episode was recorded in Beverly Hills at the Milken Institute Global Conference.
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Stephanie Kelton on How MMT Won the Fiscal Policy Debate
In a sense, Modern Monetary Theory has won. This is not because policy measures are necessarily in line with what MMT adherents would prescribe. Rather, the debate over economic policy, in particular fiscal policy, is happening on MMT terms. MMTers argue that the constraint on government spending is inflation and real resources -- not credit risk -- and that's exactly how even the critics of the stimulus bill have attacked it, that it will be inflationary. So how has the debate around fiscal policy changed so much over the last several years? Much of the credit goes to Stephanie Kelton, the MMT economist and author of the best-selling book The Deficit Myth. On this episode, we talk about their success.
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The Odd Lots Variety Show
On September 19, 2019, Odd Lots hosted its first-ever live event at the WNYC Greene Space in downtown New York City. With an all-star lineup of guests, the show featured convicted white-collar criminal Sam Antar, a panel on sovereign debt with Lee Buchheit and Brad Setser, and a discussion on MMT with Stephanie Kelton. We even had a surprise guest, SPY kid Kevin McGrath, not to mention two musical acts: country-singing economist Merle Hazard and a performance by Joe himself.
Be sure to check out videos from the event on Bloomberg's Markets and Finance channel on YouTube.
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