(1) “Economics for a New Progressive Era”
MODERATOR: Jeff Spross (The Week)
PANELISTS: Stephanie Kelton (Stony Brook University and Sanders Institute)
William Mitchell (University of Newcastle and Centre of Full Employment and Equity)
Warren Mosler (Mosler Economics)
Randall Wray (Bard College and Levy Economics Institute)
(2) Warren Mosler | Mosler Economics
Warren Mosler is one of the leading voices in the field of Modern Monetary Theory (MMT). Residing on the island of St. Croix, in the US Virgin Islands, Warren Mosler owns and operates Valance Co., Inc. As both an entrepreneur and financial professional, Warren Mosler has spent the past 40 years gaining an insider’s knowledge of monetary operations. He co-founded AVM, a broker/dealer providing advanced financial services to large institutional accounts and the Illinois Income Investors (III) family of investment funds in 1982, which he turned over to his partners at the end of 1997. Warren Mosler graduated from the University of Connecticut with a B.A. in Economics in 1971. Since then, he has been deeply involved in the academic community, presenting at conferences around the world and publishing numerous articles in economic journals, newspapers, and periodicals. Mosler is the author of Soft Currency Economics and The Seven Deadly Innocent Frauds of Economic Policy that has been translated into Italian, Polish, Spanish, and, most recently, German.
(3) The Job Guarantee Design and Human Rights
… Pavlina Tcherneva…
(4) New MMT Macroeconomics Textbook
PRESENTERS: William Mitchell, Martin Watts, L. Randall Wray
This panel considers the issues faced in developing a coherent and challenging macroeconomics pedagogy that is grounded in Modern Monetary Theory (MMT). The presenters are the authors of a new MMT textbook that will be published by Macmillan in April 2018. The book covers a two-semester course in Macroeconomics from Introductory through to Intermediate levels in a standard undergraduate program. The panel will discuss the way in which the book was conceived, the evolution of the material and the final chapters. The challenge was to produce a textbook that would have broad attraction but also avoid falling into trap of compromising what the authors considered to be a unified body of theory based upon Modern Monetary Theory (MMMT). The material is presented as MMT first and then references to orthodox material if necessary. The authors chose not to exposit the orthodox theory first and then present a blow-by-blow MMT critique. The textbook provides a very strong two-year sequence in macroeconomics, firmly founded on MMT principles, with a good balance between discursive narrative, historical context, empirical challenge, and formal (mathematical) reasoning. The curriculum embodied is progressive, consistent, and demanding. William Mitchell will introduce the book and discuss the way in which the authors determined the pedagogical approach. He will also provide an update on a new development – the MMT University, which will be offering on-line courses from 2018 based on the material in the textbook. L. Randall Wray will discuss how the book treats Keynes and Martin Watts will consider some topics such as the labour market and international trade.
(5) Framing MMT Workshop
PRESENTER: William Mitchell
This Workshop will consider the importance of language and conceptual framing to the way we understand the world around us. The session will compare and contrast two different frames and associated language (one based on a neo-liberal vision and the other on a progressive vision) to illustrate how people can be led to ‘believe’ in flawed concepts that undermine their own wellbeing. It will also provide ideas on how a progressive language and framing can be developed to reduce the neo-liberal biases in economic debates.
(6) Job Guarantee in Developing Countries
PRESENTERS: Jan Kregel, Fadhel Kaboub, Yan Liang, Warren Mosler
MODERATOR: Steven Hail)
This panel presents the MMT perspective on the importance of domestic resource mobilization in developing countries. MMT and Job Guarantee critics often express concerns about external constraints on full employment in developing countries with risks of increasing external debt, exchange rate depreciation, and inflation (especially food and energy prices). The panelists will use the examples of China and Tunisia to illustrate how MMT and a tailor-made Job Guarantee program can be leveraged to ensure full employment, price stability, and food & energy security.
MODERATOR: Steven Hail (University of Adelaide and Binzagr Institute for Sustainable Prosperity)
PRESENTERS: Fadhel Kaboub (Denison University and Binzagr Institute for Sustainable Prosperity) Jan Kregel (Bard College and Levy Economics Institute) Yan Liang (Willamette University and Binzagr Institute for Sustainable Prosperity) Warren Mosler (Mosler Economics)
(7) A Job Guarantee Proposal for the United States
PRESENTERS: L. Randall Wray, Pavlina Tcherneva, Scott Fullwiler
MODERATER: Stephanie Kelton
This panel presents the Levy Institute’s White Paper on the Job Guarantee. We offer an estimate of the true level of unemployment in the US, finding as many as 20 million people who want jobs but are currently out of work or are forced to work less than full time. Using the Fair model, we evaluate the impact of a Job Guarantee that is large enough to wipe out involuntary unemployment in the economy. We simulate the impact of a universal jobs program on private sector employment, wages, national income and output, and the government’s budget. We then present a blueprint for operationalizing the proposal by outlining the guiding principles of the Job Guarantee, the desirable key features of the institutional design, and the expected benefits from its implementation. We propose a method for funding, administering, and implementing it, as well as specific types of jobs that could be performed under the program. We also address frequently asked questions.
MODERATOR: Stephanie Kelton (Stony Brook University and Sanders Institute)
PRESENTERS: L. Randall Wray (Bard College and Levy Economics Institute) Pavlina Tcherneva (Bard College and Levy Economics Institute) Scott Fullwiler (UMKC and Binzagr Institute for Sustainable Prosperity)
(8) Finance, and Interest Rate Policy
MODERATOR: Eric Tymoigne (Lewis and Clark University)
PRESENTERS: Michael Murray (Bemidji State University) “Finance as a Structural Rigidity and the Process of Real Capital Formation” Martin Watts (University of Newcastle and Centre of Full Employment and Equity) “The Merits of a Zero Interest Rate Policy–A Response to Critics” Nathan Tankus (John Jay College of Criminal Justice and Modern Money Network) “Interest Rates are Uninteresting: Investment Decision Theory without Interest Rates” Warren Mosler (Mosler Economics) “Monetary Policy and the Term Structure of Prices”
Warren Mosler and Stephanie Kelton at the kick off dinner #MMT2017