Not on the money

There is an interesting report in Business Insider of a survey of America’s economists. It states In the latest survey of 42 of America’s top economists by the Chicago Booth School of Business, not a single respondent agreed with the basic tenants [I think they meant tenets!] of Modern Monetary Theory (MMT): 36% of economists… Read more

Supporting the NHS

We are told that 6% of NHS health staff are EU nationals and the NHS has 100,000 staff positions unfilled. Yet according to the Medical Schools Council the government determines the number of medical school places available each year. For England that is 7,500. Each medical school is allowed to recruit a maximum of 7.5%… Read more

Saving energy and GDP

A recent article in ‘Carbon Brief’ bemoans the well known paradox of energy having to decline whilst all the while GDP is supposed to increase. The writers have developed the UK MAcroeconometric Resource COnsumption (MARCO-UK) model: As they indicate, the major novelty in MARCO-UK is that it includes a thermodynamic representation of energy flows through… Read more

Don’t use MMT except in an emergency?

For the first time that I am aware of MMT (Modern Monetary Theory) has been mentioned in the UK ‘mainstream’ rather than specialist press. David Smith, Economics correspondent of the ‘Sunday Times’, published an article in the paper on Sunday which is reproduced with free access on his own website. He states: Then there is… Read more

Work and Shirk is us…

While many people with zero hours contracts probably want to work more, the rest of us with any sort of secure employment usually want to work less. David Graeber argues that the concept of selling off one’s time in increments is relatively new. Historically, he says, the idea “that one person’s time can belong to… Read more

MMT is perhaps gaining hold in the US as there are some very spurious arguments against it

Modern Monetary Theory (MMT) has received further criticsm in the US – perhaps particularly because that seems to be where it is (can we hope?) gaining a hold. Britain is still mired in the all-consuming provincial business of Brexit. This is a writer on ‘Medium’: “…the treasury can only spend by first ensuring it has… Read more