Written by John Lounsbury
This week we have a “debate” held virtually by the OECD in February featuring a presentation by Stephanie Kelton about 35 minutes in length followed by a discussion of MMT with questions to Prof. Kelton and her responses.
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There are a number of discussants involved in the program and I was not able to identify some of them. The ones I have identified are:
- Dr. Alexander Robert William Robson, Australian Ambassador to the OECD
- Prof. Louis Phillipe-Rochon, Laurentian University, Canada
- Prof. Steve Keen who is a frequent contributor to Econintersect
- Angus Armstrong was the moderator
In the program, all the participants have some meaningful questions (one can debate just how meaningful some questions are) except for Steve Keen who ends up answering aspects of questions when they impinge upon his research.
What is evident is that at least one of the participants was totally uninformed about MMT academic work and had apparently not even skimmed through Prof. Kelton’s epic work, The Deficit Myth, which has been written at a level understandable by people with little formal training in economics.
The entire video presented here is 1 hour and 25 minutes long. The presentation and answers in the discussion by Prof. Kelton are precise and clear definitions of MMT theory and current fiscal operations by monetarily sovereign countries. There is also a discussion of how MMT applies to countries that are not monetarily sovereign. Prof Kelton explains how necessary constraints on money creation are part of the political budgetary process that will prevent inflation in the best cases and correct inflation in other cases when necessary.
This is a monumental discussion of MMT as it is starting to be used by central banks and governments. There is a clear discussion of constraints on MMT to limit the overproduction of money. This program deserves your careful attention. In my case, I have watched part of this video as many as 4 times so far.
Steve Keen shows a number of PowerPoint slides. The entire slide presentation which have been published: MMT Vs. The Mainstream.
The video starts at the 6:35 mark when Prof. Kelton starts her presentation.
Source: YouTube
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