Brian Romanchuk — Book Excerpt: Financial Assets Matter, Not Money

If we abolish money from economic theory, what replaces it? The answer is: financial assets. Although this might be viewed as a superficial change, there are important implications. In particular, the central bank can manipulate the amount outstanding of some types of financial assets, but it cannot control all of them. We end up with a more realistic view of central bank power. They no longer control “money” and hence all commerce, rather they are reduced to worrying about setting interest rates.…

This is short, simple to understand and very important for getting MMT, which deals with "financial assets" rather than "money." Financial assets appear on accounting statements, not "money." Understanding this removes a lot of confusion.

Bond Economics
Book Excerpt: Financial Assets Matter, Not Money

Brian Romanchuk

Brett Scott — These 5 Rebel Movements Want To Change How Money Works

MMT gets a mention right at the top of the list.

Huff Post
These 5 Rebel Movements Want To Change How Money Works

Brett Scott

Dirk Ehnts — Paul Krugman and monetary theory

Since monetary theory is complicated stuff, I would like to see the debate on endogenous renewed. It is a, perhaps the, decisive issue for the Western world in the 21st century.

econoblog 101
Paul Krugman and monetary theory
Dirk Ehnts | Berlin School for Economics and Law

Noah Smith — Thursday Roundup, 8/28/2014

15. All MMT people should watch Chris Sims talk about how he thinks money and inflation work. Also, all MMT people should dress in gold spandex and throw tomatoes at cars while playing "She Loves You" by the Beatles on kazoos and doing a little bow-legged jig.

Noahpinion

Thursday Roundup, 8/28/2014

Noah Smith | Assistant Professor of Finance, Stony Brook University

Not MMT, but interesting comparison of the monetarist theory of the price level and fiscal theory of the price level. A step in the right direction though.

Lord Keynes — Philip Pilkington on Hayek and the Origins of Neoliberalism

When Hayek’s economics essentially failed, he turned to a different program: social and political theorising.

While Hayek's economics may have failed his own expectations, his social and political theorizing lead to the dominant contemporary narrative, likely wildly beyond his expectations. It was an idea whose time was right, even though it was not a right idea. Now we are experiencing it's failure.

Social Democracy for the 21st Century
Philip Pilkington on Hayek and the Origins of Neoliberalism

Lord Keynes

Set Up To Fail — Interview with Professor Michael Hudson by Karl Fitzgerald

Audio and transcript.

MichaelHudson.com
Set Up To Fail
Renegade Economist's interview 05.09.2012

Interview with Professor Michael Hudson by Karl Fitzgerald

KF: We welcome to the show Professor Michael Hudson, Distinguished Research Professor at the University of Missouri-Kansas City, the leading Post-Keynesian university in America. It’s been fantastic to see, Michael, that the public profile of UMKC has really taken off with Randall Wray, yourself and Stephanie Kelton being quoted quite widely these days. Can you explain what Post-Keynesianism is?

A bit out of paradigm in places, though

So if you don’t create money – if the central bank doesn’t monetize the government deficit by just printing money electronically and spending it into the economy....

Randy Wray — Modern Money - The way a sovereign currency “works”

PowerPoint Slide Presentation for talk at Columbia University conference is up. Video to follow soon.

Economonitor | Great Leap Forward
Modern Money - The way a sovereign currency “works”
L. Randall Wray | Professor of Economics, UMKC

Keynes on Mises’s Theory of Money and Credit

Read it at Social Democracy for the 21st Century
Keynes on Mises’s Theory of Money and Credit

by "Lord Keynes"