Ep 308 - Working Class MMT with Bill Mitchell

Macro N Cheese

What’s the point of understanding money if we don’t look at the power relations controlling its distribution?

Bill Mitchell, a key figure in the development of modern monetary theory, is back for his twelfth appearance on the podcast, beginning with Episode One, Putting the T in MMT.

As a key figure in the development of MMT, Bill articulates how this theory fundamentally challenges conventional economic wisdom by asserting that governments, as currency issuers, are not financially constrained in the same manner as households or businesses.

This critical insight dispels the prevailing narrative that insists the government cannot afford to invest in social programs. This forces us to look not only at political choices, but the class power behind those choices.

The conversation delves into the dynamics of class conflict, inflation, and the role of private banks in shaping the financial landscape. Economic austerity, rising costs, and stagnant wages force the working class to take on more and more private debt.

Bill Mitchell is Professor of Economics and Director of the Centre of Full Employment and Equity (CofFEE) at the University of Newcastle, NSW Australia. He is also the Docent Professor of Global Political Economy at the University of Helsinki, Finland, and Guest International Professor at Kyoto University, Japan.

Bill is a professional musician and plays guitar with the Melbourne Reggae-Dub band – Pressure Drop.

Follow his work on https://billmitchell.org/blog/