Summary of Ch1 of Mitchell Wray and Watts Textbook see IM-164967 for overview

Summary of Ch 18 of Mitchell Wray and Watts Textbook see IM-164967 for book overview

WIP based on Bill mitchell's blogs. 

Modern Monetary theory (MMT) has shown how modern monetary systems actually work. It has shown  that governments that issue their own currency, such as the US, can never run out of money or be forced to default on debt issued in their own currency. It has also demonstrated that government spending to stimulate the economy is logical and that the resulting deficit is irrelevant - the government always has the monetary means to eliminate it. This directly contradicts neoliberal doctrine that wants to limit government spending and posits that deficits destabilize the economy. Neoliberalism often constitutes a 'worldview' and 'personal identity'. Those who hold such strong beliefs cannot be persuaded to abandon them using rational arguments and facts - psychological reasons usually impede it as research has shown. The worldwide dominance of the doctrine, vested interests and psychologically grounded opposition suffocate MMT and rational arguments showing its superiority are seemingly of no avail. 

Summary of Ch 20 of Mitchell Wray and Watts Textbook see IM-164967 for book overview

Summary of Ch1 of Mitchell Wray and Watts Textbook see IM-164967 for overview

Model-SIM from Chapter 3 of Wynn Godley and Marc Lavoie's Monetary Economics, adapted for an open economy. The model is stock-flow consistent with only government money--no bills or bonds. No central bank and interest rates do not change. Government spends buying output from the production sector. The production sector is passive turning over all revenue over to households. Households save out of income and spend partially spend out of wealth. Imports and exports pass through the production sector illustrating the idea that consumer households buy from domestic businesses that which they have imported. The model also tracks the sectoral balance flows and changes in equity. Sectoral flows and equity balances match each other dollar for dollar to satisfy the sectoral balances accounting identity (Household Saving - Consumption) + (Business Saving - Expenditure) + (Taxes - Government Spending) - (Exports - Imports) = 0. Since business investment occurs internally to the Business Sector, 

Summary of Ch 15 of Mitchell Wray and Watts Textbook see IM-164967 for book overview

Sam Levey diagrams from twitter converted to stock flow cld (Forrester) diagrams

WIP summaries of bill mitchell's blog postings related to the connections between macroeconomics and wellbeing, particularly via unemployment and inflation

Overview of Part D Ch 17 to 19 of Mitchell Wray and Watts Textbook see IM-164967 for book overview

Summary of Ch 17 of Mitchell Wray and Watts Textbook see IM-164967 for book overview

Summary of Ch 11 of Mitchell Wray and Watts Textbook see IM-164967 for book overview

Overview of Part E Ch 20 to 24 of Mitchell Wray and Watts Textbook see IM-164967 for book overview

Summary of Ch 18 of Mitchell Wray and Watts Textbook see IM-164967 for book overview

Summary of  Ch 22 of Mitchell Wray and Watts Textbook see IM-164967 for book overview

Summary of Ch 17 of Mitchell Wray and Watts Textbook see IM-164967 for book overview

Summary of Ch 21 of Mitchell Wray and Watts Textbook see IM-164967 for book overview

Summary of  Ch 22 of Mitchell Wray and Watts Textbook see IM-164967 for book overview

Overview of Part G Ch 27 to 30 of Mitchell Wray and Watts Textbook see IM-164967 for book overview

Overview of Part H Ch 31 to 33 of Mitchell Wray and Watts Textbook see IM-164967 for book overview

Summary of Ch 11 of Mitchell Wray and Watts Textbook see IM-164967 for book overview

Overview of Part F Ch 25 and 26 of Mitchell Wray and Watts Textbook see IM-164967 for book overview

Summary of Ch 11 of Mitchell Wray and Watts Textbook see IM-164967 for book overview