This Panel was held on December 8, 2011 as part of the 13th Path to Full Employment Conference/18th National Unemployment Conference held between December 7-8, 2011 and hosted by the Centre of Full Employment and Equity at the University of Newcastle.
The Panel consisted of:
1. Professor William Mitchell (CofFEE, University of Newcastle)
2. Professor L. Randall Wray (UMKC-Missouri)
3. Professor Joan Muysken (CofFEE-Europe, University of Maastricht)
4. Dr Bruce Philp (Nottingham Trent University)
Thanks for posting this excellent panel discussion with some of the greatest economists out there.
WilhelmDrake 2 months ago
After 1945 the UK government debt/national income ratio was 250% and policy was tied to supporting the pound dollar exchange rate, throughout our history the ratio has been higher than it is now and has not been a problem.
Government spending/tax in a Sovereign Monetary system creates/reduces money demand, deficits fund private sector saving desires, this is lent back to the government, so it's not a problem, the only functional reason for government to do this is to hit a given interest rate.
WillOrng 2 months ago
Bill Mitchell's Billy Blog Modern Monetary Theory … alternative economic thinking for 16/12/11 has the slide below the link for this video.
WillOrng 2 months ago
Very interesting thank you for posting! Is there anywhere we can download the slides? Curious what levels of government debt the panelists would consider to be too high? Found the comment that bond markets in sovereign debt don't have to matter hard to understand--clearly the central bank can only monetize so much debt before enormous problems are created?
lavedon 2 months ago