Modern Money & Public Purpose 4: Real vs. Nominal Economy





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Published on Jan 11, 2013

The Unemployment Action Center Proudly Presents:


Moderator: Nathan C. Tankus, Economics Student, University of Ottawa & Member, Occupy Wall Street Alternative Banking Working Group

Speaker 1: John T. Harvey, Professor of Economics, Texas Christian University

Speaker 2: Jan Kregel, Program Director, Levy Economics Institute of Bard College & Professor of Development Finance, Tallin University of Technology

Tuesday, November 13, 2012

Part of the 2012-2013 Seminar Series on Contemporary Issues in Law and Political Economics organized by the Workers' Rights Student Coalition



This seminar explores the intersection between the real and monetary (or nominal) economy. It addresses the relationship between money and economic growth, and explores popular misconceptions surrounding the "sustainability" of government deficits, national debt and trade deficits for developed and developing nations. Questions to be addressed include:

Why does unemployment exist in a monetary economy?

How does a nation's developmental stage affect the sustainability of government deficits?

Is national debt a problem, and if so, under what conditions?

Can developing nations "afford" welfare programs?

What is the relationship between capital flows, trade and exchange rates?

What is the relationship between money creation, exchange rates and global competitiveness?

Further reading: http://www.modernmoneyandpublicpurpos...


John T. Harvey, Ph.D. is a Professor and former Chair of the Department of Economics at Texas Christian University. In 2010, Dr. Harvey published a book titled Currencies, Capital Flows and Crises (Routledge), which presented a Post-Keynesian explanation of exchange rate determination based on the premise that it is financial capital flows and not international trade that represents the driving force behind currency movements. Dr. Harvey currently writes an economics blog for Forbes called Pragmatic Economics, which offers economic commentary in a manner understandable to the general public, and can also be followed on Twitter.

Jan Kregel, Ph.D. is a Professor of Development Finance at Tallinn University of Technology and a Senior Scholar at the Levy Economics Institute of Bard College, where he also serves as the Director of the Institute's Monetary Policy and Financial Structure program. He has previously served as Rapporteur of the President of the UN General Assembly's Commission on Reform of the International Financial System, Director of the Policy Analysis and Development Branch of the UN Financing for Development Office, and Deputy Secretary of the UN Committee of Experts on International Cooperation in Tax Matters.


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