Modern Monetary Theory | Robert P. Murphy and Jonathan Newman

Recorded at the Mises Institute in Auburn, Alabama, on August 1, 2024.

Mises University is the world’s leading instructional program in the Austrian School of economics, and is the essential training ground for economists who are looking beyond the mainstream

[bane]

Its a shame that these videos dont get more views.

[brianbob]

This is what happens when you totally loose track of what an economy actually is, it isn’t numbers.

[lucassantanna]

I'm waiting for a presentation with Bob Murphy in zombie makeup defending MMT in five words or less

[RodCornholio]

The Broken Window Fallacy with extra steps.

[RodCornholio]

Thought that MMT talk was a _Saturday Night Live_ skit. Clearly, there’s a few patients running an asylum.

[suekleiman]

You all missed a MAIN POINT at the beginning when talking about the accounting debits and credits (financial assets). The GOODS & SERVICES which the public sector provides is THE ASSET. People swap assets every day - a haircut (service) for a bag of rice (good). We use "money" as a medium of exchange for convenience. "Money" is the future (potential) demand for a future ASSET.
People through their work create ASSETS. The Government, printing money, does nothing to create ASSETS, but just debases the medium of exchange. People create GOODS and Services, governments don't.

[FDXHOMEDEL]

MMT is perfectly encapsulated by George Orwell: “There are some ideas so foolish, only an intellectual could believe them, for no ordinary man could be such a fool.”

[orsoncart]

Very good. Thank you! 👍
Over fifty years ago I had to read economics, in particular how the financial and banking system worked, for professional examinations. The word “SCAM!” kept screaming at me in my head, but it was all stated just so matter-of-factly. I regurgitated the schitt and passed the exams but the screaming never stopped.

[tensortab]

Oh the gullible people. The "government's" deficit, is "somebody's" surplus. Who is the "government"? Who is "somebody"? Guess what? You are not "somebody", but you will pay for the "government".

[Richard-kink]

23:39 notice how they always use the term WE, as if all the people in a nation have the same wants and needs...and have the same influence of law making and execution.
This type of talk is very convincing to people that dont stop and think for themselves

[troll_kin]

One minor criticism: I don't know if it's exactly fair to describe Kelton's reference to units of account in Ancient Egypt and Mesopotamia as cherry picking. I think the point was to look at the oldest known civilizations for the origins of moneys. If anything, pointing to a money from 500 BC is more like cherry-picking, because that would likely have been a later innovation rather than an origin story.

Fortunately, Mr. Newman saves it by handling those historical examples directly. Clay tablets with warehouse addresses is obviously analogous to a bank note - a money substitute backed either by a commodity money or by goods for barter, either of which reinforces the Mengerian account and demolishes the MMT version.

[richardpeychers]

If the public understood the monetary system, Ron Paul would have been President

[cramsa]

There is NOTHING NEW about MMT. This sort of fiat debt based garbage has always failed. They just repackaged old ideas.

[Richard-kink]

30:43 good point. One may ask, who started a war and who is fighting the wars. Too many people say China or Germany....as if that identifies the exact individuals.
Thats why collectivists always use the term WE, so people have trouble identifying exactly who benefits or loses in various actions or transactions

[Skeptik]

Inflation averaged 4.25% over the past 50 years (I'm 73 years old and lived it). If you saved a dollar in 1974 and spent it today it would purchase about 12 cents worth of goods or services. Free money? Chuckle. Send us all a check for $1, 000, 000 and we can quit our jobs and retire. Let me know how that works out. Observation: Look around your house or office, can you find anything made in America? Americans are working longer and harder for less.

[GoliathsChamp]

Representation!
Take care of your neighbors. God bless

[connorism]

That Jared Bernstein clip was straight-up painful. A first-semester economics student could have been infinitely more enlightening than that.

[_datapoint]

It is nice to see an economist with a personality.

[russv.winkle]

The background music in the MMT Documentary is the tell that it's bullshit

[DolphLongedgreens]

Tag team? Murphy and Newman WWF wrestling Kelton and Mosler?