I admit I have not had a chance to listen to all of this lecture as yet and will not get the chance to do so until this evening, but Stephanie Kelton is always good and so I risk sharing this without doing so. Comments welcome, of course:
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Hi Richard
As you expected, this is a lucid explanation from Stephanie Kelton. To save you some time, the talk starts ten minutes in and lasts 40 minutes.
A 2020 Thank you for all your work.
David
Thanks for the link. Just watched it and would recommend it both to the already initiated and the ‘yet-to-be’ (to cut out the introductory formalities go straight to 11.00 mins). As you suggest, Stephanie is an unusually good communicator. Just a a few personal reactions – not critiques. I found Geoff Harcourt’s concluding remarks entertaining and informative in equal measure, so watch it to the end. Secondly I had an unusual (for me) surge in national pride when I realised what a unique contribution the nation has made to modern economic theory with the likes of Keynes, Wynne Godley and Joan Robinson. Finally, there’s some sort of paradox in that the Australian macro economy is in dire straits yet is home to such a wealth of heterodox economic thinking. Not much sign that Scott Morrison is listening to the wisdom available in his own back-yard.
One can only hope and pray that the major world governments have the understanding & courage to take on board the insights offered by MMT in order to create the fair & sustainable societies to which Geoffrey Harcourt refers. But, ref. your earlier blog -https://www.taxresearch.org.uk/Blog/2020/01/17/why-we-look-like-were-doomed-to-fail – I’m not holding my breath.
Thanks John
I agree with your recommendation to stay with it until Geoff Harcourt’s contribution at the end. I was fortunate to have Geoff as my Economics tutor at Cambridge in the mid-1960s. It’s great to see that in his late eighties he has loss none of the intelligence, incisiveness and wit that were so much a feature of his teaching more than half a century ago.
Excellent. Can’t disagree with the previous comments. It’s hard to argue with her line of thought. Sadly, there are still too many people listening to that well known economist ‘Dave down the pub’ , including Javid.
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