Today I’m chatting to my favourite economist - and one of my favourite people - Post Keynesian and Institutionalist economist John T. Harvey.

John is Professor of Economics at Texas Christian University, editor of the World Economic Review and author of several books, including Currencies, Capital Flows and Crises and Contending Perspectives in Economics.

He writes the Pragmatic Economics blog at Forbes as well as hosting a YouTube channel called The Cowboy Economist - which takes a different approach to educating people about how the economy works. The Cowboy Economist dispenses ‘folksy wisdom on contemporary economic issues.’

On this episode of the MMT101 podcast I’m chatting to John about his new book, US Business Cycles 1954-2020, in which he uncovers the levers driving our boom-and-bust cycles - as well as offering solutions to temper the effects of those recessions.

John’s book is one of the best books on economics I’ve read: it’s easy to understand, not long-winded and full of ideas we need to make a better world.

If you would like to support me in my quest to teach people about how our monetary system works please become a paid subscriber, and in return I’ll do my best to make content that is easy to understand and helps us all understand that we can indeed afford to make a better world.

Why do we need to understand it? Because if we don’t we are all doomed! It’s the only way we will be able to fund the mitigation of climate change - and save ourselves from being burned to a crisp.

If you have any questions or if you disagree with anything we talk about, I want to hear from you. Please add your comments in the discussion area. Contrary views are welcome.

Links to some of my most popular newsletters

* Modern Monetary Theory (MMT) in 67 Bullet Points

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* Killing the Myth of Government Borrowing Stone Dead: Gilts, T-Bills, Interest Rates and the Truth About Money Printing

* An Explanation Of Why Taxes Don’t Fund Spending—And Why Elon Musk Is Wrong About The US Government Deficit

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* MMT Factsheet 1: Currency Issuers vs. Currency Users

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* MMT Factsheet 4: What Does Full Employment Mean?

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Undermining Economic Resilience – The Economic Impact of Adopting the European Union’s Stability and Growth Pact in an Independent Scotland

In this episode of the MMT podcast I am delighted to be talking to economist William Thomson, co-founder with Kairin Van Sweedn of the Scotonomics organisation.

Scotonomics aims are described as

“Exploring how our economic system really works—and how it could work better.”

William has - through his energy and commitment - become a leading character in Scotland’s heterodox economics community - spreading the word about how we can use our knowledge about the economy to make people’s lives better.

As well as organised economics conferences in Scotland, William has also been busy writing and co-writing discussion papers and articles on Scotland’s economy

-

including the one we chat about today called

“Undermining Economic Resilience – The Economic Impact of Adopting the European Union’s Stability and Growth Pact in an Independent Scotland.”

co-written with one previous podcasts guests, Dr Dirk Ehnts -

Dirk is a German heterodox economist and an accredited parliamentary assistant at the European Parliament in Brussels for Fabio de Masi (MEP).

As well as chatting about the paper William will also be telling me about the upcoming festival of economics called.

'Scotland’s Festival of Economics' - a nice literal title for the conference.

The conference takes place from March 19th to 21st 2026.

I’ll be attending the conference myself for the Thursday sessions.

Ok, here’s me chatting to economist William Thomson.

MMT101 Podcast Links

Scotonomics

Scotland’s Festival of Economics

Discussion paper: Undermining Economic Resilience - The Economic Impact of Adopting the European Union’s Stability and Growth Pact in an Independent Scotland (2026)

Modern Money Theory: A Simple Guide to the Monetary System - Dirk Ehnts (2024)

Get full access to MMT101.ORG - Learn Modern Monetary Theory (MMT) at mmt101.substack.com/subscribe

Welcome to this week’s MMT101 Podcast. Today I’m bringing you a recent chat I had with Anne Maxwell and Kevin Gaynor of the RadioMMT podcast, a podcast based in Melbourne, Australia.

I’ve been a regular listener to Anne and Kev’s show for quite a long time. In fact, the first time I came across Kevin Gaynor was when he was on the same Modern Money Lab economics course as myself a few years ago. That was the Economics for Sustainable Prosperity course run by Steven Hail.

If you have heard of the course you will know it has the MMT perspective embedded within it.

The focus of Anne and Kev’s show is to explain what can sometimes be quite complex economics topics in a way that most people can understand, which is what I aim to do myself. That’s why I was so delighted to be invited on for a chat.

I was also delighted that they agreed to allow me to publish this episode on my own Substack MMT101 podcast.

Anyway, that’s enough from me. Just one more thing before we jump into our chat. Don’t forget to subscribe if you are not already a subscriber, and if you have any spare change please become a paid subscriber because that will allow me to continue to publish my weekly MMT101 articles and podcasts.

Note that this is an audio-only podcast. Hopefully you are ok with that. Ok, so here is myself chatting with Anne Maxwell and Kevin Gaynor of RadioMMT.

Get full access to MMT101.ORG - Learn Modern Monetary Theory (MMT) at mmt101.substack.com/subscribe

In this episode I am delighted to be talking to Bill Blain - bond trader, CEO of Wind Shift Capital Advisors and publisher of ‘Blain’s Morning Porridge’ - which is a daily commentary on global finance and markets.

Just a few things to say before we get started. Bill is an unusual guest for the podcast, in that he’s not an MMTer though he does have some views that are similar.

But Bill is a man who has been working in finance for 4 decades and as they say - that means he knows a thing or two. We don’t need to agree with the framework within which his ideas spring - and to be honest - there’s much that we don’t agree on. However, that does not mean that we can’t learn from Bill’s experience.

You’ll notice that I do steer clear of ‘arguing the point’. Instead I try to keep quiet - because I want to hear what Bill has to say - whether or not I agree with it.

Bill is sincere in his beliefs - he is not disingenuous and as you will discover as we chat - he’s a nice guy. And he knows a lot about the finance sector.

One other thing I will mention- so as not to confuse those who are MMTers who know a bit about Quantitative Easing - which we chat briefly about: is that it sounds as if I agree that QE is about the government dumping lots of money into the economy. I don’t agree.

What I’m saying is: in relation to QE the central bank swaps government bonds for reserves. Commercial banks can’t spend those reserves on houses or stocks, but the investors who sold the bonds now hold cash or deposits instead of gilts, and they spend that cash on other assets: pushing up the price of assets like housing and shares, contributing to inequality. I used the word ‘liquidity’ as a short-hand for that story.

Ok, before we get into our chat - don’t forget to subscribe to MMT101 and if you can afford to - please become a paid subscribers, it really helps me to continue with this work.

MMT101.ORG - Learn Modern Monetary Theory (MMT) is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Books mentioned in this podcast

* Modern Money Theory: A Simple Guide to the Monetary System by Dirk Ehnts

* Modern Monetary Theory: Key Insights, Leading Thinkers

* The Invisible Doctrine: The Secret History of Neoliberalism (& How It Came to Control Your Life) - by George Monbiot and Peter Hutchison

Get full access to MMT101.ORG - Learn Modern Monetary Theory (MMT) at mmt101.substack.com/subscribe

Hi, I’m Jim Byrne and this is for people who believe we can build a fairer, greener world by understanding how the economy and our monetary system work. Subscribe for free to get my weekly post.

In this episode of the MMT101 Podcast I’m chatting with Fiona McGregor and Marlene Halliday on the Scottish Indy Podcast. The topic of conversation is my new online course, The Why, The What & The How of MMT.

They did such a great job of combining information and entertainment in our chat that I asked Fiona and Marlene if I could share it on my MMT101 Substack platform – and they very generously agreed. So, here it is. It was really enjoyable, I think you’ll like it.

Just a quick note: I make a couple of slips of the tongue. At one point, while talking about Quantitative Easing (QE), I said “exchange rates” when I meant “interest rates.”

Later, after explaining why Germany wasn’t running deficits because they were earning so much from exports, I then oversimplified the UK’s position by saying: “governments must run deficits because individuals and businesses in the private sector are savers”. Of course, I should have added: “unless the foreign sector is bringing in an equivalent amount of income.”

Marlene and Fiona’s show is a must listen for anyone with an interest in seeing Scotland once again become an independent country. I highly recommend the Scottish Indy Podcast.

And of course, for more MMT content please subscribe to MMT101.

Resources

* MMT101 - Modern Monetary Theory (MMT) – The Why, The What & The How

* Scottish Indy Podcasts

Note, that paid subscribers resources are now on this page. Downloadable factsheets, a downloadable dictionary of economic jargon, my book/journal recommendations and much more.

Get full access to MMT101.ORG - Learn Modern Monetary Theory (MMT) at mmt101.substack.com/subscribe

Hi, I’m Jim Byrne and this is for people who believe we can build a fairer, greener world by understanding how the economy and our monetary system work. Subscribe for free to get my weekly post.

Today I have the second part of my conversation with economist Steve Keen. I’m sure you will enjoy it. Steve is on form and dispenses his wisdom throughout

In this part of our chat he continues his demolition of the neoliberal understanding of the economy: from barter, to the importance of the idea of equilibrium - to loanable funds – or as he calls it – The Ashley Madison Theory of Banking.

In the last section of our conversion Steve pulls up his data tables to explain double-entry bookkeeping – in the context of our modern monetary system.

So, I suggest you watch this via the video version of this chat on my MMT101 Substack - as it will be more difficult to understand what is going on if you are just listening.

One thing I have to say before we start is that there are some swear words in this podcast episode. I initially took them out - but then I changed my mind. It felt that by removing them I was taking away the impact of what Steve was saying – and anyway it is up to you to decide whether or not you are happy or unhappy about some swear words. You don’t have to listen if you are offended.

On a different note, if you want to support my work teaching the basics of MMT, I would really appreciate it if you were to become a subscriber - or even better a paid subscriber. Because it really helps me to continue on my mission of teaching the lessons of MMT.

Take My Course To Learn Modern Monetary Theory (MMT) From The Ground Up

While I have your attention, did you know I have a comprehensive MMT online training course that is free for paid subscribers? Review the contents of my course here.

Now it a good time to learn about Modern Monetary Theory (MMT) and why it is the only approach to economics that tells us that saving the world and the people in it is possible.

Get full access to MMT101.ORG - Learn Modern Monetary Theory (MMT) at mmt101.substack.com/subscribe

Hi, I’m Jim Byrne and this is for people who believe we can build a fairer, greener world by understanding how the economy and our monetary system work. Subscribe for free to get my weekly post.

Dirk shares his personal journey: how he came to study economics and what led him to Modern Monetary Theory (MMT). And of course, we talk about some of the key ideas in his book

About Dirk Ehnts

Dirk Ehnts is a German economist, one of Europe’s leading voices in Modern Monetary Theory (MMT). He holds a Ph.D. in economics from the University of Oldenburg and has taught at institutions including Bard College Berlin and the Maastricht University Summer School..

Dirk helped kick off the first European MMT Conference in 2019, and later that year joined Pavlina Tcherneva and Esteban Cruz-Hidalgo in calling for a European finance ministry and a Job Guarantee.

Since 2016, Dirk has been teaching MMT each summer at the Maastricht University Summer School. He’s also part of the MMT Summer School in Poznan, Poland — and helped organise the second European MMT Conference in 2021.

Support MMT101

Ok, before we get into our chat: if you are finding this MMT101 content useful and educational, please become a subscriber. :-)

And if you want to help me to continue with this work, I would really appreciate it if you were to become a paid subscriber. It really helps me to continue on my mission of spreading the word about MMT. Because understanding how the monetary system works helps us change the world for the better.

If you have any feedback or questions, or if you disagree with anything I write, I want to hear from you. I value your input whether you agree with me or not. Please add your comments in the discussion area.

Note, that paid subscribers resources are now on this page. Downloadable factsheets, a downloadable dictionary of economic jargon, my book/journal recommendations and more.

Get full access to MMT101.ORG - Learn Modern Monetary Theory (MMT) at mmt101.substack.com/subscribe

Hi, I’m Jim Byrne and this is for people who believe we can build a fairer, greener world by understanding how the economy and our monetary system work. Subscribe for free to get my weekly post.

I have a treat for you today on the MMT101 Podcast. I will be chatting to Steve Grumbine of the MMT Podcast Macro N Cheese. And if you’ve ever listened to his podcast, you will know that he is a bona fide ‘force of nature’.

He constantly reminds us that learning about MMT is not the point in itself — the point is to use it to make people’s lives better.

And in that pursuit, Steve is never afraid to say what’s on his mind. He doesn’t hide from political realities and doesn’t hold back no matter what the topic is.

So, of course, in this episode we mention one of those very topics, i.e. when we briefly discuss Gaza.

With that in mind, I need to make it clear that I condemn all violence — whether by Hamas or by the Israeli government and I wholeheartedly condemn antisemitism.

Ok, before we get into our chat. If you are finding this MMT101 content useful and educational, please become a subscriber.

And if you want to help me to continue with this work, I would really appreciate it if you were to become a paid subscriber. It really helps me to continue on my mission of teaching the lessons of MMT.

Ok, let’s get right into my chat. My guest this week is Steve Grumbine.

Note, that paid subscribers resources are now on this page. Downloadable factsheets, a downloadable dictionary of economic jargon, my book/journal recommendations and more.

If you have any feedback or questions or if you disagree with anything I write, I want to hear from you. I value your input whether you agree with me or not. Please add your comments in the discussion area.

Get full access to MMT101.ORG - Learn Modern Monetary Theory (MMT) at mmt101.substack.com/subscribe

Hi, I’m Jim Byrne and this is for people who believe we can build a fairer, greener world by understanding how the economy and our monetary system work. Subscribe for free to get my weekly post.

Today I’m talking to another of my favourite economists, Steve Keen. I absolutely love talking to Steve because he never holds back from saying what he thinks. He’s got the courage of his convictions and, of course, he’s got the data to back up those convictions.

Steve is an Australian economist and author of Debunking Economics, a critic of mainstream economics and—importantly, in terms of setting himself apart from other economists, he’s developed his own simulation software that models the economy as it changes over time. He’s also well known as one of the few who predicted the 2008 financial crash.

In this episode, among other things, Steve debunks the claims of neoliberal economists on their own terms, talks about the importance of the private debt-to-GDP ratio and demonstrates the crucial role of government as a stabiliser of the economy—using his simulation software.

I spoke to Steve for quite a while. It’s all great stuff with fantastic insights but a bit too long for this podcast – so in addition to this episode I intend to post the full chat on YouTube.

Don’t forget to subscribe to MMT101 and if you would like to help me to continue to write and put these MMT podcasts together - please become a paid subscriber MMT101 economics. Thanks.

One more thing: I’ve beeped out a few words in this episode. I just thought I’d let you know before we get into it.

Ok, let’s listen to economist Steve Keen on the MMT101 Podcast.

MMT101.ORG - Learn Modern Monetary Theory (MMT) is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Get full access to MMT101.ORG - Learn Modern Monetary Theory (MMT) at mmt101.substack.com/subscribe

In this MMT101 podcast we were delighted to be speaking to MMT superstar, economist Phil Armstrong. When I say we, I mean myself and my MMT colleague Lynne Dougan.

One of the things that makes Phil such a superstar is that he never forgets why it’s important to study MMT: i.e., so we can make people’s lives better.

Phil Armstrong – the UK’s leading MMT scholar

Phil is arguably the UK’s leading MMT scholar. He has over 38 years of experience as an economist, an educator, and author. In addition to his economics teaching, he also teaches business and engineering.

And like many in the MMT/Post-Keynesian space, for example, economist John Harvey, who I spoke to a few episodes ago, he is a strong advocate for pluralism in economic thought.

In this podcast we ponder many questions—including: “What are economists for?” “Do they do anything useful?” “Are economic predictions worth the paper they are written on?” “Why do mainstream economists ignore the other side of the balance sheet?” and “Why does MMT help us understand the real world?”

I’ll admit we also go off-topic a few times, at one point we start talking about Scotland and Scottish independence: which of course is relevant to MMT because, unlike the UK Government, Scotland is a currency user, not a currency issuer. Both myself and Lynne are Scottish independence supporters, so we are always happy to talk on that subject.

Phil’s publications include the following:

* “Can Heterodox Economics Make a Difference?: Conversations With Key Thinkers”

* Phil also contributed a chapter called "Modern Monetary Theory as Post-Neoliberal Economics: The Role of Methodology-Philosophy,” to the book Modern Monetary Theory: Key Insights, Leading Thinkers.

Check them out. We all need to be studying Phil’s insights.

Become a paid subscriber to MMT101DOTORG

If you haven’t already done so, please subscribe to my MMT101 Substack, it will allow me to continue to teach Modern Monetary Theory (MMT) via my articles and podcasts.

Keep well and keep busy,

Jim

Hi, I’m Jim Byrne and this is for people who believe we can build a fairer, greener world by understanding how the economy and our monetary system work. Subscribe for free to get my weekly post.

Get full access to MMT101.ORG - Learn Modern Monetary Theory (MMT) at mmt101.substack.com/subscribe