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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.

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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.

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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.

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 in this article, 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

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.

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. 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.

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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

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 episode, I am chatting to the economist John T Harvey - known to some as ‘The Cowboy Economist’, the Texas cowboy persona he adopts while making seemingly complicated ideas accessible to a wider audience.

We cover quite a lot of ground. We chat about the underlying methodologies used by different schools of economic thought, the influence of values and ideological beliefs, the differences between MMT & Post Keynesianism and much much more.

John is someone I greatly admire – not just as a tremendously smart economist and teacher - but as a genuinely nice person: always generous with his time, his knowledge and his good humour.

John was born in London, England, in the 1960s and then moved to the States - I’m not sure what year that was. However, I do know that he earned his master’s degree in economics in 1986 and his PhD in Economics in 1987 at Texas Christian University - where he remains to this day - as a Professor of Economics.

John is a leading post-Keynesian economist and if I read him right, he is also influenced by the Institutionalist School. He specialises in, among other things, macroeconomics, business cycles and exchange rates.

He has many, many publications to his name and is the author of a number of books - including: “Contending Perspectives in Economics: A Guide to Contemporary Schools of Thought”, which he first published in 2015 and updated in 2020.

John has an ability to present complex economic ideas in a clear, engaging, and often humorous way - and that has made him a regular contributor to many mainstream media outlets, including: Forbes, RealClear Markets and OpEdNews. His passion for making economics accessible and relevant always shines through. I’m sure you will enjoy our chat.

Become a paid subscriber of MMT101

On a different note, if you are finding these podcasts and articles useful please support my work at MMT101.ORG by become a paid subscriber.

Your support allows me to continue to write, teach and to build a community of like-minded individuals. Individuals, like yourself, who understand that MMT offers an opportunity to change the world for the better.

Currency issuing governments like the UK are running austerity policies which literally costs lives and plunge people into poverty. As MMT advocates, we know there is no need for it.

So, the more people who learn about MMT, the quicker we will get to the point where politicians and orthodox economists will take notice and start to change their tune. So, become a paid subscriber now.

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

Warren Mosler on the MMT101.ORG Podcast

Warren Mosler is an entrepreneur, an innovator, a writer, and, latterly, a teacher. His background is in finance, having founded three successful investment companies. He also has a passion for building and racing cars. Currently, he considers his main job to be teaching us all how the economy and the monetary system work.

And, of course, last but not least, Warren is principally responsible for developing the heterodox school of economics we all now call Modern Monetary Theory (MMT).

We take advantage of Warren’s knowledge in this episode by asking questions relating to his 2010 book, The 7 Deadly Innocent Frauds of Economic Policy. It remains a great introduction to Modern Monetary Theory (MMT).

Become a paid subscriber of MMT101

On a different note, please support the work of MMT101.ORG by become a paid subscriber. Your support allows me to continue to write, teach and to build a community of like-minded individuals. Individuals, like yourself, who understand that MMT offers an opportunity to change the world for the better.

Currency issuing governments like the UK are running austerity policies which literally costs lives and plunge people into poverty. As MMT advocates, we know there is no need for it.

So, the more people who learn about MMT, the quicker we will get to the point where politicians and orthodox economists will take notice and start to change their tune. So, become a paid subscriber now.

That’s the preamble - so lets’ jump right in and listen to our chat with Warren Mosler.

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

Welcome to part two of our chat with Professor L. Randall Wray. In the first episode we learned a lot about the origins of money – back in the distant past.

In this episode we are back in the 21st century. We learn what actually happens when we pay our taxes; what the government tells us taxes pay for; why governments surpluses don’t tend to bring joy to the world; and why most economists are still slow to take onboard MMT insights.

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.

Support MMT101.org by Becoming a Paid Subscriber

If you are enjoying this content and finding it a valuable learning tool, please support MMT101.ORG by become a paid subscriber.

Your support allows me to continue to write, teach and to build a community of like-minded individuals. Individuals, like yourself, who understand that MMT offers an opportunity to change the world for the better.

Currency issuing governments like the UK are running austerity policies which literally costs lives and plunge people into poverty. We know there is no need for it.

So, the more people who learn about MMT, the quicker we will get to the point where politicians and orthodox economists will take notice and start to change their tune. Become a paid subscriber now.

OK, let’s jump into part two of our chat with Professor L. Randall Wray.

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

Professor L. Randall Wray on MMT101.org: Chatting with Jim Byrne & Lynne Dougan

Professor L. Randall Wray is a leading Modern Monetary Theory (MMT) economist and scholar.

In this podcast episode Professor L. Randall Wray talks about: where money comes from, standardising a unit of measurement, the destruction of taxes, understanding IOUs, balance sheet entries, sovereign debt, and more...

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

Today I am chatting with Tim Rideout and Ian Stewart of the Scottish Currency Group. And, if you’re thinking, ‘Currency? Well, that doesn’t sound very interesting’, then stay tuned because Tim and Ian will have you convinced otherwise.

Tim and Ian chat about all things related to the upcoming Scottish Currency Group Conference. The conference will take place on the 21st of September, 2024, at the Carnegie Conference Centre in Dunfermline.

If I were to reduce the aim of the conference to a single phrase, that phrase would be: ‘why an independent Scotland has to have its own currency.’ That's not their description, that's one I made up  - because that's the impression I got from reading the conference program. 

I hope you enjoy my conversation with Tim Rideout and Ian Stewart of the Scottish Currency Group.

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