RadioMMT

What if everything you knew about supply and demand was a lie?In this episode, heterodox economics student Kent Getsinger introduces us to Fred Sterling Lee—the greatest economist you’ve never heard of. Lee didn't just question mainstream economics; he mathematically proved that the "law" of supply and demand does not exist. Stripping away orthodox ideology, this episode reveals the radical truth: the prices we pay aren't natural laws, they're the result of raw class power. Tune in for an economic reality check that’s like telling the Pope there is no God. Show Notes Public Money Public Good (PMPG) Fred Lee's 'grandiose' project: Towards a unified heterodox model? (presentation Kent Getsinger)Modern Money Lab (MML)Fred Lee's Last Graduate Heterodox Micro of 2013/2014 (video) Microeconomic Theory: A Heterodox Approach (book)By Frederic S. Lee, Tae-Hee JoPost Keynesian Price Theory (book)by Frederic S. Lee Frederic Sterling Lee (economist) The Code of Capital: How the Law Creates Wealth and Inequality (book)by Katharina Pistor Inquiry into Price Gouging and Unfair Pricing Practices (report, 2024)Findings of the Inquiry chaired by Professor Allan Fels AO – former chairman of the Australian Competition and Consumer Commission (ACCC) Other economists mentioned, in order of appearance:Alfred EichnerAllan G. GruchyThorstein VeblenRandall WrayStefanie KeltonFadel KaboubIsabella WeberFrançois QuesnayPiero SraffaBill MitchellDavid HarveyFrank Stilwel Theme Music Pleading Ignorance, by Ed Kuepper, from the album Starstruck. Additional Audio Too Many Things, by Ed Kuepper, from the album Starstruck. Hey Yaba by Djawarrayfrom the album Magayin (Stand & Rise) Wulman Wulman by Djawarrayfrom the album Magayin (Stand & Rise)

Money is something we use everyday, and think about a lot, yet the real nature of money is shrouded in mystery. If you haven't come across MMT (Modern Monetary Theory), chances are, money remains an enigma. Even economists and financiers often get it wrong.The econo-babble surrounding money is no accident. We are not taught about money, or our monetary system. Economic literacy is not part of our general education. Not in the same way we are taught to read and write, or use a computer. Into this void step multiple pundits, doomsayers, gold bugs, misguided mavericks, and... mainstream economists.Anne and Kev set us on the right track by looking at four ways for thinking about money:     the Story of Money    money as an IOU    the monetary system as a pyramid of IOUs    money as like points in a football game Once you see it, you can't un-see it.  CreditsTheme MusicPleading Ignorance, by Ed Kuepper, from the album Starstruck.https://edkuepper.comAdditional AudioToo Many Things, by Ed Kuepper, from the album Starstruck.https://edkuepper.comhttps://orangefreesounds.comSongs and sound effects permitted for non-commercial use under license “Attribution-NonCommercial 4.0 International (CC BY-NC 4.0)”

When supermarket giants control the food supply chain, shopping around won't save you. This episode, we go beyond standard supermarket bashing to look at the real culprit: a government that refuses to utilise countervailing power, and wants you to believe that more supermarket competition is the answer. Tune in to discover the public option future that could actually fix your grocery bill. Shownotes Supermarkets (articles) Mayor Mamdani Announces La Marqueta as First Site Identified for City’s Public Grocery Stores, April 14, 2026 (press release) In the Loop: Revolutionizing Public Finance, hosted by Scott Ferguson, Tyler Suksawat, and Will Beaman (podcast by Money On The Left) Public Money. Public Good. PMPG (events)Supermarkets Inquiry | Final Report, by the ACCC, 2025 Where your spend at Coles and Woolworths is really going, Mar 20, 2024 (article)John Kehoe, Economics editor The Australian Financial Review Local Food Connections (3CR): Katy Swain and Jessie Winter on the power of supermarkets over producers and suppliers of food (episode) And in case you are wondering about nationalised pubs...They nationalised a pub by Chris Spargo (video) And just for laughs...Discounts all round@ChrisKohlerNews Theme Music Pleading Ignorance, by Ed Kuepper, from the album Starstruck. Additional Audio Too Many Things, by Ed Kuepper, from the album Starstruck. In Full: ACCC speaks after Coles found to have misled customers ABC News (Australia), May 14, 2026 Going Down (Live In Concert) by G3

Kev and Katy wrap up this series of shows with an overview of where neoliberal government and neoliberal institutions have failed, and what we can do about it at a grassroots level.ShownotesThe Heritage Foundation at WikipediaAmerica’s Golden Age: A Return to the Permanent Things, Heritage Foundation president Kevin Roberts' medieval Christian vision for the US. (Also expanded upon as a lecture on YouTube)."Attack on American Free Enterprise System" (aka. the Powell Memorandum) at the Internet ArchiveA review of Late Soviet Britain: why materialist utopias fail, by Abby Innes.How neoliberalism broke economics, an interview with Abby Innes:[Soviet and neoliberal economics] both operate with sort of closed system reasoning about the possibility of a completely efficient system. whether that's a completely efficient social plan or a completely efficient market. And then the dark historical joke is that they necessarily converge on the same statecraft. […The assumption is] that if you design regulations in the appropriate way, enterprises will only ever work in a way that is socially productive.Slashing support: How the NDIS is leaving the most vulnerable behind, by friend of the show James Rozier, explaining why healthcare doesn't work like a textbook market:So, why aren’t participants “disciplining the market” and seeking lower prices? When looking for a doctor, we tend to take the first appointment available. Then, we tend to stay with that doctor and trust their advice. These behaviours and trust relationships are particularly prevalent in healthcare. If we expect NDIS participants to drive down prices, we ignore such behavioural realities.Theme MusicPleading Ignorance, by Ed Kuepper, from the album Starstruck.Additional AudioToo Many Things, by Ed Kuepper, from the album Starstruck.

Kev and Katy bring their white coats and stethoscopes to the task of examining Neoliberalism, "the rich bloke mind virus", as Elon Musk might describe it (but probably won't). How did it grow from a fringe philosophy nurtured by a handful of embittered cranks to bipartisan policy prescription in the world's wealthiest countries in the space of thirty years? And why, half a century later, are governments still clinging to it?ShownotesThe Path to a Sustainable Civilisation, Mark Diesendorf and Rod Taylor (2023), Palgrave Macmillan.For context, listeners might want to revisit our chat with Marcus Champ on the scale and efficacy of Australia's WWII economic management.How Neoliberalism Survived the Financial Meltdown (w/ Philip Mirowski) on the Majority Report w/ Sam Seder.Cory Doctorow on Milton Friedman and "ideas lying around".Rich countries drained $152tn from the global South since 1960, Jason Hickel, Dylan Sullivan and Huzaifa Zoomkawala in Al Jazeera.Ecological Unequal Exchange: Consumption, Equity, and Unsustainable Structural Relationships within the Global Economy, James RIce (2007).Public Money Public Good Workshop: How to resist the Con, Geelong Library & Heritage Centre, Saturday 5 September, 2026. (Tickets)Theme MusicPleading Ignorance, by Ed Kuepper, from the album Starstruck.Additional AudioToo Many Things, by Ed Kuepper, from the album Starstruck.Ecstacy, by Lou Reed.

Kev and Katy tackle the big questions of our time.If global warming threatens us all, and global warming is driven by capitalism, what can we do about it? How do we change our political economy? Reform, revolution, or something else?They look at how wealth accumulates, and go on to unpick the relationship between capital and the state. Shownotes Disaster Nationalism by Richard Seymour (book) The Triploi Podcast Month Pelerin Society, Statement of Aims The Global Food Crisis of 1972-75"In the early 1970’s, Canada, the US, and Australia enacted agricultural policies that subsidized farmers by paying them to NOT grow grain. The purpose of these policies, such as the Agricultural Act of 1970, was to intentionally lower the global stock of grain, thus driving the price up exponentially." 1973 Oil Crisis The Logic of Total Culture WarAn article on the ideology of the MAGA think tanks by Katy Swain Theme Music Pleading Ignorance, by Ed Kuepper, from the album Starstruck. Additional Audio Too Many Things, by Ed Kuepper, from the album Starstruck. Teardrop, by Massive Attack

Socialist revolution or evolution? Anne & Kev speak with Prof Bill Mitchell about how an understanding of Modern Monetary Theory is essential for realistic change. Shownotes Theme Music Pleading Ignorance, by Ed Kuepper, from the album Starstruck. Additional Audio Too Many Things, by Ed Kuepper, from the album Starstruck. The Revolution was Postponed Because of Rain by Brooklyn Funk Essentials

We return to our conversation with labour market political sociologist, Dr. Victor Quirk.This is a conversation about the "Political Aspects of Full Employment" as inspired by a paper written by economist Michael Kalecki, published back in 1943.You can find the first part of this two-part conversation in our previous episode #77.In the first part of our conversation we talked about how mass unemployment is not an unfortunate happenstance, or the fault of the individual unemployed worker. Mass unemployment is a battle-ground in class warfare.In this episode, we go back in history, to the turn of the previous century, and we look at how the battle over full employment played out when Australia was under the thumb of the British empire, and how London bankers created unemployment in Australia.We then turn to the fair and humane solution to unemployment, a solution which continues to be studiously ignored by both government and business. Shownotes Full employment, the 'Right to Work' and the Job Guarantee (lecture)Modern Money Australia featuring Dr. Victor Quirk15 February, 2020 The Job Guarantee of 1848 (paper) by Dr Quirk Political Aspects of Full Employment (article) by Michael KaleckiPolitical Quarterly, 1943"obstinate ignorance is usually a manifestation of underlying political motives" Theme Music Pleading Ignorance, by Ed Kuepper, from the album Starstruck. Additional Audio Too Many Things, by Ed Kuepper, from the album Starstruck. Brother Can You Spare A Dime? written by Jay Gorney & E. Y. Harburgsung by Rudy Vallee, 1932

Poverty, vilification, and social isolation. Unemployment causes untold damage to individuals, families and communities. You might think we would want to minimise these harms by minimising unemployment.Since at least the 1940s we have known how to run an economy on genuine full employment (less than 2% unemployment). So why don't we?We speak with Dr. Victor Quirk, about how this battle over full employment has played out in Australia, and involved all manner of shenanigans. Shownotes Political Aspects of Full Employment by Michael KaleckiPolitical Quarterly, 1943"obstinate ignorance is usually a manifestation of underlying political motives" Full employment, the 'Right to Work' and the Job Guarantee (lecture)Modern Money Australia featuring Dr. Victor Quirk15 February, 2020 The Job Guarantee of 1848 (paper) by Dr Quirk Theme Music Pleading Ignorance, by Ed Kuepper, from the album Starstruck. Additional Audio Too Many Things, by Ed Kuepper, from the album Starstruck. Brother Can You Spare A Dime? written by Jay Gorney & E. Y. Harburgsung by Rudy Vallee, 1932 Upcoming Events PMPG Online Lecture Series“An economy that puts people & planet first: what it looks like and how to get there”6:00-7:00pm, Tuesday 30 June, 2026register for free 3CR Community Day Celebrating 50 Years on the Air4pm, Saturday, 4th July 2026Collingwood Town Hall. RSVP at humanitix.

Why is it when ordinary workers are awarded a small pay increase in line with cost of living increases that business cries, "Inflation!", while at the same time demanding that their perks and ever increasing profit margins, essentially pay increases, are good for the economy?As radio station 3CR turns 50 years old, Anne & Kev discuss the recent minimum wage increase, the dubious aspects of mainstream media, and more -- demonstrating the good reasons to get on board by supporting a radio station so unique, so socially connected, that it would actually encourage a show like RadioMMT to exist. Donate to 3CR and choose RadioMMT as your show!Online: https://www.3cr.org.au/donateBy phone:Call 03 9419 8377 during business hours (Monday - Friday 10:00 am - 6:00 pm) to pay by credit card.By direct deposit:Account Name: Community Radio Federations Donations AccountBSB: 313 140Account Number: 1205 9465  NOTE: If you pay by Direct Deposit you need to notify 3CR of your payment via email so 3CR can send you a tax-deductible receipt and allocate your donation correctly. Show NotesWhy is News Corp attacking tax reform? Because it’s actually a real estate company (article)Christopher Warren, Crikey, May 20, 2026 Murdoch’s News Corp has moved into the mortgage business. Where are the regulators? (article)Roberta Esbitt, The New Daily, Jun 30, 2025 Theme MusicPleading Ignorance, by Ed Kuepper, from the album Starstruck. Additional AudioToo Many Things, by Ed Kuepper, from the album Starstruck. Strong Feelings by Dry Cleaning Ammo by Mod Con