Exploring the effectiveness of social media – Part 3

This is the third addition in the ‘Exploring the effectiveness of social media’ series, which is reporting current research I am doing with Dr Louisa Connors, which seeks to understand how best to use social media to advance an awareness and understanding of Modern Monetary Theory (MMT). We will be discussing some of this work at the The Second International Conference of Modern Monetary Theory (New York, September 28-30), that is, later this week. There is no doubt that social media (among other things) has played a major role in building a non-academic audience for Modern Monetary Theory (MMT). But it is not yet clear to me that social media users who seek to advocate for MMT have fully understood the media they are using. I see counterproductive exercises regularly on Twitter, for example. There is a clear literature on effective use of social media and there is also a long literature on how to frame arguments to be persuasive. Calling someone on Twitter who disagrees with you a ‘fxxkwit’ or telling them they haven’t read the literature is probably not the best way to exploit what is a power tool for advancing our cause. This blog post extends the discussion about the strategic use of social media.
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    Posted in Framing and Language | 5 Comments

    Exploring the effectiveness of social media – Part 2

    This is another addition in the ‘Exploring the effectiveness of social media’ series, which I last discussed in the blog post of the same name – Exploring the effectiveness of social media (September 5, 2018). This is current research I am doing with Dr Louisa Connors and we will discuss it at the The Second International Conference of Modern Monetary Theory (New York, September 28-30), that is, later this week. There is no doubt that social media (among other things) has played a major role in building a non-academic audience for Modern Monetary Theory (MMT). As I noted in the previous blog post on this topic, it is not clear that MMT advocates fully utilise social media in a way that advances advocacy even though it is clear that advocacy is the intent of the social media activity. The earlier blog post examined some of the reasons why Twitter use for example might be counterproductive. This blog post extends the discussion about the strategic use of social media.
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      Posted in Framing and Language, Reclaim the State | 9 Comments

      The Weekend Quiz – September 22-23, 2018 – answers and discussion

      Here are the answers with discussion for this Weekend’s Quiz. The information provided should help you work out why you missed a question or three! If you haven’t already done the Quiz from yesterday then have a go at it before you read the answers. I hope this helps you develop an understanding of modern monetary theory (MMT) and its application to macroeconomic thinking. Comments as usual welcome, especially if I have made an error.
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        Posted in Saturday quiz | 1 Comment

        The Weekend Quiz – September 22-23, 2018

        Welcome to The Weekend Quiz. The quiz tests whether you have been paying attention or not to the blog posts that I post. See how you go with the following questions. Your results are only known to you and no records are retained.
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          Posted in Saturday quiz | 6 Comments

          Understanding what the T in MMT involves

          I’ve been meaning to write about this topic for some time, but a Tweet the other day reminded me that there was still major misunderstandings of what Modern Monetary Theory (MMT) represents and that it was time to clarify some of those errors in comprehension. Specifically, there is a current out there that considers MMT to be incorrectly labelled because according to the argument there is no theory involved. It’s hard to imagine why anyone would think that but the fact that they do tells me that I should write this blog post. As I noted yesterday, our Macroeconomics textbook to be published by Macmillan Palgrave in February 2019 is full of theory. It has a lot of description, taxonomy, accounting, history, and philosophy, but also a lot of theory that ties some of those other components together in a meaningful way. The T in MMT is not a misnomer. The Tweet I saw the other day also said there was nothing new in MMT so what’s with the modern bit! I have already dealt with that issue in the past.
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            Posted in Debriefing 101 | 21 Comments

            Economics curriculum is needed to work against selfishness and for altruism

            It is Wednesday and so just some snippets. I have written about the behavioural impacts that studying mainstream economics, particularly the microeconomics component can have on students as they progress through their studies. I have observed sort of nice young people entering first-year and by later years, become arrogant, self-opinionated and delusional jerks. This phenomenon is particularly prominent if they go onto to do postgraduate level studies. It is well documented. The way mainstream economics is taught builds on anti-social attitudes that might already be present in students who choose to undertake this sort of training. The curriculum matters a lot. In that context, our next macroeconomics textbook (see below) will, in my view, actively work against any predisposition towards selfishness and against altruism, while still providing students with a first-class, technical education in how the monetary system operates.
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              Posted in Economics, MMT Textbook, Music | 23 Comments

              ‘Progressive’ groups in Australia captured by neoliberal ideology

              The Australian Council of Social Service (ACOSS), which represents income support recipients, in conjunction with Jobs Australia (a peak body for the not-for-profit job services providers) released a report last week (September 14, 2018) – Faces of Unemployment – which was a welcome return to a focus on joblessness and the need to provide more jobs, rather than the lame faux-progressive retreat to UBI advocacy that has dominated the policy debate for the last few years. However, once you start reading the analysis you realise that these supposedly ‘progressive’ organisations offer the same old neoliberal remedies to solving poverty and unemployment. They want: Compulsory, assisted job search, which is just coercion of jobless workers by Australia’s privatised job services industry that has an appalling record; 2. Wage subsidies in the private sector and Public sector wage subsidies – which never produce effective sustainable outcomes of sufficient magnitude to be called a solution; and vocational training, which is the same old ‘put workers on the training treadmill and shuffle the jobless queue’. This reinforces the theme I focus on a lot that the progressive elements in our society have become captured by the neoliberal mainstream and cannot think outside that frame. There is actually no mention or analysis of public sector job creation programs in the entire ACOSS/JA Report. Sadly, groups like ACOSS have a major public voice and the Federal government sees their advocacy as non-threatening because the type of policies they advocate are mainstream neoliberal and just more of what the Government, itself, thinks are viable. The irony (or disgrace) is that if these policies were effective then the ACOSS/JA Report would not have had to be written. Just imagine what they could have written about the “Faces of Unemployment” if a Job Guarantee program effectively wiped unemployment out. It would become a very short story of workers moving between jobs.
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                Posted in Job Guarantee, Labour Force, Unemployment Benefits | 14 Comments

                Precarious private balance sheets driven by fiscal austerity is the problem

                The media has been giving a lot of attention in the last week to the 10-year anniversary of the Lehman Brothers crash which occurred on September 15, 2008 and marked the realisation, after months of denial, that there was a financial crisis underway. Lots of articles have been published recently about what we have learned from this historical episode. I thought that the Rolling Stone article by Matt Taibbi (September 13, 2018) – Ten Years After the Crash, We’ve Learned Nothing – pretty much summed it up. We have learned very little. Commentators still construct the crisis as a sovereign debt problem and demand that governments reduce fiscal deficits to give them ‘space’ to defend the economy in the next crisis. They are also noting that the balance sheets of the non-government sector components – households and firms – are looking rather precarious. They also tie that in with flat wages growth and a run down in household saving. But the link between the fiscal data and the non-government borrowing data is never made. So we are moving headlong into the next crisis with very little understanding of the relationship between government and non-government. And we are increasingly relying on private sector debt buildup to fund growth as governments retreat. Everything about that is wrong.
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                  Posted in Central banking, Economics, Fiscal Statements, National Accounts | 31 Comments

                  The Weekend Quiz – September 15-16, 2018 – answers and discussion

                  Here are the answers with discussion for this Weekend’s Quiz. The information provided should help you work out why you missed a question or three! If you haven’t already done the Quiz from yesterday then have a go at it before you read the answers. I hope this helps you develop an understanding of modern monetary theory (MMT) and its application to macroeconomic thinking. Comments as usual welcome, especially if I have made an error.
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                    Posted in Saturday quiz | Leave a comment

                    The Weekend Quiz – September 15-16, 2018

                    Welcome to The Weekend Quiz. The quiz tests whether you have been paying attention or not to the blog posts that I post. See how you go with the following questions. Your results are only known to you and no records are retained.
                    Read the rest of this entry »

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                      Posted in Saturday quiz | 4 Comments