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Left Out creates in-depth conversations with the most interesting political thinkers, heterodox economists, and organizers on the Left.
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Now displaying: Category: economics
Aug 7, 2018

In this bonus episode, listen to the fascinating story of renowned economist Michael Hudson — the professor featured on our weekly economic and financial news series — The Hudson Report.

Many other economists consider Michael Hudson the greatest living economist in the world. Here he gives a detailed account of his life, from childhood up to present time.

*This autobiographical interview was conducted at Peking University on May 7, 2018 by Lau Kin Chi of the Global University for Sustainability. A special thanks to Lau Kin Chi and his colleagues for allowing us to share this audio.

 

Jul 24, 2018
In this episode of Left Out, Paul Sliker speaks with Pavlina Tcherneva at the Levy Economics Institute about the macroeconomic effects of a federal job guarantee, the common criticisms around its design and implementation, and much more. 
 
Pavlina Tcherneva is a leading American economist and Modern Monetary Theory (MMT) scholar. She’s currently the Director of the Economics Program at Bard College and a Research Scholar at the Levy Economics Institute. Follow her on Twitter: @ptcherneva
 
Timestamps of topics discussed:
  • Introduction to Pavlina Tcherneva (4:27)
  • Hyman Minsky and Post-Keynesian Institutionalism (12:14)
  • How economists and the general public misread and misinterpret the work of John Maynard Keynes (17:00)
  • The problems of income inequality and unemployment as a window for understanding the need for a job guarantee (21:40)
  • Addressing criticisms on the funding of a job guarantee (28:24)
  • Addressing criticisms of the design of a job guarantee (31:00)
  • Addressing concerns of a job guarantee creating “make work” and "bullshit jobs" (38:03)
  • Addressing concerns of how a federal job guarantee can ensure states, local governments and communities will create enough jobs (43:55)
  • On the role of the Federal Reserve in managing the macroeconomy, employment, and the conceptual misunderstandings of unemployment (47:14)
  • On the importance of the job guarantee pegging the US dollar to labor (53:06)
  • A job guarantee versus a universal basic income (57:40)
  • The job guarantee in Argentina in the aftermath of its 2001 economic crisis (104:45)
  • Outlook on the US economy if we remain without policies like a job guarantee (1:12:32)
 
Reports mentioned in this conversation:
 
The Job Guarantee: Design, Jobs, and Implementation (Pavlina Tcherneva; Levy Economics Institute) 
 
Inequality Update: Who Gains When Income Grows? (Pavlina Tcherneva; Levy Economics Institute)
 
For more of Pavlina Tcherneva’s work on the federal job guarantee and much more, please visit: https://www.pavlina-tcherneva.net/
 
To learn more about the Levy Economics Institute and the research and publications of their other leading scholars, please visit: http://www.levyinstitute.org/
 

If you're enjoying Left Out, please support us by becoming a Patron. Your monthly donations help keep Left Out alive: www.patreon.com/leftout/

Jul 21, 2018

In this Left Out teaser, economist Pavlina Tcherneva explains how if the US Government were to initiate a federal job guarantee, it would be pegging the US Dollar to labor and creating a condition where human labor becomes the anchor for the currency.

Our full episode with Pavlina Tcherneva on Keynes, Minsky, a federal job guarantee and much more, will release this week.

Jul 14, 2018

One of the main components of Minsky’s work is that he took an “institutionalist” approach and argued that abstract economic theory could not be applicable in all times and places but must be institution-specific.

In this Left Out teaser, economist Pavlina Tcherneva explains the importance of Minsky's incorporation of post-Keynesian theory with an “institutionalist” recognition for the different kinds of past, current, and future economic institutions.

Our full episode with Pavlina Tcherneva on Keynes, Minsky, a federal job guarantee and much more, will release this week.

---------------

Pavlina R. Tcherneva is Associate Professor and Chair at the Department of Economics at Bard College. She is also a Research Associate at the Levy Economics Institute, and a Senior Research Scholar the Center for Full Employment and Price Stability.

She specializes in the fields of monetary theory, fiscal policy, and macroeconomic stabilization. Her research examines the impact of direct job creation on growth, income inequality, and unemployment, and in particular on women and youth. She has developed a blueprint for operationalizing her Job Guarantee proposal for the United States.

Tcherneva most recently consulted for Bernie Sanders' 2016 U.S. Presidential campaign. She frequently speaks at Central Banks around the world and has worked with economists and policymakers from different countries on developing and evaluating direct job creation schemes. She has published numerous journal articles and book chapters and her 2004 book Full Employment and Price Stability: The Macroeconomic Vision of William S. Vickrey(with Forstater, eds.) is a rare collection of the lesser known works by the late Nobel Prize-winning economist.​

During Summer 2006, she was a visiting scholar at the University of Cambridge Centre for Economic and Public Policy, U.K., where she immersed herself in Keynes’s collected writings and personal papers. She developed an interpretation of Keynes’s policy approach to full employment for which she was recognized by the Association for Social Economicswith the Hellen Potter Prize (2012).

​She is a two-time grantee from the Institute for New Economic Thinkingfor her work on rethinking fiscal policy.

May 29, 2018

In this episode of Left Out, political economist Ann Pettifor speaks with Paul Sliker about the production of money, as well as why challenging the despotic power of finance and fixing our economic system, crucially depends on people's understanding of it all.

"Very often my experience is that activists don't ever talk about this stuff. They don't have a list of these demands. We want to do something about taxes or we want to do something about investment—all that tangible stuff that you can see on a day-to-day basis. We don't ever to talk about this thing which you can't see, which is the financial system. So if we can just get talking about that we'll begin to make ways." -Ann Pettifor

Topics discussed:

  • Money - what it is and how it is produced;
  • How our banking and monetary systems work;
  • Why mainstream economists leave out the activity of Banks, Money, and Private Debt in their thinking and modeling; 
  • Solutions for fixing and democratizing the global financial system;
  • What the general public can do once they understand how our banking and monetary systems work;
  • How people can effectively challenge and reverse the influence of extremely powerful financial interests;
  • Bitcoin; Job Guarantee vs. UBI; Brexit; Jeremy Corbyn and the state of the Labour Party; European politics and the rise of the Far Right.

Pick up Ann's latest book: 'The Production of Money: How to Break the Power of Bankers' www.versobooks.com/books/2706-the-…uction-of-money

We need your help to keep providing free content. Please support Left Out by going to: https://www.patreon.com/leftout/

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