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Now displaying: July, 2018
Jul 30, 2018

In this episode of The Hudson Report, we speak with Michael Hudson about the implications of the flattening yield curve, the possibility of another global financial crisis, and public banking as an alternative to the current system.

The Hudson Report is a Left Out weekly series with the legendary economist Michael Hudson. Every week, we look at an economic issue that is either being ignored—or hotly debated—in the press that week. 
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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:
To learn more about the Levy Economics Institute and the research and publications of their other leading scholars, please visit:

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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.

Jul 4, 2018

In this episode of The Hudson Report, Paul Sliker speaks with Michael Hudson about the economic and political implications of the International Monetary Fund's $50 billion loan to Argentina, which is the largest IMF credit line in history. 


The Hudson Report is a new weekly series produced by Left Out with the legendary economist Michael Hudson. Every episode we pick Professor Hudson’s brain on an economic issue that is either being ignored—or hotly debated—that week in the press.

If you're enjoying Left Out and The Hudson Report, please consider becoming a monthly Patreon subscriber. Your small donations help the show alive:

Follow Left Out on Twitter: @leftoutpodcast

Jul 1, 2018

Kate Aronoff is a graduate student of Economics at John Jay College, a contributing writer at The Intercept, and a writing fellow for In These Times covering the politics of climate change, economics and public policy, the White House and the Trump administration, and the resistance to Trump's agenda.

In the this episode of Left Out, we cover a number of topics with Kate: 

  • Heterodox vs. Neoclassical (mainstream) economics;
  • Women and economics;
  • The history of the Job Guarantee and today's proposals;
  • The state of the Democratic Party;
  • Climate change and climate politics in the age of Trump;
  • The privatization of Puerto Rico and PREPA
Articles discussed in the show:
Check out the rest of Kate's recent work:
Follow Kate on Twitter: @KateAronoff
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