2018 MMT and Economic Education Part 1 - FULL - Professor Stephanie Kelton
https://love-and-theft-2014.blogspot.com/2021/03/2018-mmt-and-economic-education-part-1.html
https://youtu.be/2e3Iz8E7xHM
2018/04/06
ユーロ関連ダイジェスト：
Stephanie Kelton (MMT): Why the euro is a bad idea.
https://youtu.be/XGp6CUAAnO4
2018/12
full
https://youtu.be/2e3Iz8E7xHM
Charles Hayden
@CarlitosMMT
Stephanie Kelton: What is MMT? pic.twitter.com/eBsGEgVxEY
2023/01/03 13:45
https://twitter.com/carlitosmmt/status/1610135271210729472?s=61&t=FPgoa2I0WGFaR0hlyLHFxg
2:09
Up. So what is modern monetary Theory? I think of modern monetary theories a brand name. It's a shorthand way of referring to a body of research that number of economists myself included started developing around 20 years ago somewhere along the way. Work that we were doing got referred to as modern monetary Theory and for modern money Theory and then later just shorthand and then teach. So what mmt it's a big project right? But if I have to boil it down into sort of a a little kind of one sentence takeaway for your listeners modern monetary theory is a school of thought in economics that starts with a simple recognition that in most countries. The currency itself is a simple public Monopoly which is to say that the currency is issued by the state and because the state is in control of its currency is the issue of the currency. It can never run out of money. It can never be forced into default. It isn't like a household or a private business. It doesn't face the same constraints that households and businesses face and therefore it can do things it can operate In a way that's different from the way that helps holds have to play the game. So that's in a have to play the game. So that's in a nutshell what mmt is.
チャールズ・ヘイデン @CarlitosMMT ステファニー・ケルトン。MMTとは何か pic.twitter.com／eBsGEgVxEY 2023／01／03 13:45 https:／twitter.com／carlitosmmt／status／1610135271210729472?s=61&t=FPgoa2I0WGFaR0hlyLHFxg
Up. では、モダン・マネタリーセオリーとは何でしょうか？私は、モダン・マネタリー・セオリーとは、ブランド名だと考えています。これは、私を含む多くの経済学者が20年ほど前にどこかで展開し始めた研究体系を指す略記法です。私たちがやっている研究は、モダンマネタリーセオリーと呼ばれるようになり、モダンマネタリーセオリー、そして後に単なる略語、さらにティーチングと呼ばれるようになりました。というわけで、mmtは大きなプロジェクトなんですね。しかし、もし私がリスナーのためにそれをちょっとだけ要約すると、現代貨幣論は経済学の一派で、ほとんどの国では単純な認識から始まるものです。通貨は国家によって発行され、国家が通貨を管理しているため、通貨の発行は国家が行っているのです。通貨を使い果たすことはありえません。デフォルトに追い込まれることもありません。家庭や民間企業とは違います。家計や企業が直面するような制約を受けないので、いろいろなことができ、保有国がゲームをするのとは違った方法で運営できます。つまりそれは、ゲームをしなければならない状態です。つまりこれがmmtとは何かということです。
hmm how important is economic literacy from laypeople and how can we improve it I think it's it wouldn't be as important that laypeople understand economic theory and much about economics at all really if they got better policy and they're politicians and those who made policy better understood because then things would work better and the rest of us wouldn't have to worry so much about what the underlying economic theory behind their policy decisions is right so because in so many places around the world the policy is you know not very good policy makers aren't giving us the kind of policies that are producing robust economies where workers are getting ahead where labor markets are tight where wages are increasing where prosperity is broadly shared for those reasons I think there's more it's more important for the average person to try to gain some understanding to educate themselves so that they can become part of the process to move policy in a better direction how do we get there I I think what you're doing is a big part of it you know I talk a lot not just in the US but around the world and I know that many economists are out there doing the kinds of things that I'm doing which is engaging with you know ordinary citizens and talking them with them in various platform settings conferences gatherings with the activist community that we're doing our part to try to reach out and to be partners with the community so I think you know that's just one way that we can work together to try to improve economic understanding so what is modern monetary theory I think of modern monetary theory as a brand name it's a shorthand way of referring to a body of research that a number of economists myself included started developing around 20 years ago somewhere along the way the work that we were doing got referred to as modern monetary theory and or modern money theory and then later just shorthand
MMT so what mmt it's a big project right but if I have to boil it down into sort of a little kind of one sentence takeaway for your listeners modern monetary theory is a school of thought in economics that starts with a simple recognition that in most countries the currency itself is a simple public monopoly which is to say that the currency is issued by the state and because the state is in control of its currency is the issuer of the currency it can never run out of money it can never be forced into default it isn't like a household or a private business it doesn't face the same constraints that households and businesses face and therefore it can do things it can operate its budget in a way that's different from the way that households have to play the game so that's in a nutshell what mmt is about what is sovereign money when we in the MMT school when we talk about a country that operates with its own sovereign currency we're talking about a country like the u.s. like Japan like the UK like Canada a country that spends taxes and borrows in a currency that it and only it can create so we're talking about a country that uses a money thing in the u.s. we have the dollar okay and the US dollar isn't tethered to gold the government doesn't promise to convert dollars into another country's currency or into any finite thing like gold or silver or anything like that so it's a fiat currency and it's not convertible and because the US government is the sole authority the only entity on earth with the legal authority to issue the dollar we say that the dollar is a sovereign currency now Australia has a sovereign currency the UK has a sovereign currency Japan has a sovereign currency so those are examples of countries that have a non convertible fiat currency under their own control and that gives them a degree of policy space they can do things operate their budgets in a way the countries that lack a sovereign currency like for example those that belong to the economic and monetary union those that use the euro simply don't have that degree of policy space Oh in the eurozone the monetary system looks very different right and some people have even compared the monetary system that is in place in the eurozone now to a gold standard so if you go back to the financial times for example and you look at past articles written by people like Martin wolf you can find that comparison being made between the monetary system that you have in the euro zone and the old gold standard system that was in place let's say 75 years ago right or a hundred and seventy-five years ago so why would someone make those comparisons the Euro isn't convertible into gold right so why would anybody compare it to to a gold standard or a fixed exchange rate type of system and the reason is because in the design and setup of the euro what was done under the Maastricht Treaty is that all of these countries that joined the currency union gave up their sovereign currencies and adopted a currency that they cannot issue right so Italy Spain Portugal Greece thus the Ireland the so-called awful name right the so called pigs and everyone else who adopted this currency is in the same boat in the sense that each of these countries is now constrained in a way that they weren't when they operated with their own sovereign currency what does that mean it means that in order to spend these countries have to actually go out and get the currency they have to come up with the euros from somewhere and that means either through raising taxes and collecting euro or by borrowing the Europe you say well why would that be any different than in the US the u.s. also borrows dollars when it deficit spends the difference is that when the government in the United States borrows dollars there's no default risk financial markets understand that they're they're borrowing that the government is borrowing in a and see that it creates and therefore the possibility of ending up with bills that you can't pay bonds are maturing and the US government can't find a way to pay the bills it's impossible whereas in the eurozone if you're borrowing in Euro and you're let's say Greece or Spain or Italy or even friends or Germany there could be a possibility that bonds are maturing the government is obligated to make payments in Euro and it doesn't have the Euro to do that and financial markets understand that the risks are different and so what happens is financial markets expect a premium they want a little something extra in order to assure them in order to provide greater assurances that they're being compensated for the extra risk they're taking in lending to these countries and so economists call that a risk premium in other words the countries that are borrowing in currencies that they don't control have to pay a higher price generally speaking then countries that are borrowing in a currency that they control so why should a country deficit spend well the answer is it depends what's happening in its economy so if you see an economy that has high levels of unemployment that's an indication we would say of a deficit that is too small because unemployment is just evidence of people who are walking around looking for paid work right that's what unemployment is so if you have high levels of unemployment it means you have lots of people who are walking around looking for paid work and if the if the policy goal is to reduce or eliminate the unemployment then we prefer a fiscal response to this as opposed to a monetary response which would come from the central bank so what we like to say in mmt is unemployment is evidence of people looking for paid work the way to resolve the problem of unemployment is either to cut taxes which increases people's income which should then lead to additional spending so employment goes down or just directly increased spending by government hire people and reduce unemployment directly so why should governments run deficits you would do that if you have unemployment in the economy and you're trying to address the unemployment problem does that mean that every government must always keep its budget and deficit the answer is no right some countries have let's say a trade surplus that does the heavy lifting that demand from the rest of the world is so strong that it's creating enough employment in the domestic economy that the government can run either a very small budget deficit or maybe even have its budget move into surplus and still have a pretty healthy economy so it's not a question with a universal one-size-fits-all answer so what are the limits on government spending if you have a country that operates with its own sovereign currency like the US or the UK and by definition what we're saying is that the government can always afford to buy whatever's for sale in its own currency then the natural question is to say what are the limits surely you can't just have a government go around spending willy-nilly and expect no consequences from that and that is of course correct the limits to government spending are in the real side of the economy not on the financial side the risk isn't that the government will run out of money the risk would be that the government would spend too much into an economy that's already operating too close to full employment so if there aren't extra resources available lying around unused labor capital raw materials right if you want to do infrastructure you want to build high-speed rail fix bridges and roads and that sort of thing and you come up with a big ambitious plan to do that you say the government is going to spend hundreds of billions or even trillions of dollars in order to fix crumbling infrastructure modernize the infrastructure the risk would be that you start implementing that infrastructure investment program in an economy where you don't have construction workers you don't have engineers you don't have architects you don't have steel and concrete and machines to move things around if the economy is already using up all of those things the government can't come in and take them and put them to work without creating an inflation problem so the risks are always on the real side of the economy the government is resource constrained not finance constrained well what causes a currency to go down right lots of things can cause the value of country's currency to fluctuate because of course it's a function of global supply and demand at any point in time so currency values are always moving around what you tend not to see are countries that are running very healthy macroeconomic policies where there's high levels of economic growth high levels of employment broadly shared prosperity of good economy tends not to be associated with a weak currency right so you you wouldn't expect the risk of running policy according to let's say mmt principles to result in a weaker currency what's interesting is that so many countries seem to be confused about what they want in their currency do one strong currency sometimes the US will talk up strong dollar policy okay and yet at the same time our leaders here will often complain about China keeping the value of its currency artificially low you kind of wonder you know what is it you want do you want the dollar to weaken against the Chinese currency or do you want a strong US dollar and what happens with these concerns about the value of the currency is usually a preoccupation with a country's trade balance so if you're really interested in orienting your own economic policy and your own economy around producing goods and services that go to the rest of the world then you tend to be preoccupied with the value of your currency right because you say I want my currency to be competitive so that the rest of the world will want all my stuff right so that our people can work and produce and we can supply to the rest of the world so countries that that depend on demand for their goods and services from other countries to generate the employment they're looking for usually like the idea of having their currency get weaker but if you were running your own domestic policy oriented to achieve full and employment in your economy you wouldn't have to worry so much about whether other countries are going to create demand for your products and create the employment and then you wouldn't be so preoccupied with the value of your currency you don't want to run your economic policy to create full employment at home domestically produce as much as it's possible to produce using all the resources that are available and in a sense ideally keep as much of it as you can at home and allow it to be consumed domestically to raise standards of living
うーん、素人の経済リテラシーはどれほど重要であり、どうすればそれを改善できるでしょうか。素人が経済理論や経済学について多くを理解することはそれほど重要ではないと思います。彼らがより良い政策を手に入れ、彼らが政治家であり、政策がよりよく理解されれば、物事はよりうまく機能し、私たちの残りの人々は、政策決定の背後にある根底にある経済理論が正しいかどうかについてそれほど心配する必要がなくなるからです。優れた政策立案者は、労働者が前進し、労働市場が逼迫し、賃金が上昇し、繁栄が広く共有され、これらの理由により、力強い経済を生み出すような政策を私たちに与えていません。平均的な人にとっては、政策をより良い方向に動かすプロセスの一部になることができるように、自分自身を教育するためにある程度の理解を得ようとすることがより重要です。私は米国だけでなく世界中で多くのことを話し、多くの経済学者が私が行っているようなことを行っていることを知っています。つまり、一般市民と関わり、さまざまなプラットフォームで彼らと話をしています活動家コミュニティとの会議の集まりを設定し、コミュニティに手を差し伸べてパートナーになるために私たちの役割を果たしているので、これは私たちが協力して経済理解を向上させるための1つの方法にすぎないことを知っていると思います。
0:16hmm how important is economic literacy
0:20from laypeople and how can we improve it
0:23I think it's it wouldn't be as important
0:27that laypeople understand economic
0:30theory and much about economics at all
0:32really if they got better policy and
0:35they're politicians and those who made
0:37policy better understood because then
0:40things would work better and the rest of
0:41us wouldn't have to worry so much about
0:43what the underlying economic theory
0:46behind their policy decisions is right
0:49so because in so many places around the
0:53world the policy is you know not very
0:57good policy makers aren't giving us the
1:00kind of policies that are producing
1:03robust economies where workers are
1:06getting ahead where labor markets are
1:08tight where wages are increasing where
1:10prosperity is broadly shared for those
1:14reasons I think there's more it's more
1:16important for the average person to try
1:19to gain some understanding to educate
1:21themselves so that they can become part
1:25of the process to move policy in a
1:27better direction how do we get there I I
1:29think what you're doing is a big part of
1:31it you know I talk a lot not just in the
1:35US but around the world and I know that
1:37many economists are out there doing the
1:40kinds of things that I'm doing which is
1:41engaging with you know ordinary citizens
1:45and talking them with them in various
1:48platform settings conferences gatherings
1:51with the activist community that we're
1:54doing our part to try to reach out and
1:56to be partners with the community so I
1:59think you know that's just one way that
2:01we can work together to try to improve
2:03economic understanding
2:09so what is modern monetary theory I
2:12think of modern monetary theory as a
2:15brand name it's a shorthand way of
2:17referring to a body of research that a
2:22number of economists myself included
2:25started developing around 20 years ago
2:28somewhere along the way the work that we
2:32were doing got referred to as modern
2:34monetary theory and or modern money
2:36theory and then later just shorthand MMT
2:39so what mmt it's a big project right but
2:44if I have to boil it down into sort of a
2:47little kind of one sentence takeaway for
2:50your listeners modern monetary theory is
2:53a school of thought in economics that
2:56starts with a simple recognition that in
2:59most countries the currency itself is a
3:03simple public monopoly which is to say
3:07that the currency is issued by the state
3:10and because the state is in control of
3:13its currency is the issuer of the
3:15currency it can never run out of money
3:17it can never be forced into default it
3:20isn't like a household or a private
3:22business it doesn't face the same
3:24constraints that households and
3:27businesses face and therefore it can do
3:29things it can operate its budget in a
3:32way that's different from the way that
3:34households have to play the game so
3:36that's in a nutshell what mmt is about
3:45what is sovereign money when we in the
3:48MMT school when we talk about a country
3:50that operates with its own sovereign
3:53currency we're talking about a country
3:56like the u.s. like Japan like the UK
3:59like Canada a country that spends taxes
4:04and borrows in a currency that it and
4:07only it can create so we're talking
4:11about a country that uses a money thing
4:14in the u.s. we have the dollar okay and
4:17the US dollar isn't tethered to gold the
4:21government doesn't promise to convert
4:23dollars into another country's currency
4:25or into any finite thing like gold or
4:29silver or anything like that so it's a
4:31fiat currency and it's not convertible
4:35and because the US government is the
4:38sole authority the only entity on earth
4:42with the legal authority to issue the
4:45dollar we say that the dollar is a
4:47sovereign currency now Australia has a
4:50sovereign currency the UK has a
4:52sovereign currency Japan has a sovereign
4:54currency so those are examples of
4:56countries that have a non convertible
4:59fiat currency under their own control
5:01and that gives them a degree of policy
5:04space they can do things operate their
5:07budgets in a way the countries that lack
5:09a sovereign currency like for example
5:11those that belong to the economic and
5:14monetary union those that use the euro
5:16simply don't have that degree of policy
5:19space
5:24Oh in the eurozone the monetary system
5:28looks very different right and some
5:30people have even compared the monetary
5:34system that is in place in the eurozone
5:36now to a gold standard so if you go back
5:39to the financial times for example and
5:42you look at past articles written by
5:44people like Martin wolf you can find
5:47that comparison being made between the
5:50monetary system that you have in the
5:52euro zone and the old gold standard
5:55system that was in place let's say 75
6:00years ago right or a hundred and
6:03seventy-five years ago so why would
6:06someone make those comparisons the Euro
6:07isn't convertible into gold right so why
6:10would anybody compare it to to a gold
6:12standard or a fixed exchange rate type
6:15of system and the reason is because in
6:17the design and setup of the euro what
6:21was done under the Maastricht Treaty is
6:23that all of these countries that joined
6:26the currency union gave up their
6:29sovereign currencies and adopted a
6:32currency that they cannot issue right so
6:35Italy Spain Portugal Greece thus the
6:39Ireland the so-called awful name right
6:42the so called pigs and everyone else who
6:45adopted this currency is in the same
6:48boat in the sense that each of these
6:52countries is now constrained in a way
6:55that they weren't when they operated
6:57with their own sovereign currency what
6:59does that mean it means that in order to
7:01spend these countries have to actually
7:05go out and get the currency they have to
7:07come up with the euros from somewhere
7:09and that means either through raising
7:11taxes and collecting euro or by
7:14borrowing the Europe you say well why
7:16would that be any different than in the
7:18US the u.s. also borrows dollars when it
7:21deficit spends the difference is that
7:24when the government in the United States
7:26borrows dollars there's no default risk
7:29financial markets understand that
7:32they're they're borrowing that the
7:34government is borrowing in a
7:35and see that it creates and therefore
7:37the possibility of ending up with bills
7:41that you can't pay bonds are maturing
7:43and the US government can't find a way
7:45to pay the bills it's impossible whereas
7:48in the eurozone if you're borrowing in
7:51Euro and you're let's say Greece or
7:54Spain or Italy or even friends or
7:57Germany there could be a possibility
7:59that bonds are maturing the government
8:02is obligated to make payments in Euro
8:04and it doesn't have the Euro to do that
8:07and financial markets understand that
8:09the risks are different and so what
8:11happens is financial markets expect a
8:14premium they want a little something
8:16extra in order to assure them in order
8:20to provide greater assurances that
8:23they're being compensated for the extra
8:25risk they're taking in lending to these
8:27countries and so economists call that a
8:29risk premium in other words the
8:32countries that are borrowing in
8:33currencies that they don't control have
8:35to pay a higher price
8:37generally speaking then countries that
8:40are borrowing in a currency that they
8:42control
8:48so why should a country deficit spend
8:51well the answer is it depends what's
8:54happening in its economy so if you see
8:58an economy that has high levels of
9:01unemployment that's an indication we
9:04would say of a deficit that is too small
9:06because unemployment is just evidence of
9:10people who are walking around looking
9:11for paid work
9:12right that's what unemployment is so if
9:15you have high levels of unemployment it
9:17means you have lots of people who are
9:19walking around looking for paid work and
9:22if the if the policy goal is to reduce
9:26or eliminate the unemployment then we
9:29prefer a fiscal response to this as
9:32opposed to a monetary response which
9:34would come from the central bank so what
9:36we like to say in mmt is unemployment is
9:39evidence of people looking for paid work
9:41the way to resolve the problem of
9:43unemployment is either to cut taxes
9:46which increases people's income which
9:49should then lead to additional spending
9:51so employment goes down or just directly
9:55increased spending by government hire
9:57people and reduce unemployment directly
10:00so why should governments run deficits
10:03you would do that if you have
10:05unemployment in the economy and you're
10:08trying to address the unemployment
10:10problem does that mean that every
10:13government must always keep its budget
10:15and deficit the answer is no right
10:18some countries have let's say a trade
10:22surplus that does the heavy lifting that
10:25demand from the rest of the world is so
10:28strong that it's creating enough
10:30employment in the domestic economy that
10:33the government can run either a very
10:35small budget deficit or maybe even have
10:38its budget move into surplus and still
10:40have a pretty healthy economy so it's
10:43not a question with a universal
10:47one-size-fits-all answer
10:54so what are the limits on government
10:56spending if you have a country that
10:58operates with its own sovereign currency
11:00like the US or the UK and by definition
11:03what we're saying is that the government
11:06can always afford to buy whatever's for
11:09sale in its own currency then the
11:11natural question is to say what are the
11:14limits surely you can't just have a
11:16government go around spending
11:18willy-nilly and expect no consequences
11:21from that and that is of course correct
11:23the limits to government spending are in
11:26the real side of the economy not on the
11:28financial side the risk isn't that the
11:31government will run out of money the
11:33risk would be that the government would
11:35spend too much into an economy that's
11:38already operating too close to full
11:41employment so if there aren't extra
11:44resources available lying around unused
11:47labor capital raw materials right if you
11:51want to do infrastructure you want to
11:53build high-speed rail fix bridges and
11:56roads and that sort of thing and you
11:58come up with a big ambitious plan to do
12:00that you say the government is going to
12:01spend hundreds of billions or even
12:03trillions of dollars in order to fix
12:06crumbling infrastructure modernize the
12:08infrastructure the risk would be that
12:12you start implementing that
12:14infrastructure investment program in an
12:17economy where you don't have
12:18construction workers you don't have
12:20engineers you don't have architects you
12:22don't have steel and concrete and
12:24machines to move things around if the
12:27economy is already using up all of those
12:29things the government can't come in and
12:32take them and put them to work without
12:34creating an inflation problem so the
12:37risks are always on the real side of the
12:40economy the government is resource
12:42constrained not finance constrained
12:51well what causes a currency to go down
12:53right lots of things can cause the value
12:57of country's currency to fluctuate
12:59because of course it's a function of
13:01global supply and demand at any point in
13:04time so currency values are always
13:06moving around what you tend not to see
13:09are countries that are running very
13:12healthy macroeconomic policies where
13:15there's high levels of economic growth
13:18high levels of employment broadly shared
13:21prosperity of good economy tends not to
13:24be associated with a weak currency right
13:27so you you wouldn't expect the risk of
13:30running policy according to let's say
13:33mmt principles to result in a weaker
13:36currency what's interesting is that so
13:39many countries seem to be confused about
13:41what they want in their currency do one
13:44strong currency sometimes the US will
13:47talk up strong dollar policy okay and
13:50yet at the same time our leaders here
13:54will often complain about China keeping
13:56the value of its currency artificially
13:59low you kind of wonder you know what is
14:02it you want do you want the dollar to
14:04weaken against the Chinese currency or
14:06do you want a strong US dollar and what
14:09happens with these concerns about the
14:11value of the currency is usually a
14:13preoccupation with a country's trade
14:15balance so if you're really interested
14:18in orienting your own economic policy
14:24and your own economy around producing
14:26goods and services that go to the rest
14:29of the world then you tend to be
14:31preoccupied with the value of your
14:33currency right because you say I want my
14:35currency to be competitive so that the
14:37rest of the world will want all my stuff
14:40right so that our people can work and
14:42produce and we can supply to the rest of
14:44the world so countries that that depend
14:46on demand for their goods and services
14:50from other countries to generate the
14:52employment they're looking for usually
14:54like the idea of having their currency
14:57get weaker but if you were running your
15:00own domestic policy oriented to achieve
15:04full and
15:04employment in your economy you wouldn't
15:06have to worry so much about whether
15:09other countries are going to create
15:10demand for your products and create the
15:12employment and then you wouldn't be so
15:14preoccupied with the value of your
15:16currency you don't want to run your
15:18economic policy to create full
15:20employment at home
15:22domestically produce as much as it's
15:24possible to produce using all the
15:26resources that are available and in a
15:29sense ideally keep as much of it as you
15:32can at home and allow it to be consumed
15:35domestically to raise standards of
15:37living
うーん、素人の経済リテラシーはどれほど重要であり、どうすればそれを改善できるでしょうか。素人が経済理論や経済学について多くを理解することはそれほど重要ではないと思います。彼らがより良い政策を手に入れ、彼らが政治家であり、政策がよりよく理解されれば、物事はよりうまく機能し、私たちの残りの人々は、政策決定の背後にある根底にある経済理論が正しいかどうかについてそれほど心配する必要がなくなるからです。優れた政策立案者は、労働者が前進し、労働市場が逼迫し、賃金が上昇し、繁栄が広く共有され、これらの理由により、力強い経済を生み出すような政策を私たちに与えていません。平均的な人にとっては、政策をより良い方向に動かすプロセスの一部になることができるように、自分自身を教育するためにある程度の理解を得ようとすることがより重要です。私は米国だけでなく世界中で多くのことを話し、多くの経済学者が私が行っているようなことを行っていることを知っています。つまり、一般市民と関わり、さまざまなプラットフォームで彼らと話をしています活動家コミュニティとの会議の集まりを設定し、コミュニティに手を差し伸べてパートナーになるために私たちの役割を果たしているので、これは私たちが協力して経済理解を向上させるための1つの方法にすぎないことを知っていると思います。
貨幣理論 私は近代貨幣理論をブランド名だと思っています。私が含めた多くの経済学者が約 20 年前に開発を開始した一連の研究を指す省略形であり、私たちが行っていた研究が現代貨幣理論または現代貨幣理論と呼ばれるようになり、その後単に省略形になったものです。 MMT ですから、それは大きなプロジェクトですよね。でも、それをちょっとした 1 つの文に要約する必要がある場合は、リスナーにとって重要なことです。現代の金融理論は、ほとんどの国で通貨自体は単純な公的独占です。つまり、通貨は国家によって発行されます。国家が通貨を管理しているため、通貨の発行者は通貨の発行者であり、通貨が不足することは決してなく、強制的にデフォルトに陥ることはありません。それは」家庭や民間企業とは異なり、家庭や企業が直面するのと同じ制約に直面していないため、家庭がゲームをプレイしなければならない方法とは異なる方法で予算を操作することができます。一言で言えば、MMTとはソブリンマネーとは何か MMTスクールで独自のソブリン通貨で運営されている国について話すとき、私たちは米国のような国について話している 日本のように英国のように カナダのように 消費する国税金と借り入れは、それのみが作成できる通貨であるため、米国でお金を使用する国について話している ドルは大丈夫であり、米ドルは金につながれていない 政府は約束していないドルを別の国に変換する」つまり、それは法定通貨であり、交換可能ではありません。また、米国政府が唯一の機関であるため、ドルを発行する法的権限を持つ地球上で唯一のエンティティであると私たちは言います。ドルは主権通貨 オーストラリアは主権通貨を持っています イギリスは主権通貨を持っています 日本は主権通貨を持っています。たとえば、経済通貨同盟に属している国や、ユーロを使用している国のように、主権通貨を持たない国では予算を運用していませんか?その程度の政策余地がある ああ、ユーロ圏では通貨制度は大きく異なって見えるし、一部の人々は現在ユーロ圏に導入されている通貨制度を金本位制と比較さえしている。マーティン・ウルフのような人々によって書かれた過去の記事を見ると、ユーロ圏にある通貨システムと、75 年前または 100 年前に実施されていた古い金本位制システムとの間で比較が行われていることがわかります。 75 年前のことなのに、なぜ誰かがユーロがそうではないという比較をするのでしょうか?金に兌換できる権利があるのに、それを金本位制や固定為替レート型のシステムと比較する理由はありません。その理由は、ユーロの設計と設定において、マーストリヒト条約の下で行われたことは、これらすべての国が通貨同盟に加盟した国は主権通貨を放棄し、発行できない通貨を採用したため、イタリア、スペイン、ポルトガル、ギリシャ、したがって、アイルランド、いわゆるひどい名前、いわゆる豚、およびこの通貨を採用した他のすべての人が同じ船に乗っていますこれらの国々のそれぞれが、以前と同じように制約を受けているという意味で」彼らが独自の主権通貨で運営されていた場合、それはどういう意味ですか?これらの国が実際に支出して通貨を取得するためには、どこかからユーロを調達する必要があり、それは増税と徴収のいずれかによって意味しますユーロまたはヨーロッパを借りることによって、なぜそれが米国と異なるのかよくおっしゃいます。赤字支出時に米国もドルを借ります。違いは、米国政府がドルを借りるとき、債務不履行リスクがないことです。金融市場は、彼らが理解していることを理解しています彼らは政府が借りていることを借りており、それが作成されていることを確認してください。したがって、国債を支払うことができない請求書で終わる可能性は成熟しており、米国政府は請求書を支払う方法を見つけることができません.それ'それは不可能ですが、ユーロ圏では、たとえばギリシャ、スペイン、イタリア、または友人やドイツなどでユーロで借りている場合、債券が満期になる可能性があります。政府はユーロで支払いを行う義務があり、それはありません。金融市場はリスクが異なることを理解しているため、金融市場はプレミアムを期待しており、補償されているというより大きな保証を提供するために、彼らを保証するために少し余分なものを望んでいます.彼らがこれらの国への融資で取っている余分なリスクのために、エコノミストはそれをリスクプレミアムと呼んでいます。つまり、彼らが持っていない通貨で借りている国です.一般的に言えば、自国が支配する通貨で借り入れをしている国よりも高い代償を支払わなければならないので、国が財政赤字を十分に支出すべき理由は、経済で何が起こっているかによって異なります。失業率は、赤字が小さすぎることを示していると言えます。失業率は、人々が有給の仕事を探して歩き回っている証拠に過ぎないからです。失業とは何でしょうか。失業率が高い場合は、有給の仕事を探して歩き回っている人々がたくさんいることを意味し、政策目標が失業を削減または排除することである場合、私たちはこれに対する財政的対応を好みます。中央銀行からの金銭的対応とは反対なので、MMT で言いたいのは、失業は有給の仕事を探している人々の証拠であるということです。追加の支出につながるため、雇用が減少するか、政府による支出が直接増加し、人を雇って失業を直接削減します。経済に失業があり、あなたが失業問題に対処しようとしているということは、すべての政府が常に予算と赤字を維持しなければならないことを意味するのでしょうか?答えは正しくありません。一部の国では、貿易黒字が重労働をもたらし、世界の他の地域からの需要が非常に強く、それは国内経済に十分な雇用を生み出しており、政府は非常に小さな財政赤字を維持するか、予算を黒字に変えてもなおかなり健全な経済を維持することができるので、普遍的な画一的な問題ではありません。米国や英国のように独自の主権通貨で運営されている国がある場合、政府支出の制限はどのくらいですか。定義上、私たちが言っていることは、政府は常に何でも買う余裕があるということです.自国通貨で販売されている場合、自然な質問は、政府が意のままに支出を回らせ、それから何の結果も期待できないことは確かであり、それはもちろん政府支出の制限を修正することはできないということです。リスクは、政府が資金を使い果たすことではなく、すでに完全雇用に近づきすぎている経済に政府が多額の支出をすることです。ありません未使用の労働資本の原材料の周りにある余分なリソースは、インフラストラクチャを作りたい場合、高速鉄道の修理橋や道路などを建設したい場合、そのようなことを行うための大きな野心的な計画を思いつきます。政府は、崩壊しつつあるインフラストラクチャを修正するために、数千億ドル、場合によっては数兆ドルを費やす予定です。エンジニアがいない 建築家がいない 鋼鉄やコンクリート、物を動かすための機械がない入ってきて、インフレの問題を引き起こさずにそれらを実行に移すので、リスクは常に経済の実体側にある 政府は資源に制約されているが、財政は十分に制約されていない 何が通貨を正しく下落させるのか 多くのことが起こり得るもちろん、それはいつでもグローバルな需要と供給の関数であるため、国の通貨の価値が変動するため、通貨の価値は常に動き回っています。経済成長 高水準の雇用 広く共有された良好な経済の繁栄は、弱い通貨の権利と関連付けられない傾向があるため、たとえば mmt の原則に従って政策を実行するリスクが通貨の下落につながるとは予想できません。興味深いのは、非常に多くの国が自国の通貨に何を求めているかについて混乱しているように見えることです.1つの強い通貨を使用する.時々、米国は強いドル政策について話すでしょう.その通貨は人為的に低い あなたはそれが何を望んでいるのか知っているのか疑問に思っています 中国の通貨に対してドルを弱めたいですか、それとも強い米ドルを望んでいますか そして通貨の価値に関するこれらの懸念で何が起こるかは、通常、先入観です国の貿易収支に合わせて自分の経済政策と自分の経済を商品やサービスの生産に向けて世界に向けることに本当に興味があるなら、自分の通貨の価値に夢中になる傾向があります。自分の通貨を競争力のあるものにしたいからです世界の残りの部分は、私たちの人々が働き、生産し、私たちが世界の残りの部分に供給することができるように、私のすべてのものを正しく望んでいるでしょう.他の国からの商品やサービスの需要に依存して雇用を生み出す国. 「彼らは通常、自国の通貨を弱体化させるというアイデアを探していますが、経済の完全雇用を達成することを目的とした独自の国内政策を実行している場合は、そうするでしょう」他の国があなたの製品の需要を生み出し、雇用を生み出すかどうかについてそれほど心配する必要はありません.国内での雇用は、利用可能なすべての資源を使用して可能な限り生産し、ある意味では理想的には、自宅でできるだけ多くを保持し、生活水準を上げるために国内で消費できるようにする利用可能なすべてのリソースを使用して生産することが可能であり、ある意味で理想的には、家庭でできる限り多くを保管し、生活水準を上げるために国内で消費できるようにする利用可能なすべてのリソースを使用して生産することが可能であり、ある意味で理想的には、家庭でできる限り多くを保管し、生活水準を上げるために国内で消費できるようにする
0:16hmm how important is economic literacy
0:20from laypeople and how can we improve it
0:23I think it's it wouldn't be as important
0:27that laypeople understand economic
0:30theory and much about economics at all
0:32really if they got better policy and
0:35they're politicians and those who made
0:37policy better understood because then
0:40things would work better and the rest of
0:41us wouldn't have to worry so much about
0:43what the underlying economic theory
0:46behind their policy decisions is right
0:49so because in so many places around the
0:53world the policy is you know not very
0:57good policy makers aren't giving us the
1:00kind of policies that are producing
1:03robust economies where workers are
1:06getting ahead where labor markets are
1:08tight where wages are increasing where
1:10prosperity is broadly shared for those
1:14reasons I think there's more it's more
1:16important for the average person to try
1:19to gain some understanding to educate
1:21themselves so that they can become part
1:25of the process to move policy in a
1:27better direction how do we get there I I
1:29think what you're doing is a big part of
1:31it you know I talk a lot not just in the
1:35US but around the world and I know that
1:37many economists are out there doing the
1:40kinds of things that I'm doing which is
1:41engaging with you know ordinary citizens
1:45and talking them with them in various
1:48platform settings conferences gatherings
1:51with the activist community that we're
1:54doing our part to try to reach out and
1:56to be partners with the community so I
1:59think you know that's just one way that
2:01we can work together to try to improve
2:03economic understanding
2:09so what is modern monetary theory I
2:12think of modern monetary theory as a
2:15brand name it's a shorthand way of
2:17referring to a body of research that a
2:22number of economists myself included
2:25started developing around 20 years ago
2:28somewhere along the way the work that we
2:32were doing got referred to as modern
2:34monetary theory and or modern money
2:36theory and then later just shorthand MMT
2:39so what mmt it's a big project right but
2:44if I have to boil it down into sort of a
2:47little kind of one sentence takeaway for
2:50your listeners modern monetary theory is
2:53a school of thought in economics that
2:56starts with a simple recognition that in
2:59most countries the currency itself is a
3:03simple public monopoly which is to say
3:07that the currency is issued by the state
3:10and because the state is in control of
3:13its currency is the issuer of the
3:15currency it can never run out of money
3:17it can never be forced into default it
3:20isn't like a household or a private
3:22business it doesn't face the same
3:24constraints that households and
3:27businesses face and therefore it can do
3:29things it can operate its budget in a
3:32way that's different from the way that
3:34households have to play the game so
3:36that's in a nutshell what mmt is about
3:45what is sovereign money when we in the
3:48MMT school when we talk about a country
3:50that operates with its own sovereign
3:53currency we're talking about a country
3:56like the u.s. like Japan like the UK
3:59like Canada a country that spends taxes
4:04and borrows in a currency that it and
4:07only it can create so we're talking
4:11about a country that uses a money thing
4:14in the u.s. we have the dollar okay and
4:17the US dollar isn't tethered to gold the
4:21government doesn't promise to convert
4:23dollars into another country's currency
4:25or into any finite thing like gold or
4:29silver or anything like that so it's a
4:31fiat currency and it's not convertible
4:35and because the US government is the
4:38sole authority the only entity on earth
4:42with the legal authority to issue the
4:45dollar we say that the dollar is a
4:47sovereign currency now Australia has a
4:50sovereign currency the UK has a
4:52sovereign currency Japan has a sovereign
4:54currency so those are examples of
4:56countries that have a non convertible
4:59fiat currency under their own control
5:01and that gives them a degree of policy
5:04space they can do things operate their
5:07budgets in a way the countries that lack
5:09a sovereign currency like for example
5:11those that belong to the economic and
5:14monetary union those that use the euro
5:16simply don't have that degree of policy
5:19space
5:24Oh in the eurozone the monetary system
5:28looks very different right and some
5:30people have even compared the monetary
5:34system that is in place in the eurozone
5:36now to a gold standard so if you go back
5:39to the financial times for example and
5:42you look at past articles written by
5:44people like Martin wolf you can find
5:47that comparison being made between the
5:50monetary system that you have in the
5:52euro zone and the old gold standard
5:55system that was in place let's say 75
6:00years ago right or a hundred and
6:03seventy-five years ago so why would
6:06someone make those comparisons the Euro
6:07isn't convertible into gold right so why
6:10would anybody compare it to to a gold
6:12standard or a fixed exchange rate type
6:15of system and the reason is because in
6:17the design and setup of the euro what
6:21was done under the Maastricht Treaty is
6:23that all of these countries that joined
6:26the currency union gave up their
6:29sovereign currencies and adopted a
6:32currency that they cannot issue right so
6:35Italy Spain Portugal Greece thus the
6:39Ireland the so-called awful name right
6:42the so called pigs and everyone else who
6:45adopted this currency is in the same
6:48boat in the sense that each of these
6:52countries is now constrained in a way
6:55that they weren't when they operated
6:57with their own sovereign currency what
6:59does that mean it means that in order to
7:01spend these countries have to actually
7:05go out and get the currency they have to
7:07come up with the euros from somewhere
7:09and that means either through raising
7:11taxes and collecting euro or by
7:14borrowing the Europe you say well why
7:16would that be any different than in the
7:18US the u.s. also borrows dollars when it
7:21deficit spends the difference is that
7:24when the government in the United States
7:26borrows dollars there's no default risk
7:29financial markets understand that
7:32they're they're borrowing that the
7:34government is borrowing in a
7:35and see that it creates and therefore
7:37the possibility of ending up with bills
7:41that you can't pay bonds are maturing
7:43and the US government can't find a way
7:45to pay the bills it's impossible whereas
7:48in the eurozone if you're borrowing in
7:51Euro and you're let's say Greece or
7:54Spain or Italy or even friends or
7:57Germany there could be a possibility
7:59that bonds are maturing the government
8:02is obligated to make payments in Euro
8:04and it doesn't have the Euro to do that
8:07and financial markets understand that
8:09the risks are different and so what
8:11happens is financial markets expect a
8:14premium they want a little something
8:16extra in order to assure them in order
8:20to provide greater assurances that
8:23they're being compensated for the extra
8:25risk they're taking in lending to these
8:27countries and so economists call that a
8:29risk premium in other words the
8:32countries that are borrowing in
8:33currencies that they don't control have
8:35to pay a higher price
8:37generally speaking then countries that
8:40are borrowing in a currency that they
8:42control
8:48so why should a country deficit spend
8:51well the answer is it depends what's
8:54happening in its economy so if you see
8:58an economy that has high levels of
9:01unemployment that's an indication we
9:04would say of a deficit that is too small
9:06because unemployment is just evidence of
9:10people who are walking around looking
9:11for paid work
9:12right that's what unemployment is so if
9:15you have high levels of unemployment it
9:17means you have lots of people who are
9:19walking around looking for paid work and
9:22if the if the policy goal is to reduce
9:26or eliminate the unemployment then we
9:29prefer a fiscal response to this as
9:32opposed to a monetary response which
9:34would come from the central bank so what
9:36we like to say in mmt is unemployment is
9:39evidence of people looking for paid work
9:41the way to resolve the problem of
9:43unemployment is either to cut taxes
9:46which increases people's income which
9:49should then lead to additional spending
9:51so employment goes down or just directly
9:55increased spending by government hire
9:57people and reduce unemployment directly
10:00so why should governments run deficits
10:03you would do that if you have
10:05unemployment in the economy and you're
10:08trying to address the unemployment
10:10problem does that mean that every
10:13government must always keep its budget
10:15and deficit the answer is no right
10:18some countries have let's say a trade
10:22surplus that does the heavy lifting that
10:25demand from the rest of the world is so
10:28strong that it's creating enough
10:30employment in the domestic economy that
10:33the government can run either a very
10:35small budget deficit or maybe even have
10:38its budget move into surplus and still
10:40have a pretty healthy economy so it's
10:43not a question with a universal
10:47one-size-fits-all answer
10:54so what are the limits on government
10:56spending if you have a country that
10:58operates with its own sovereign currency
11:00like the US or the UK and by definition
11:03what we're saying is that the government
11:06can always afford to buy whatever's for
11:09sale in its own currency then the
11:11natural question is to say what are the
11:14limits surely you can't just have a
11:16government go around spending
11:18willy-nilly and expect no consequences
11:21from that and that is of course correct
11:23the limits to government spending are in
11:26the real side of the economy not on the
11:28financial side the risk isn't that the
11:31government will run out of money the
11:33risk would be that the government would
11:35spend too much into an economy that's
11:38already operating too close to full
11:41employment so if there aren't extra
11:44resources available lying around unused
11:47labor capital raw materials right if you
11:51want to do infrastructure you want to
11:53build high-speed rail fix bridges and
11:56roads and that sort of thing and you
11:58come up with a big ambitious plan to do
12:00that you say the government is going to
12:01spend hundreds of billions or even
12:03trillions of dollars in order to fix
12:06crumbling infrastructure modernize the
12:08infrastructure the risk would be that
12:12you start implementing that
12:14infrastructure investment program in an
12:17economy where you don't have
12:18construction workers you don't have
12:20engineers you don't have architects you
12:22don't have steel and concrete and
12:24machines to move things around if the
12:27economy is already using up all of those
12:29things the government can't come in and
12:32take them and put them to work without
12:34creating an inflation problem so the
12:37risks are always on the real side of the
12:40economy the government is resource
12:42constrained not finance constrained
12:51well what causes a currency to go down
12:53right lots of things can cause the value
12:57of country's currency to fluctuate
12:59because of course it's a function of
13:01global supply and demand at any point in
13:04time so currency values are always
13:06moving around what you tend not to see
13:09are countries that are running very
13:12healthy macroeconomic policies where
13:15there's high levels of economic growth
13:18high levels of employment broadly shared
13:21prosperity of good economy tends not to
13:24be associated with a weak currency right
13:27so you you wouldn't expect the risk of
13:30running policy according to let's say
13:33mmt principles to result in a weaker
13:36currency what's interesting is that so
13:39many countries seem to be confused about
13:41what they want in their currency do one
13:44strong currency sometimes the US will
13:47talk up strong dollar policy okay and
13:50yet at the same time our leaders here
13:54will often complain about China keeping
13:56the value of its currency artificially
13:59low you kind of wonder you know what is
14:02it you want do you want the dollar to
14:04weaken against the Chinese currency or
14:06do you want a strong US dollar and what
14:09happens with these concerns about the
14:11value of the currency is usually a
14:13preoccupation with a country's trade
14:15balance so if you're really interested
14:18in orienting your own economic policy
14:24and your own economy around producing
14:26goods and services that go to the rest
14:29of the world then you tend to be
14:31preoccupied with the value of your
14:33currency right because you say I want my
14:35currency to be competitive so that the
14:37rest of the world will want all my stuff
14:40right so that our people can work and
14:42produce and we can supply to the rest of
14:44the world so countries that that depend
14:46on demand for their goods and services
14:50from other countries to generate the
14:52employment they're looking for usually
14:54like the idea of having their currency
14:57get weaker but if you were running your
15:00own domestic policy oriented to achieve
15:04full and
15:04employment in your economy you wouldn't
15:06have to worry so much about whether
15:09other countries are going to create
15:10demand for your products and create the
15:12employment and then you wouldn't be so
15:14preoccupied with the value of your
15:16currency you don't want to run your
15:18economic policy to create full
15:20employment at home
15:22domestically produce as much as it's
15:24possible to produce using all the
15:26resources that are available and in a
15:29sense ideally keep as much of it as you
15:32can at home and allow it to be consumed
15:35domestically to raise standards of
15:37living
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