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1/ Good things to read when first learning #MMT.

[#LearnMMT THREAD v.2.1]

First, a single article explainer of #MMT by @StevenHailAus, economist and lecturer in economics, University of Adelaide. theconversation.com/explainer-what…
2/ A single article explainer of #MMT by @John_T_Harvey, professor of Economics at Texas Christian University (@TCU): forbes.com/sites/johnthar…
3/ A single article explainer of #MMT by @jocobmag multimedia editor Rebecca Rojer thenewinquiry.com/the-world-acco…
3a/ (Rebecca Rojer edited this important explainer video on the Job Guarantee by @ptcherneva: )
4/ A single article explainer of #MMT by the U.K. based educational group, @GowerInitiative. gimms.org.uk/mmtbasics/
5/ A single-article explainer of #MMT by @alittleecon. alittleecon.wordpress.com/2014/06/03/the…
6/ @wbmosler's #MMT white paper (Mosler is the founder and "father" of MMT). docs.google.com/document/d/1gv…
7/ Books to #LearnMMT:

- Official textbook by @billy_blog, Wray, and Watts: Macroeconomics (2019, google.com/search?q=macro…)
- Modern Money Theory, Wray (2015, google.com/search?q=Moder…)
- Economics for Sustainable Prosperity, @StevenHailAus (2017, books.google.com/books/about/Ec…)
8/ Four short and layperson-friendly academic papers for people interested in or intrigued by #MMT.
9/ Academic papers curated by UMKC doctorate student and @DeficitOwls co-founder, @SamHLevey, especially for mainstream economists interested in understanding #MMT. deficitowls.wixsite.com/mmt4mainstream…
10/ Finally, an article that explains *why* learning #MMT is so critical to the progressive movement. counterpunch.org/2018/09/21/tax…
11/11 To #LearnMMT in general, here is a good place to start.
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Keep Current with A repository of #MMT resources by @ActivistMMT.

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A repository of #MMT resources by @ActivistMMT.
@MMTResources
1/ A thread on Art Laffer, his ridiculous island analogy, and the real world, mass suffering caused by both.

[#LearnMMT v.1]
2/ If there are two farmers on an island and NOTHING ELSE, then what does unemployment even mean? Where does the "employed" farmer get that money? What purpose does money serve?

In this scenario, the farmers help each other to survive, or they die.
3/ So the successful farmer can grow his crops just fine but he won’t give any food to the unsuccessful farmer because the latter doesn’t have any "money"? Money is an even more meaningless concept when you imagine an island with ONE farmer & nothing else.
Read 18 tweets
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A repository of #MMT resources by @ActivistMMT.
@MMTResources
1/ Chartalism

which is also called

The state theory of money

or in #MMT parlance,

"Taxes drive money"

[A layperson tutorial to #LearnMMT, v.1.1]
2/ Central gov'ts don't need your taxes to pay for stuff (state and local gov’ts do). They gave it to you in the 1st place! Why would they need it?

They don’t just "don’t need your money to pay for stuff," they **can’t possibly use** it to pay for stuff.
3/ The central government (or, “the state”), which is the one and only monopoly currency issuer, doesn’t need your money, It needs YOU to need THEIR money, and it does this by imposing taxes.

Why do they do this? So you do stuff that society needs doing.
Read 16 tweets
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A repository of #MMT resources by @ActivistMMT.
@MMTResources
1/ The SIZE of the fed deficit is never a problem. Its INEQUALITY is always a problem. If more were spent on good things (helping people as long as not inflationary) & less on bad (bailing out the rich), the size wouldn't be a concern, no matter how large.
2/ The SIZE of nat debt is never a problem. Its INEQUALITY is always a problem. The problem is the rich have too much wealth & the rest of us not nearly enough. If it were more equitably distributed then its size wouldn't be a concern, no matter how large.
3/ Federal taxes are very important, but they don't and can't pay for federal spending (and, in fact, never have).
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