A Modern Metaphor for the Economy: From Household Budget to Electric Motor
Big government or small? Physics doesn’t care. Why the economy is an electric motor, and why “balancing the books” is the wrong way to drive.
Mmt
It's Time to Nuke the Bond Market
Why sovereign democracies must dismantle the mythology of ‘bond vigilantes’ to restore political agency
Rachel Reeves and the Great Fiscal Sleight of Hand
Rachel Reeves’ tax hikes are sold as plugging a ‘black hole’, but the real aim may be freeing up resources for public investment, not balancing a mythical household budget
Legal Tender, Debt, and the Institutional Settlement of Monetary Obligations in English Law
Under English law, legal tender is a fading procedural defence, not a debt-discharge mandate, as settlements hinge on electronic bank money
'Under the Bonnet' Book Launch - Slides
The slides from my ‘Thinking like an MMTer’ talk at Warren’s Book Launch event
MMT and Post-Keynesian Economics: A New Paper on Ontological Differences
Our new paper explores the fundamental disagreements between Modern Monetary Theory and Post-Keynesian economics, arguing they stem from deep-seated ontological differences
The Limits of Taxation
Exploring the role of taxation in the UK’s monetary system, this article examines HMRC’s enforcement powers, and the physical limits of tax collection
Some Uncomfortable Truths About Banking
Understanding deposits, reserves, and capital reveals some uncomfortable truths
The Loan Lock Paradox
The banking system throws up many surprises — one of them is how savers inadvertently trap borrowers
Time for a Change
After 30 years, a long-planned milestone has arrived