Reframing the Debate: Economics for a Progressive Politics
John Snow Theatre: London School of Hygiene and Tropical Medicine, Thursday, 27 August 2015 from 18:30 to 20:30.
The National Health Action Party is pleased to be able to present an evening with Professor Bill Mitchell, professor of economics and renowned proponent of Modern Monetary Theory, during his brief visit to the UK at the end of this month.
According to modern monetary theory, “governments with the power to issue their own currency are always solvent, and can afford to buy anything for sale in their domestic unit of account even though they may face inflationary and political constraints”. Adherents of the theory tend to see inflation as being caused primarily by resource constraints rather than monetary expansion.
Mitchell (below right) contends that unemployment is a reflection of systemic policy failures, rather than an “individual problem” and suggests that the reinstatement of full employment, along with price stability, is a viable policy goal, achievable through an activist fiscal policy. He introduces the notion of Job Guarantee, whereby the government would guarantee a job to every willing and able adult individual, paying a wage that would become society’s minimum wage.
Mitchell explains that the JG would be funded by the sovereign government, which faces no financial constraints in its own currency. In the context of the current outlays that are being thrown around in national economies, the investment that would be required to introduce a full blown would be rather trivial.
Join Professor Mitchell in conversation with Richard Murphy (Tax Research) and Ann Pettifor (Prime Economics), both currently economic advisors to Jeremy Corbyn’s campaign. How can the debate on the economy be reframed around the things that really matter – people and the environment? Does MMT hold the key? This is sure to be a fascinating debate.
Filming will be taking place during this event, as part of a documentary on MMT. Please let the organisers know on arrival if you are not happy to be filmed.
Please note there is a tube strike planned for this date and make sure your journey is planned accordingly.
John Snow Theatre
London School of Hygiene and Tropical Medicine
WC1E 7HT London