Macro N Cheese

For non-economists to learn essentials such as the balance of payments, currency exchange, and trade between nations, presentation matters. The brilliant Bill Mitchell, as always, distills complex concepts in such a way that everyone comes away with valuable knowledge. He doesn’t simplify, but presents them as common sense. We recently came across this gem from Steve’s interview with him last year and immediately saw that it’s too valuable to gather dust in the library. Bill begins by addressing a criticism of MMT that has confronted him since the 1990s: "it only applies to the large, closed economy of the US." He explains MMT’s relevance to his home country of Australia - a small, open economy - as well as to developing nations. Material conditions and availability of resources will differ, affecting the balance of imports vs exports, and their respective standards of living reflect these realities. Regardless, the insights afforded by MMT are just as legitimate. MMT economists start with real-world beha