A. Prof. Modern Money Lab/Torrens University Australia. Book: Economics for Sustainable Prosperity https://xitter.cf/t.co/gehm7PQTQA

South Australia
Joined April 2012
Good day to everyone 🤍❤️ I hope you had a wonderful Christmas 🎄🎅 and wish y’all a happy and peaceful Holiday ahead..
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Tax payments are funded by prior public spending. There IS no such thing as a resource-free school lunch. A school lunch requires real resource use. Those resources are bought using government currency. The demand for that currency depends on the imposition of tax liabilities.
I rarely sign petitions but this one is great! Political parties should adopt this as policy. No there’s no such thing as a free school lunch. They’re taxpayer funded school lunches. petition.parliament.uk/petit…
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The currency is redeemed against your tax liabilities to a (hopefully) democratically legitimate currency-issuing taxation authority. It is cryptocurrencies which are irredeemable. I would not describe them as 'evil' though. That is not legitimate language in this context.
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It is always good to chat with Patricia Pino, perhaps the leading UK-based MMT economist, and Christian Reilly, who has been a Modern Money Lab graduate student. #204 A Government Budget Is Nothing Like A Household Budget. So What IS ... youtu.be/kppDNqpUrV0?si=2ulB… via @YouTube
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Economics does need a paradigm shift. It is very hard to bring this about. Opposing forces and ignorance abound. It is not impossible though and will happen incrementally. Yes, we have a well-developed alternative framework ready. You can train in it here: modernmoneylab.org.au/course…
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I hope I am not being mean to anyone, but know if you attack us that we as a group are not without experience of banking & finance, including central banking & national government, and we well understand not only heterodox but neoclassical economics. You won't get an easy win.
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Well, the interest rate or yield at which the bonds are issued reflects expected bank rates which reflect expected inflation, so a) that is not how the market functions and b) if we keep relying so much on oil, we will face catastrophe. He could do with some education. Bless him.
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More excellent stuff from Modern Money Lab MML - Economics for Sustainable Prosperity/Torrens University Australia Masters student Darren Quinn. The Right Math for the Real World: Why Rigour Demands Realism open.substack.com/pub/darren…
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Great to see that our Adjunct Professor Fadhel Kaboub has been (most deservedly) listed by the New African Magazine as one of the 100 Most Influential Africans in 2025 under the Thinkers & Opinion Shapers category. 100.newafricanmagazine.com/
I’m honored to be recognized by the New African Magazine as one of the 100 Most Influential Africans in 2025 under the Thinkers & Opinion Shapers category. 100.newafricanmagazine.com/
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🎙️ Out today! 🎙️ Ep 204 - A Government Budget Is Nothing Like A Household Budget. So What IS It Like? @PatriciaNPino and Christian talk to @StevenHailAus about some of the tricky questions progressive leaders and activists are facing. tinyurl.com/5d2u8hzh
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Under current arrangements, the interest rate on UK gilts reflects market expectations on bank rate decisions by the Bank of England, based on expectations of inflation. Nobody with any understanding of economics even imagines that there is any risk of 'not being paid back'.
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Not wanting to be mean, but anyone suggesting otherwise ought to be politely ignored.
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Whatever you celebrate at this time of year, or if you celebrate nothing, very best wishes from Annie, Lucille, Gabrielle and me (all at MML HQ, in other words).
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In Australia, we have been to Melbourne, Sydney, Brisbane, Canberra and Hobart at least twice already. We have never yet taken our weekend workshops to Perth. That is the next thing on the agenda.
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Thanks again, if you are a supporter, and best wishes to you again, even if you are not, but you are a person of goodwill. Long live a reasonably courteous exchange of views between well-meaning people.
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The means of the UK are not tax receipts of the UK Government. They are the people, skills, materials, equipment, technology and institutional capacity of the UK government and private sector. Anything that can actually be done by and with those resources can be paid for. Hope!
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I think Donald Trump is as nutty as a fruitcake. There. I have said it. No US trip for me.
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Although European countries continue to have a higher quality of life on almost all metrics than the USA or China. Be careful what you wish for.
I'm in the @NewStatesman today arguing why rejoining the EU Customs Union won't fix Labour's growth woes. The basic reason: UK and European stagnation predate Brexit, and the real challenge is competing with US and Chinese dynamism. Brexit didn’t cause our economic problems, but it did create an excuse for them. The EU debate sucked the air out of our idea space, particularly on the left, which means we haven't properly interrogated the root causes of our economic malaise. Europe as a whole suffers from a lack of dynamism. Our largest companies are much older than those in the US, and weighted towards legacy sectors (finance, luxury goods, oil, pharma, automobiles), many of which have seen poor productivity growth compared to America's digital services and AI, or China's advanced manufacturing. Crucially, dynamism is not the same as innovation. Britain, like many European countries, has no shortage of entrepreneurs and inventors, scientists and creators. The challenge is continually re-allocating talent and capital towards evermore productive uses, in effect turning ideas into profitable companies that can take on incumbents and scale. For this, market structure, regulation and underlying infrastructure are more important than ingenuity and skills. We do not build enough housing, particularly in productive cities, and especially in London. This means workers can’t afford to move to good jobs, and wages are inflated to cover high rents, increasing cost and reducing business investment. Britain has some of the highest electricity costs in the world, in part due to our failure to build transmission infrastructure and nuclear power. We have not built a reservoir since 1992, or a runway since 2001, or high speed rail since 2007. Physical infrastructure is important for dynamism because it effectively levels the playing field. Productive firms cannot take on established incumbents if they face prohibitive costs to expansion. The net effect is dampened investment and firms that would rather scale in the US–or not at all.
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