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Our curriculum will give you an eye-opening introduction to Henry George’s revolutionary thinking
What is Modern Monetary Theory (MMT)?
MMT, what it is and how it works
Modern Monetary Theory (MMT) is a heterodox school of macroeconomic thought that asks:
* To what degree is your country monetarily sovereign?
* How does that impact the economic policies your country is able to pursue?
A monetarily sovereign nation is one which issues its own currency, does not peg the value of that currency to any other currency or to any precious metal, and whose government does not take on debt in any currency other than its own.
The United States, Canada, Australia and the United Kingdom are all monetarily sovereign nations. Countries like France and Italy, which are part of the Eurozone are not. Neither are the countries in Africa which are former French colonies and which continue to use the CFA Franc.
It turns out that whether a country is monetarily sovereign or not has
tremendous importance in determining the economic policies a country can pursue in response to crises, whether those crises be economic, political, medical or ecological. Modern monetary theory explains, for example, why the U.S. federal government can create hundreds of billions of dollars to spend in response to the COVID-19 pandemic, while state and local governments (not to mention individual households) cannot.
In this five-session, students will get a taste of macroeconomics — the study of the overall determination of output, employment and prices — from the MMT perspective. Upon taking this course students will be able to understand and participate in current economic policy discussions.
“The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy”
Public Affairs/Hachette Book Group. 2020.
“The Joy of Tax: How a fair tax system can create a better society”
Corgi Books/Transworld Publishers. 2015.
Yeva Nersisyan and L. Randall Wray
“How to Pay for the Green New Deal”
Levy Economics Institute of Bard College, Working Paper No. 931. 2019.
The Henry George School of Social Science admits students of any race, color, national or ethnic origin, age, gender or sexual orientation. The programs and activities of the School are available to all students on an equal basis.