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oney from the bank or empty their piggy banks and spend it the government needs to run a surplus in its budget to prevent the economy from overheating and inflation occurring so the budget does indeed end up balanced over the cycle it ends up being an approximately symmetrical pattern when expressed graphically this relatively simple model may have been adequate for the uk economy in the 1920s however in recent times the extent of saving and desaving hasn t been symmetrical over the business cycle when times are good people may borrow and spend more but equally they may put more aside for their retirement so if the spending saving borrowing pattern of the population isn t symmetric over the business cycle neither can we expect the government to run a balanced budget over the business cycle instead of imports and exports balancing our economy has something like an annual 5 of gdp deficit in its current account our trading partners seem happy to supply more real things to us than we supply to them they take our ious in the form of treasury bonds or gilts to make up the difference in effect they are like a big net saver within the economy as keynes pointed out if people are saving more and that includes our trading partners the government has to be spending more or taxing less the balanced budget over the cycle is really just a special case which does not apply to our own 21st century economy if we try to force the government budget into balance at the same time ignoring the trading position and the willingness or otherwise of the economy s participants to net save then we are courting economic disaster the budget will not balance no matter how hard we try and we will end up like a dog chasing its own tail as the economy spirals ever deeper into recession share this share on x opens in new window x email a link to a friend opens in new window email share on linkedin opens in new window linkedin share on tumblr opens in new window tumblr print opens in new window print share on facebook opens in new window facebook share on reddit opens in new window reddit share on pinterest opens in new window pinterest like loading 1 comment posted in mmt general tagged balanced budget over cycle bank of england budget deficit chartalism economy fiat currencies government spending keynes mmt post keynesian economics the job guarantee problems from a left perspective posted on december 5 2015 12 comments there s no doubt that a jg program along the lines we might imagine it to be and along the lines advocated by the leading names of mmt warren mosler bill mitchell and others would be highly desirable we could have an economy run to ensure almost full employment except for a jg rate of about 2 then maybe there would be another 2 who were in receipt of unemployment pay due to their being temporarily between jobs we could allow a reasonable period of time for that to occur say about 3 months the jg could have a part to play in young people s apprenticeship schemes too there could be some relaxation in the principle of public purpose if job training was combined with education the jg could pay a living wage meaning that the wage was more than just enough to stay alive but it was enough to enjoy life too the problem for me and i suspect others on the left is that we fear it won t turn out quite like that there s no guarantee or even likelihood that the jg will end poverty it would depend on the wage the jg pays relative to the cost of living in the locality if you re living in london and depending on the rental property market you d need an income much higher than anything i ve seen proposed for the jg to be above any reasonable definition of the poverty line incidentally this posting was prompted by a discussion between neil wilson and others including myself on his very good blog http www 3spoken co uk 2015 11 job guarantee jobs for people html very good doesn t mean we always agree btw as this exchange shows pm we don t want to get into the situation for example where we re threatening young mothers with loss of benefits for not taking up the jg or getting into disputes with the mentally ill as to their capability for work nw i m afraid that isn t your choice that is the choice of the society you live in and how they perceive those individuals which is a fair enough comment of course but if it looks from a left perspective that there are too many devils in the jg detail for comfort why would the left want to aggressively pursue the concept of a jg why not just leave it to the society we live in to come around to the idea that s not likely to happen for a very long time though either the jg is pushed by the left or it just won t happen at all another problem again at least for me is the language used to promote the idea of a jg and it being a buffer stock we are real people yes we want to work and make a contribution but we don t want to be a buffer stock in the same way as we can have a buffer stock of bales of wool or kilos of butter while mmt and concepts like the jg are useful they only go so far mmt doesn t say anything about how wealth and incomes should be shared out if we don t address that question and keep on addressing it then we ll end up with just as much poverty in the future even though society as a whole could well be richer there could well be very much higher rates of jg work as the not so innocent fraudsters in government deliberately shift essential work into the jg sector the jg would be a very powerful weapon and used in the hands of the fraudsters to reduce wages we could for example have a jg now in parts of the eu which paid say 7 ph or whatever was just slightly higher than social benefits so in greece we d have 25 on a jg instead of 25 unemployed there s no way any of us with a leftist perspective would support that if anyone is contributing to society by working the old principle of labour s clause 4 applies to secure for the workers by hand or by brain the full fruits of their industry and the most equitable distribution thereof that may be possible etc having a jg even on a so called living wage doesn t change that one bit share this share on x opens in new window x email a link to a friend opens in new window email share on linkedin opens in new window linkedin share on tumblr opens in new window tumblr print opens in new window print share on facebook opens in new window facebook share on reddit opens in new window reddit share on pinterest opens in new window pinterest like loading 12 comments posted in mmt general tagged austerity economics british labour party central bank chartalism economic system economy job guarantee labour party economics modern monetary theory post keynesian economics warren mosler older posts archives august 2026 m t w t f s s 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 nov pages about test2 topics mmt general uncategorized blogroll 3 spoken alittleecon there is an alternative bill mitchell billy blog bond economics human rights political journal mike norman economics modern money mechanics modern money mechanics mmt simplified modern money network mugwump post new economic perspectives ralphonomics think left warren mosler the center of the universe what is modern monetary theory robert nielsen past posts a fairy story a lesson in economics from stephanie kelton a looming demographic time bomb a simple four sector model of an economy an economic quiz an independent scotland will need its national debt are government bonds just another form of money as an online economic discussion grows longer the probability of a comparison involving the weimar republic or zimbabwe approaches 1 all of the economic research that allegedly supported the austerity push has been discredited balancing the budget big scary numbers 2 everyone in the uk owes 34 281 54 big scary numbers like the uk national debt is 2 228 300 000 000 bill mitchell and randall wray booms and busts boots economics and politics borrowings and lendings budget deficits a burden to our children and grandchildren can commercial banks create money out of thin air can commercial banks create money out of thin air 3 the creation of money by private banks in the process of lending leads only to the removal of money from the economy can commercial banks create money out of thin air 2 can government debt ever be termed good bad or irrelevant classical economists don t understand real people or real economies do we need to balance our books in australia yes maybe except they already are doctor who and the dalek invasion of planet earth 2150 the mmt version economic imperialism fact or fiction ed balls promises to wreck the uk economy by 2020 european lemmings european lemmings eurozone electors have been sold a lemon follow me on twitter future funds and a biblical story german euros and greek euros are they really the same germans don t understand how currency unions need to function germany vs greece the end game germany vs greece the battle commences greece hasn t got a debt problem it has a lack of growth problem greek debts cannot be repaid in euros help australia is running out of money high unemployment in britain is its own government s fault no one else s how come that nearly everyone gets it all wrong on money and the economy how to balance the government budget the mmt way how to balance the government budget the mmt way part 2 how to win and lose elections how to win and lose elections 2 i don t promise to pay the bearer on demand but we ll give you two fives for a ten if dollars and pounds are really ious it must logically follow that government debts need never be repaid is there really a skills shortage john quiggin mmt and russia keeping it simple loan repayments destroy credit money right wrong they don t loan repayments destroy credit money right wrong they don t part2 loan repayments destroy credit money right wrong they don t part2 mmt economics for the political right mmt humour mmt humour money and babies mmt is gaining followers mmt the antidote to nonsensical economics mmters does adair turner have a point money government bonds and quantitative easing more on why fiat currencies have a value muddled thinking watch 3 hugh pym of the bbc with his coloured sweets muddled thinking watch 2 the bank of england is wrong in its claims qe creates no inflationary pressure writes andrew lilico muddled thinking watch 4 british economy too reliant on people spending money christine lagarde imf muddled thinking watch 5 increase taxes to balance the budget the revenue well is not dry greg jericho the guardian muddled thinking watch 6 trade figures show long road ahead to rebalance britain s economy larry elliot the guardian muddled thinking watch 7 chuka umunna on labour s pre gfc deficit muddled thinking watch we will need decades of austerity not years writes philip booth in the daily telegraph nationalisation costs nothing and privatisation raises nothing neo liberal thinking neo liberalism virus infects the uk labour party they want a government surplus without a trade surplus never mind the deficit just vote for the recovery no government debts need ever be repaid note to the beancounters of this world if you plant beans you can grow more beans on bbc tv newsnight one or maybe slightly more line responses to common neo liberal arguments positive money a fallacy built on a little known truth part 1 positive money a fallacy built on a little known truth part 2 positive money a fallacy built on a little known truth part 3 revaluing the swiss franc spending income the government needs to run a deficit to balance the books stand by for the next uk crash eta 2016 steve keen explains why quantative easing is not inflationary and can t simply be considered money printing tesco announces plans to open 40 new skips across country the british left needs to discuss more than the uk s membership of the eu the concept of money speed fast and slow money the earth is not flat the economics of a budget surplus something to think about before making rash promises the eu progressive or reactionary the euro cannot survive without greece the euro could work so why doesn t it the government isn t living beyond its means the half life of money the japanese own their own debt so they don t have a problem right the national debt is it a bad thing and is it too large the world owes 57 trillion who the f to mars jupiter the world owes 57 trillion who the f to mars jupiter 2 thoughts on the euro three sector balances haven t gone unnoticed by the economic mainstream tony benn 1925 2014 an honourary mmter tony benn every time i see a person in a cardboard box in london i think that person is a victim of market forces uk debt is a myth unemployment currency taxation and the job guarantee the mmt view unfunded promises no such thing want a budget surplus easy devalue the pound want to make your business card worth something easy start a protection racket warren mosler s department store analogy an extension warren moslers 7 seven deadly frauds of economic policy 1 warren moslers 7 seven deadly frauds of economic policy 2 warren moslers 7 seven deadly frauds of economic policy 3 warren moslers 7 seven deadly frauds of economic policy 4 warren moslers 7 seven deadly frauds of economic policy 5 warren moslers 7 seven deadly frauds of economic policy 6 warren moslers 7 seven deadly frauds of economic policy 7 wasting resources and wasting money which is worse what is a government bond what is the national debt a ultra short and simple explanation what the government don t want you to know about taxes but it s easy enough to work out anyway when joe says he wants a surplus he means for government but a deficit for everyone else when joe says he wants a surplus he means for government but a deficit for everyone else who controls the economy who s running the smarter economy the uk or germany who s running the smarter economy the uk or germany 2 why do they lie to you why governments can t choose to run balanced budgets 2 why governments can t choose to run balanced budgets why not give control of the fiscal deficit to the bank of england why sometimes i ve believed as many as six impossible things before breakfast or what s so hard about mmt podcasts prof l randall wray alpha to omega august 2012 recommended links the 7 deadly innocent frauds of economic policy warren mosler twitter follow us on twitter videos deficits are a good thing mmt mct fields institute seminar stephanie kelton three sectors financial balances info create account log in entries feed comments feed wordpress com create a free website or blog at wordpress com modern monetary theory real economics create a free website or blog at wordpress com subscribe subscribed modern monetary theory real economics join 78 other subscribers sign me up already have a wordpress com account log in now privacy modern monetary 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