A blog for budding economists

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A blog for budding economists

#1 Post by ChrisRT » Wed Jan 27, 2010 6:14 am

Hi all

I just wanted to do a shout out to an excellent economics blog I came across recently.

The blog is called Billy Blog and it is run by Professor Bill Mitchell of the Centre of Full Employment and Equity.

I highly suggest bookmarking it and reading it regularly if you're at all interested in modern economics and why, for example and contrary to popular belief and mainstream economic commentary, government deficits are, for most countries today, good for short-term and long-term economic growth (note - we're only talking Federal government deficits here). In fact, and also contrary to popular belief, governments in almost all countries around the world today do not need to 'finance' their spending through income or debt issuance the way households do. Governments that issue their own floating fiat currency, such as Australia, do not to need to 'finance' their spending by raising taxes or issuing bonds (although bonds and taxes do serve separate, unrelated, purposes). Please read Professor Mitchell's blog to understand why. Be warned however - you may need to check your previous ideas and conceptions about how money and macroeconomics work at the door.

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