The Gower Initiative for Modern Money Studies (GIMMS) describes itself as “part of a growing international movement which challenges the economic orthodoxy of the last four decades. We are supported by distinguished economists and many other experts who have played a vital role in offering advice and guidance in the development of this project.”
Gimms’ founding was welcomed by respected left-wing economists, who agree that MMT (Modern Monetary Theory) needs to be well understood in the UK.
Next month, GIMMS is holding an important event in Birmingham at which “founding proponents” of MMT will join authors to discuss macroeconomics and “challenge our preconceptions about how money works” to “develop solutions to the pressing economic, social and ecological issues we face.”
GIMMS’ press release states:
Bernie Sanders and Alexandria Ocasio-Cortez in the US are leading the charge for a Green New Deal combined with a ‘Job Guarantee’. Ocasio-Cortez, who is being advised by MMT economists (in particular Professor Stephanie Kelton) is openly talking about MMT in the public domain. In response there has been a surfeit of bad articles rubbishing MMT which suggests that the orthodox view is feeling challenged as MMT begins to make a dent in economic orthodoxy.
Unfortunately, the UK is still some way behind on the curve despite GIMMS’ efforts. GIMMS has contributed to improving the situation, but also Professor Stephanie Kelton is involved in a project with Mariana Mazzucato [Labour adviser, Professor in the Economics of Innovation and Public Value at UCL and founder-director of of the UCL Institute for Innovation & Public Purpose].
Professor Kelton said of GIMMS:
I value GIMMS’ input into this global effort to change the economic paradigm towards one which puts public purpose as its primary goal. As such I am sure that the GIMMS team will play an important role in promoting a better understanding of economics and the policy space which exists for addressing the future challenges we face.
Professor Kelton has visited the UK twice, giving presentations at the British Library and the UCL. The talks, titled “The Public Purse” and “Rethinking Fiscal Policy”, can be viewed below:
The GIMMS statement continues:
The event will aim to challenge the predominant view among left-wing progressives that a progressive agenda can be delivered by bringing home the magic money tree in the Cayman Islands to pay for public services and a GND. Our goal will be to present the realities of modern money in a post-gold standard era – an essential understanding if left-wing progressives are to break out of the ‘household budget’ framing of the money system (essentially a monetarist one) and deliver a truly progressive agenda using MMT as the descriptive lens.
If you are free on that day tickets are available. There is a small charge as our funds are limited and it will cover the cost of the Birmingham venue and other associated expenses on the day.
Tickets are priced at £11.25 (of which £10.00 goes towards GIMMS’ costs and the balance covers Eventbrite’s fee) and can be ordered here.
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