“Mainstream economists have been extraordinarily successful in indoctrinating people to believe that the workings of the economy are far too complex for any but experts (i.e. the economists themselves) to understand.”

Professor John F Weeks, 2014. (Sadly, Prof. Weeks died in 2020.)

About 4 years ago, my eyes were opened to the modern understanding of how governments use money, and I have been studying it ever since. I came to realise that for years we have all been told an utterly false version of Economics. A dark fairy-tale, really, that I used to believe as much as anyone. The modern understanding is mainly in the area known as Modern Monetary Theory (MMT).

I am not a qualified economist, but on this blog I aim to explain the modern understanding of government finances in a way that everyone, I hope, can get hold of. For people who would rather go to the dentist than read an economics textbook. The pieces in this blog are usually about a 5-minute read. A few are longer.

This blog is for educational and information-sharing purposes only, and is entirely non-commercial, non-profit-making.

To read more information from real professional economists, and others, please have a look at my links page.

You are welcome to submit guest posts, but please keep on topic! Please submit to thepoundinyourpocket@gmx.com.

I am grateful to my UK mentors, including (alphabetical order)Mike Hall, Richard Murphy (tax.research.org) , Prue Plumridge(gimms.org.uk), and Malcolm Reavell (Modern Money Scotland) for inspiration, guidance, and my own education in this subject.

The photo and caption (Joan Robinson quote) on my homepage are purloined from the excellent Modern Money Scotland Facebook Group. An outstanding source for learning more about the modern understanding of how government finance works, not just on topics specific to Scotland.

I am also grateful to David Vigar, Catherine York, Rhona Jackson for support and editing suggestions, and to web developer Chris Hoar for sorting out some problems with the organisation of this blog.

Myself with Professor Bill Mitchell, leading authority on the modern understanding of fiscal policy, in Brighton September 2019. He’s the more distinguished-looking one on the right!undefined

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