I'm going to run through my thinking here and it will be rough, so please excuse that. I have a hunch (Nordhaus) that this may be a productive edge to explore, and welcome your thoughts. If follows on from @Steve Keen s presentation to Jeremy Corbyn, where it opens up for spending on that which is important and needed, this gives a framework to do it (rough I know but small beginnings). The table runs left to right. Black is money, Red is liability, blue is real capital, increasing or decreasing (with a - sign). It represents the government budget. You will need to know the basics of real or multi-capital to get this. https://stephenhinton.org/2024/01/28/real-capital-an-explainer/ The first column is the national budget, planning to spend first and then get back all or some via tax (MMT), The last two are mixed real and financial - social capital is organisations, and these all have financial identities that pay tax on their operations, as well as get gov, benefits/contracts, Human capital is people with social identity numbers who get benefits and pay tax and are employed in social organisations. So we have represented the money side of things. However, the national budget expects a use of real capital - biological like wood, food etc and mineral. This is processed in the built capital. You can see already that national accounts do not take into the real capital capacity available, or the drawing down effects of the operations of the social capital, the organisations. At the end of the year (effects) there will be an economic status of the government account, but also the social capital (GDP). However, there will also be status of real capital - soils and forests degraded by harvesting, mineral reserves down, by mining, and of importance, the effects of economic stress on the human capital. This is where MMT comes in. It would be better to, when producing national budgets, to include a real capital focus. You could demand of firms that they declare their real capital impacts per dollar of operation. You could factor in economic stress and budget to minimise it. There are a lot of things you can do if you see it this way,

I recently noticed that Louis-Philippe Rochon mentions a lot of discussion about the death of the Philips curve on @MonetaryBlog on X (Twitter). He even included a list of references (attachment). I haven't the time to look into this right now, but my impression in the past was that Philips work was very impressive, whereas most economists reduce it (and often think about it in terms like political business cycles). For dynamical systems a Philips like relationship is essential. So is it alive, or isn't it?

I did a RAT this morning and got a very emphatic result back. So though I’m feeling better, I still have the damn thing, and I will continue taking it easy to aid my recovery. There will be no class today, and I’m tossing up whether I should skip next week as well, since I have the long-awaited meeting with the Bank of England next Tuesday, which of course involves a substantial workload for me. This isn’t exactly how I envisaged starting my six months in Budapest! So sorry everyone, but it’s better that I delay classes until I am at least close to 100% recovered

Rebecca Gorman's comment (are you still in the group, Rebecca) highlighted something I'm conscious of myself: that I'm cramming too much information into too few lectures. I expanded the number from 7 to 10 just to (a) enable me to separate Ravel from Minsky, and add lectures (b) on what microeconomics should be and (c) the flaws in Neoclassical economics. Should I go further, for the sake of people's comfort in absorbing my material?

Congratulations on your decision to become a Rebel Economist, and thank you for fighting this war with me -- to bring real economics to the mainstream. The goal of this early 'test group' is to get feedback to fine-tune this Mastermind for the official launch. So feel free to let me @Steve Keen or @Jordan Schwann (my Skool partner) know if there's any feedback you have. This is my first official 'online course & community', and it definitely isn't perfect yet.A few things to know before we start: 1. Skool will be our community platform to discuss, watch lectures, view upcoming LIVE mastermind meetings, and more. Feel free to click around on this platform. It's been designed to be easy to use. 2. Our LIVE Rebel Economist Masterclasses/Mastermind Meetings will happen on Thursdays at 1pm New York Time (EST). That's 10am Los Angeles Time (PST), and 6pm London Time (GMT). Sorry Aussies, but that's 5am Sydney time (but you can watch the recordings). To make sure you don't miss them, click on the 'Calendar' tab, then click on any event to add to your personal calendar. We're having hassles setting up a permanent link. Here's the link for today, December 29: https://us06web.zoom.us/j/82392045499?pwd=cjBxU1IvUmZOM2J0bXZaN05FZTlVUT09 3. Go to "Classroom" for all lectures, courses, and free downloads. You will also find all your free bonuses here. Like 'How To Minsky', Curated Debunkers Files, and my team's $500 Ravel Software for free. You can access all of them instantly now. Enjoy!