Dr. Yeva Nersisyan is a professor of economics at Franklin and Marshall College whose research focus includes Modern Monetary Theory, Post-Keynesianism, and the Institutionalist traditions. She has published widely on the subject of banking and financial instability, which is why we invited her on to talk about how the economy *actually* works. MMT theorists argue that Neo-classical economists have a deeply limited understanding of the economy, as demonstrated by the Fed’s recent inability to control inflation by adjusting interest rates - which is basically the only lever available to it. We discuss how it seems that no one who is sitting at the top of the economic pyramid seems to understand how to shift the course of the economy, how providing jobs is the key to stability, the emergence of modern economic policy in the post-war years, and much more. Sign up for our Patreon and get episodes early + join our weekly Patron Chat https://bit.ly/3lcAasB AND rock some Demystify Gear to spread the word: https://demystifysci.myspreadshop.com/ 00:00 Go! 09:19 The Enclosure Movement & the Creation of the Labor Market 10:42 Methodological Individualism & the Role of Government 11:37 The Problem of Government Capture & the Public Interest 12:19 The Limitations of the Free Market 15:04 The Role of Regulation in the Economy 35:52 Bank Deposits & IOUs 37:41 Government Backing & Central Banks 40:00 Central Banks & Liquidity 41:24 FDIC & Deposit Insurance 44:23 FDIC & the US Government 46:01 Money as an IOU 49:03 The Government's Role in the Economy 51:49 Taxation & the Economy 01:01:34 Government Spending & Inflation 01:05:01 Automation & the Future of Work 01:09:19 The Role of Government in the Economy 01:19:15 Deficit & Spending 01:24:19 Money & Jobs 01:26:04 Healthcare & Resource Allocation 01:52:25 The New Deal & Labor Protections 01:55:27 The Shift in Government Policy 01:57:30 Monetary Policy & Wage Growth 02:09:11 The Fed's Job & Inflation 02:14:28 The Sources of Inflation 02:16:23 The Fed's Approach to Inflation 02:26:09 Regulation & the FED 02:34:10 The Capture of the Government & the Failure of the Obama Administration 02:30:14 The Disenfranchisement of the Middle Class & the Rise of Authoritarianism 02:34:50 Right-Wing Populism & Left-Wing Alternatives 02:38:06 Job Guarantee & Rebuilding the Economy #sciencepodcast, #longformpodcast, #ModernMonetaryTheory, #EconomicsExplained, #PostKeynesian, #FinancialStability, #JobsFirst, #EconomicPolicy, #MoneySupply, #BankingInsights, #InflationDebate, #GovernmentSpending, #EconomicLevers, #FiscalPolicy, #MonetaryTheory, #EmploymentFocus, #EconomicInequality Check our short-films channel, @DemystifySci: https://www.youtube.com/c/DemystifyingScience AND our material science investigations of atomics, @MaterialAtomics https://www.youtube.com/@MaterialAtomics Join our mailing list https://bit.ly/3v3kz2S PODCAST INFO: Anastasia completed her PhD studying bioelectricity at Columbia University. When not talking to brilliant people or making movies, she spends her time painting, reading, and guiding backcountry excursions. Shilo also did his PhD at Columbia studying the elastic properties of molecular water. When he's not in the film studio, he's exploring sound in music. They are both freelance professors at various universities. - Blog: http://DemystifySci.com/blog - RSS: https://anchor.fm/s/2be66934/podcast/rss - Donate: https://bit.ly/3wkPqaD - Swag: https://bit.ly/2PXdC2y SOCIAL: - Discord: https://discord.gg/MJzKT8CQub - Facebook: https://www.facebook.com/groups/DemystifySci - Instagram: https://www.instagram.com/DemystifySci/ - Twitter: https://twitter.com/DemystifySci MUSIC: -Shilo Delay: https://g.co/kgs/oty671