Early this morning, I responded to an e-mail from an undergraduate at Florida State University. She’s thinking about pursuing a Master’s degree in economics, and she reached out to ask me for some advice. Here’s part of what she wrote: [I’m] torn on where is the best school to attend…I wanted some guidance on what environment would be best to engage in some of the topics you research and ones that challenge orthodox economic theory.
"Learn how to measure environmental costs and employ BENEFIT-COST (emphasis added) analysis to evaluate prospective projects."
Bravo! I may have to get out more, but this is the first time I've seen the well-worn "cost-benefit" analysis mantra reversed. This switcheroo makes perfect sense. A sensible, well-planned and executed project will have palpable benefits. The "cost" is usually just money--meaning a larger federal deficit. But if our economy has unused spare capacity, who cares about the deficit? It's just money! Claw back taxes from the rich to reduce that deficit if it makes you feel better, but it isn't really necessary if the project doesn't trigger inflation.
Let's first figure out how any project can benefit society, and only AFTER we've done that should we decide if the price tag is so high that it will be inflationary and thus counterproductive. If we always consider the cost first, we get intimidated by the deficit hawks and paralysis sets in.
I know it's difficult to think of "Costello and Abbott" or "Andy and Amos," but it would be really cool if MMT could rearrange the lexicon so that "Benefit-Cost" analysis becomes the coin of the economic realm. Well done!
It would be good sometime to have a convocation of people who have taught MMT in various contexts to discuss the teaching experience. I recently completed the third time I've taught or co-taught MMT (all in adult education contexts, two of three online) and I would love to hear other people's classroom (or Zoom) experiences.
Thank you so much for sharing our courses, Stephanie! To understand ecological economics is to know what needs to be done to secure a liveable planet, and understanding MMT gives us the tools to achieve it. The two together are incredibly powerful, and I’m honoured to play a part in this project.
My worry would be on job security after doing a degree like this. This is a fact of life. Should I apply to this or to a standard Russell group masters in economics, despite my desire for MMT. Can you speak on employment opportunity from the Torrens Uni for example?
Hopeful anticipation that sustainability and efficiency secure a more even handed future.
This can't happen soon enough.
"Learn how to measure environmental costs and employ BENEFIT-COST (emphasis added) analysis to evaluate prospective projects."
Bravo! I may have to get out more, but this is the first time I've seen the well-worn "cost-benefit" analysis mantra reversed. This switcheroo makes perfect sense. A sensible, well-planned and executed project will have palpable benefits. The "cost" is usually just money--meaning a larger federal deficit. But if our economy has unused spare capacity, who cares about the deficit? It's just money! Claw back taxes from the rich to reduce that deficit if it makes you feel better, but it isn't really necessary if the project doesn't trigger inflation.
Let's first figure out how any project can benefit society, and only AFTER we've done that should we decide if the price tag is so high that it will be inflationary and thus counterproductive. If we always consider the cost first, we get intimidated by the deficit hawks and paralysis sets in.
I know it's difficult to think of "Costello and Abbott" or "Andy and Amos," but it would be really cool if MMT could rearrange the lexicon so that "Benefit-Cost" analysis becomes the coin of the economic realm. Well done!
It would be good sometime to have a convocation of people who have taught MMT in various contexts to discuss the teaching experience. I recently completed the third time I've taught or co-taught MMT (all in adult education contexts, two of three online) and I would love to hear other people's classroom (or Zoom) experiences.
Thank you so much for sharing our courses, Stephanie! To understand ecological economics is to know what needs to be done to secure a liveable planet, and understanding MMT gives us the tools to achieve it. The two together are incredibly powerful, and I’m honoured to play a part in this project.
My worry would be on job security after doing a degree like this. This is a fact of life. Should I apply to this or to a standard Russell group masters in economics, despite my desire for MMT. Can you speak on employment opportunity from the Torrens Uni for example?