Bill Mitchell (economist)
Encyclopedia
William Francis "Bill" Mitchell is a professor of economics at the University of Newcastle
, New South Wales
, Australia
, and a notable proponent of Modern Monetary Theory
.
, Australia
, in March 1952. The family moved to Ashwood
, a new Housing Commission
suburb in Melbourne
, soon after. He attended Ashwood Primary School (1957–1963) and Ashwood High School (1964–1969).
in Economics
, University of Newcastle
, 1998; Bachelor
of Commerce, Deakin University
, 1977; and Master
of Economics Monash University
, 1982. He completed a Master's Preliminary at the University of Melbourne in 1978 (with first-class honours).
(CofFEE), a non-profit, research organisation whose stated focus is on the policies that can restore full employment and achieve an economy that "delivers equitable outcomes for all".
CofFEE is a member of the Coalition of Economic Policy Institutions (EPIC), an "independent forum" promoting research and public discussion of issues related to macroeconomic and monetary policy.
Mitchell participates in various public and community activities, on issues of politics, economics and the environment. He is a regular editorialist and commentator on labour markets and relations in the national radio and press media of Australia.
Mitchell is active in the public opposition of neo-liberal economic theories and practices and disputes the "revisionism" of History ostensibly perpetrated by mainstream or conservative economists, especially in relation to the policies of the New Deal
. He has often been called to appear as an expert witness
in industrial matters in state and federal tribunals in Australia, as well as in various government enquiries. His work in childcare industrial cases in Victoria
and New South Wales influenced the realignments in the relevant State and Federal Awards in that sector.
He has written extensively in the fields of macroeconomics, econometrics and public policy. He has published widely in refereed academic journals and books and regularly gives conference presentations abroad.
, Professor of Economics in the University of Maastricht, The Netherlands. The authors trace the theoretical analysis of the nature and causes of unemployment over the last 150 years and argue that the shift from involuntary to so-called "natural rate" concepts of unemployment are behind an "ideological backlash" against state intervention as notably advocated, within the frame of the free economy, by Keynes
in the 1930s. The authors further contend that unemployment is a reflection of systemic policy failures, rather than an "individual problem". They present a theoretical and empirical critique of the neo-liberal approach and suggest that the reinstatement of full employment, along with price stability, is a viable policy goal, achievable through an activist fiscal policy.
The notion of Job Guarantee
is introduced, whereby the government would guarantee a job to every willing and able adult individual, paying a wage set somewhat below the minimum wage
.
-based reggae
-dub band, originally popular in the 1970s and early 1980s. The band reformed in 2010. He also plays with the Newcastle-based swing blues band The Blues Box.
Mitchell often refers to the economics
discipline, and especially the academia
, in disparaging terms, stating, only half-jokingly, that his work as a musician does less damage to people.
University of Newcastle, Australia
The University of Newcastle is an Australian public university that was established in 1965. The University's main and largest campus is located in Callaghan, a suburb of Newcastle in New South Wales...
, New South Wales
New South Wales
New South Wales is a state of :Australia, located in the east of the country. It is bordered by Queensland, Victoria and South Australia to the north, south and west respectively. To the east, the state is bordered by the Tasman Sea, which forms part of the Pacific Ocean. New South Wales...
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, and a notable proponent of Modern Monetary Theory
Chartalism
Chartalism is a descriptive economic theory that details the procedures and consequences of using government-issued tokens as the unit of money. The name derives from the Latin charta, in the sense of a token or ticket...
.
Early life
Bill Mitchell was born to working class parents in Glen HuntlyGlen Huntly, Victoria
Glen Huntly is a suburb in Melbourne, Victoria, Australia, 11 km south-east from Melbourne's central business district. Its Local Government Area is the City of Glen Eira. At the 2006 Census, Glen Huntly had a population of 4085....
, Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, in March 1952. The family moved to Ashwood
Ashwood, Victoria
Ashwood is a suburb in Melbourne, Victoria, Australia, 14 km south-east from Melbourne's central business district. Its Local Government Area is the City of Monash...
, a new Housing Commission
Housing Commission of Victoria
The Housing Commission of Victoria was a State Government body responsible for public housing in Victoria, Australia...
suburb in Melbourne
Melbourne
Melbourne is the capital and most populous city in the state of Victoria, and the second most populous city in Australia. The Melbourne City Centre is the hub of the greater metropolitan area and the Census statistical division—of which "Melbourne" is the common name. As of June 2009, the greater...
, soon after. He attended Ashwood Primary School (1957–1963) and Ashwood High School (1964–1969).
Higher education
Bill Mitchell holds the following degrees: PhDPHD
PHD may refer to:*Ph.D., a doctorate of philosophy*Ph.D. , a 1980s British group*PHD finger, a protein sequence*PHD Mountain Software, an outdoor clothing and equipment company*PhD Docbook renderer, an XML renderer...
in Economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
, University of Newcastle
University of Newcastle, Australia
The University of Newcastle is an Australian public university that was established in 1965. The University's main and largest campus is located in Callaghan, a suburb of Newcastle in New South Wales...
, 1998; Bachelor
Bachelor's degree
A bachelor's degree is usually an academic degree awarded for an undergraduate course or major that generally lasts for three or four years, but can range anywhere from two to six years depending on the region of the world...
of Commerce, Deakin University
Deakin University
Deakin University is an Australian public university with nearly 40,000 higher education students in 2010. It receives more than A$600 million in operating revenue annually, and controls more than A$1.3 billion in assets. It received more than A$35 million in research income in 2009 and had 835...
, 1977; and Master
Master's degree
A master's is an academic degree granted to individuals who have undergone study demonstrating a mastery or high-order overview of a specific field of study or area of professional practice...
of Economics Monash University
Monash University
Monash University is a public university based in Melbourne, Victoria. It was founded in 1958 and is the second oldest university in the state. Monash is a member of Australia's Group of Eight and the ASAIHL....
, 1982. He completed a Master's Preliminary at the University of Melbourne in 1978 (with first-class honours).
Academic
Mitchell is the Research Professor in Economics at the University of Newcastle, Australia.Activist
Mitchell works to promote active government economic policies and the use of budget deficits as a tool for economic productivity. He is Director of the Centre of Full Employment and EquityCentre of Full Employment and Equity
The Centre of Full Employment and Equity or CofFEE is an official research centre of the University of Newcastle, New South Wales, Australia, and has operated since 1998...
(CofFEE), a non-profit, research organisation whose stated focus is on the policies that can restore full employment and achieve an economy that "delivers equitable outcomes for all".
CofFEE is a member of the Coalition of Economic Policy Institutions (EPIC), an "independent forum" promoting research and public discussion of issues related to macroeconomic and monetary policy.
Mitchell participates in various public and community activities, on issues of politics, economics and the environment. He is a regular editorialist and commentator on labour markets and relations in the national radio and press media of Australia.
Mitchell is active in the public opposition of neo-liberal economic theories and practices and disputes the "revisionism" of History ostensibly perpetrated by mainstream or conservative economists, especially in relation to the policies of the New Deal
New Deal
The New Deal was a series of economic programs implemented in the United States between 1933 and 1936. They were passed by the U.S. Congress during the first term of President Franklin D. Roosevelt. The programs were Roosevelt's responses to the Great Depression, and focused on what historians call...
. He has often been called to appear as an expert witness
Expert witness
An expert witness, professional witness or judicial expert is a witness, who by virtue of education, training, skill, or experience, is believed to have expertise and specialised knowledge in a particular subject beyond that of the average person, sufficient that others may officially and legally...
in industrial matters in state and federal tribunals in Australia, as well as in various government enquiries. His work in childcare industrial cases in Victoria
Victoria (Australia)
Victoria is the second most populous state in Australia. Geographically the smallest mainland state, Victoria is bordered by New South Wales, South Australia, and Tasmania on Boundary Islet to the north, west and south respectively....
and New South Wales influenced the realignments in the relevant State and Federal Awards in that sector.
Author
Mitchell is a prominent proponent of Modern Monetary Theory in macroeconomics.He has written extensively in the fields of macroeconomics, econometrics and public policy. He has published widely in refereed academic journals and books and regularly gives conference presentations abroad.
Full Employment Abandoned
Mitchell's most widely known publication to date is Full Employment Abandoned: Shifting Sands and Policy Failures (2008), co-written with Joan MuyskenJoan Muysken
Joan Muysken is a Dutch professor of Economics at the Maastricht University in The Netherlands .-Higher education:...
, Professor of Economics in the University of Maastricht, The Netherlands. The authors trace the theoretical analysis of the nature and causes of unemployment over the last 150 years and argue that the shift from involuntary to so-called "natural rate" concepts of unemployment are behind an "ideological backlash" against state intervention as notably advocated, within the frame of the free economy, by Keynes
John Maynard Keynes
John Maynard Keynes, Baron Keynes of Tilton, CB FBA , was a British economist whose ideas have profoundly affected the theory and practice of modern macroeconomics, as well as the economic policies of governments...
in the 1930s. The authors further contend that unemployment is a reflection of systemic policy failures, rather than an "individual problem". They present a theoretical and empirical critique of the neo-liberal approach and suggest that the reinstatement of full employment, along with price stability, is a viable policy goal, achievable through an activist fiscal policy.
The notion of Job Guarantee
Job guarantee
A job guarantee is an economic policy proposal aimed at providing a sustainable solution to the dual problems of inflation and unemployment. Its aim is to create full employment and price stability...
is introduced, whereby the government would guarantee a job to every willing and able adult individual, paying a wage set somewhat below the minimum wage
Minimum wage
A minimum wage is the lowest hourly, daily or monthly remuneration that employers may legally pay to workers. Equivalently, it is the lowest wage at which workers may sell their labour. Although minimum wage laws are in effect in a great many jurisdictions, there are differences of opinion about...
.
Musician
Mitchell is an accomplished musician who has played guitar professionally in various bands over the years. Mitchell currently plays with Pressure Drop, a MelbourneMelbourne
Melbourne is the capital and most populous city in the state of Victoria, and the second most populous city in Australia. The Melbourne City Centre is the hub of the greater metropolitan area and the Census statistical division—of which "Melbourne" is the common name. As of June 2009, the greater...
-based reggae
Reggae
Reggae is a music genre first developed in Jamaica in the late 1960s. While sometimes used in a broader sense to refer to most types of Jamaican music, the term reggae more properly denotes a particular music style that originated following on the development of ska and rocksteady.Reggae is based...
-dub band, originally popular in the 1970s and early 1980s. The band reformed in 2010. He also plays with the Newcastle-based swing blues band The Blues Box.
Mitchell often refers to the economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
discipline, and especially the academia
Academia
Academia is the community of students and scholars engaged in higher education and research.-Etymology:The word comes from the akademeia in ancient Greece. Outside the city walls of Athens, the gymnasium was made famous by Plato as a center of learning...
, in disparaging terms, stating, only half-jokingly, that his work as a musician does less damage to people.
See also
- Modern Monetary TheoryChartalismChartalism is a descriptive economic theory that details the procedures and consequences of using government-issued tokens as the unit of money. The name derives from the Latin charta, in the sense of a token or ticket...
- Fiat moneyFiat moneyFiat money is money that has value only because of government regulation or law. The term derives from the Latin fiat, meaning "let it be done", as such money is established by government decree. Where fiat money is used as currency, the term fiat currency is used.Fiat money originated in 11th...
vs. commodity moneyCommodity moneyCommodity money is money whose value comes from a commodity out of which it is made. It is objects that have value in themselves as well as for use as money.... - Government accountingNational accountsNational accounts or national account systems are the implementation of complete and consistent accounting techniques for measuring the economic activity of a nation. These include detailed underlying measures that rely on double-entry accounting...
- Balanced budgetBalanced budgetA balanced budget is when there is neither a budget deficit or a budget surplus – when revenues equal expenditure – particularly by a government. More generally, it refers to when there is no deficit, but possibly a surplus...