William Thomson

With zonal pricing, we are all arguing over scraps from the table An institutional understanding of the business enterprise suggests that zonal pricing would not have a significant impact on Scotland’s economy

Excellent article by @williameconomist.bsky.social

With zonal pricing, we are all arguing over scraps from the table
www.thenational.scot/politics/253...

I'm really enjoying this so far. At 35ish #MMT is about the same age as when neoliberalism started to breakthrough into the mainstream.

Never.

50 people chose #MMT rather than 50 cent in Glasgow tonight. That's got to mean something!

I am presenting an hour long introduction to #MMT tonight. A couple of books on hard incase any difficult questions or quotes are required!

All those private healthcare donors watching Wes cash in on their investment.

"No money left" is a political fiction used to protect the super rich from fair taxes.

Rather than take different political choices, Health Secretary is acting like an influencer for privatisation.

Yes. Very sorry. Hopefully up and running tomorrow.

Michael Hudson in conversation with Steve Keen & Hannah Appel YouTube video by Institute of David Graeber

This evening we held a talk with Michael Hudson and Steve Keen about Debt, Empire and the Future.

If you could not make it, you can view the talk here: www.youtube.com/live/FAgj66z...

The Self Financing State - How the UK government creates and spends new currency Podcast Episode · Scotonomics · 27/06/2025 · 44m

Thank you for releasing the #Scotonomics podcasts @williameconomist.bsky.social This one is brilliant, everyone interested in #Austerity #CostOfLiving #UKPolitics #ScottishIndependence should give this a listen podcasts.apple.com/gb/podcast/s...

Rethinking Fiscal Power for a Prosperous Future - Scotonomics Rethinking Fiscal Power for a Prosperous Future connects MMT and the Climate Movement to highlight that governments have more space to act.

We have attempted to supercharge that conversation. Download our discussion paper here: scotonomics.scot/policy/rethi... The climate movement finds a natural economic ally in MMT. 7/7

Part of the answer is surely that many people within the climate movement are unaware of MMT or have only been exposed to the mainstream strawman, whereupon a fuller and more detailed explanation has been unavailable. 6/7

MMT rejects this position. With MMT providing a framework for increased fiscal space, it begs the question: Why is the climate movement not demanding a larger central government spending response to the ecological crisis? 5/7

Also, governments must borrow from the ‘markets’ if spending commitments are above tax revenue, and curtail high debt repayments, which can lead to insolvency. In essence, the mainstream treats a currency-issuing government much like a household. 4/7

It highlights that fiscal space is much larger than mainstream economists, policymakers, commentators and the public believe. The conventional wisdom instructed by neoclassical/neoliberal economics suggests that governments should run a balanced budget in the medium term 3/7

According to #MMT the question is not where to find the money, but does the government have available real resources that can be brought back into productive use? This is the core insight of MMT. 2/7

Modern Monetary Theory (MMT) discusses fiscal space—the ability for governments to create currency and spend on the public purpose—not in monetary terms but in functional terms. So, why isn't it being used to power the #climatemovement? Short thread 1/7

The Economics of Independence for Scotland and Wales – Monetary Sovereignty - Scotonomics An economic event in Wales to discuss the economics of independence focusing on the importance of wales having its own currency.

And now in Wales! 18th July. scotonomics.scot/event/the-ec...

That idea is seriously derailing cliamte action in UK and Europe.

Cheers. Has lots of examples of the climate movement thinking Global North nations are financially rather than resource constrained.

Rethinking Fiscal Power for a Prosperous Future - Scotonomics Rethinking Fiscal Power for a Prosperous Future connects MMT and the Climate Movement to highlight that governments have more space to act.

@deanbaker13.bsky.social scotonomics.scot/policy/rethi... Hi Dean. I wondered if you would have a look over this?

this makes sense

Rethinking Fiscal Power for a Prosperous Future - Scotonomics Rethinking Fiscal Power for a Prosperous Future connects MMT and the Climate Movement to highlight that governments have more space to act.

Discussion Paper launched today. "Rethinking Fiscal Power for a Prosperous Future" Using the #MMT lens to support climate action. Includes a list of MMT climate literature. #LearnedHelplessness scotonomics.scot/policy/rethi...

Scottish Currency Project. The Transition to a Scottish Currency Over the coming months, Scotonomics will consult with monetary operations academics and finance professionals to build the knowledge base on a transition to a Scottish Currency after independence. We will also refer to and cite the extensive literature on currency creation, currency operations, transitioning to a new currency, and establishing a new currency. We are fortunate that the literature is vast.

Scottish Currency Project. The Transition to a Scottish Currency

Over the coming months, Scotonomics will consult with monetary operations academics and finance professionals to build the knowledge base on a transition to a Scottish Currency after independence. We will also refer to and cite the…

So that's two of my favourite people getting together!

Taking an institutional approach to the idea that global South nations are 'balance of payments constrained'.

Currently plastered all over #NYC.

The Big Land Question campaign being run by Revive

In Scotland 421 people own half our land. Want to change this? Don’t
miss your chance to add your ideas to The Big Land Question for Revive Campaigning Group. diffleypartnership.co.uk/the-big-land...

This month, it is the London weekend workshops. In September, it will be the Bristol Anti-Austerity Conference.

Because if we want a better future, we all need to do something - however limited - to try to bring it about.

modernmoneylab.org.uk/events/

Plans to replace ‘unfair’ council tax still on the cards Chris Haines, ICNN Senedd reporter Wales’ finance secretary Mark Drakeford confirmed plans for a land value tax remain on the table as a potential long-term replacement for council tax and business ra...

Mark Drakeford is a long-term member of the Labour Land Campaign and main speaker at our Labour Welsh conference fringe meeting this month
When he retires next year let's hope his legacy will be LVT for Wales!

Nice one this from Richard. Herman Daly, an American ecological economist, coined the phrase "un-economic growth" where net harms outweigh net benefits. He suggested we entered that phase in the Global North in the early 1990s, and it continues today. Growth is a false God for Global North nations.