#72 Steven Hail: The External Sector

Patricia and Christian talk to Dr Steven Hail about imports and exports, and the effect they have on a nation's balance sheet, using the sectoral balance framework. Please help sustain this podcast! Patrons get early access to all episodes and patron-only episodes: https://www.patreon.com/MMTpodcast For an intro to MMT, listen to our first three episodes: https://www.patreon.com/posts/41742417 Sectoral balance accounting identity: (G - T) = (S - I) + (M - X) G = government spending T= taxes paid back to government  S= private savings I= private investment spending M= exports X= imports Our Episode 64 with John T Harvey on exchange rates: https://www.patreon.com/posts/40518059 Our episode 65 with Phil Armstrong on inflation: https://www.patreon.com/posts/40672678 Bill Mitchell on the external sector: http://bilbo.economicoutlook.net/blog/?p=40433 Videos from the Sustainable Prosperity Conference in Adelaide 2020: https://www.youtube.com/channel/UCOa-eNvDrPWp_-7QnLGwZNQ/videos Sustainable prosperity action group website: https://www.sustainable-prosperity.net.au/?fbclid=IwAR2bFeGKYODjinrrzcJKlHrpT-Bs18NyyxkY1miYmvGl-avC70aLBw42VjA Australian Unemployed Workers Fight Back Podcast: https://unemployedworkersunion.com/fight-back-radio/ Modern Money Australia: https://modernmoneyaustralia.org Transcript for opening monologue: https://www.patreon.com/posts/43048015 Show notes: https://www.patreon.com/posts/43043601