William Francis Mitchell (born 7 March 1952) is a professor of
economics
Economics () is the social science that studies the production, distribution, and consumption of goods and services.
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics anal ...
at the
University of Newcastle,
New South Wales
)
, nickname =
, image_map = New South Wales in Australia.svg
, map_caption = Location of New South Wales in AustraliaCoordinates:
, subdivision_type = Country
, subdivision_name = Australia
, established_title = Before federation
, es ...
, Australia and Docent Professor of Global Political Economy at the University of Helsinki, Finland. He is one of the founding developers of
Modern Monetary Theory
Modern Monetary Theory or Modern Money Theory (MMT) is a heterodox
*
*
*
*
*
* macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply ...
.
Early life
Mitchell was born to working class parents in
Glen Huntly
Glen Huntly is a suburb in Melbourne, Victoria, Australia, 11 km south-east of Melbourne's Central Business District,[Melbourne
Melbourne ( ; Boonwurrung/ Woiwurrung: ''Narrm'' or ''Naarm'') is the capital and most populous city of the Australian state of Victoria, and the second-most populous city in both Australia and Oceania. Its name generally refers to a metro ...]
, in March 1952. The family moved to
Ashwood, a new
Housing Commission suburb soon after. He attended Ashwood Primary School (1957–1963) and Ashwood High School (1964–1969).
Education
Mitchell holds the following degrees: PhD in Economics,
University of Newcastle, 1998;
Bachelor
A bachelor is a man who is not and has never been married.Bachelors are, in Pitt & al.'s phrasing, "men who live independently, outside of their parents' home and other institutional settings, who are neither married nor cohabitating". ().
Etymo ...
of Commerce,
Deakin University
Deakin University is a public university in Victoria, Australia. Founded in 1974, the university was named after Alfred Deakin, the second Prime Minister of Australia.
Its main campuses are in Melbourne's Burwood suburb, Geelong Waurn Ponds, ...
, 1977; and
Master
Master or masters may refer to:
Ranks or titles
* Ascended master, a term used in the Theosophical religious tradition to refer to spiritually enlightened beings who in past incarnations were ordinary humans
*Grandmaster (chess), National Master ...
of Economics
Monash University
Monash University () is a public research university based in Melbourne, Victoria, Australia. Named for prominent World War I general Sir John Monash, it was founded in 1958 and is the second oldest university in the state. The university has ...
, 1982. He completed a Master's Preliminary at the University of Melbourne in 1978 (with first-class honours).
[Qualifications]
Newcastle University biography
Career
Academic
Since 1990, Mitchell is a professor at
University of Newcastle,
New South Wales
)
, nickname =
, image_map = New South Wales in Australia.svg
, map_caption = Location of New South Wales in AustraliaCoordinates:
, subdivision_type = Country
, subdivision_name = Australia
, established_title = Before federation
, es ...
. He also holds the position of Docent Professor in Global Political Economy, Faculty of Social Sciences,
University of Helsinki
The University of Helsinki ( fi, Helsingin yliopisto, sv, Helsingfors universitet, abbreviated UH) is a public research university located in Helsinki, Finland since 1829, but founded in the city of Turku (in Swedish ''Åbo'') in 1640 as the R ...
,
Finland
Finland ( fi, Suomi ; sv, Finland ), officially the Republic of Finland (; ), is a Nordic country in Northern Europe. It shares land borders with Sweden to the northwest, Norway to the north, and Russia to the east, with the Gulf of Bot ...
.
Activist
Mitchell works to promote active government economic policies and the use of fiscal deficits as a tool to enhance well-being and environmental sustainability. He is Director of the
Centre 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's membership is drawn from the disciplines of economics, politics, ...
(CofFEE), a non-profit, research organisation at the
University of Newcastle. Its mission statement is to advance research and policies that can restore full employment and achieve a society that "delivers equitable outcomes for all".
Mitchell participates in public and community activities on the issues of politics, economics,
fiscal sustainability, and the environment.
Mitchell opposes
neo-liberal
Neoliberalism (also neo-liberalism) is a term used to signify the late 20th century political reappearance of 19th-century ideas associated with free-market capitalism after it fell into decline following the Second World War. A prominent fa ...
economic theories and practices; he disputes the "revisionism" of History ostensibly perpetrated by mainstream or conservative economists, especially in relation to the policies of the
New Deal
The New Deal was a series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States between 1933 and 1939. Major federal programs agencies included the Civilian Con ...
. He has often been called to appear as an
expert witness
An expert witness, particularly in common law countries such as the United Kingdom, Australia, and the United States, is a person whose opinion by virtue of education, training, certification, skills or experience, is accepted by the judge as ...
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 most commonly refers to:
* Victoria (Australia), a state of the Commonwealth of Australia
* Victoria, British Columbia, provincial capital of British Columbia, Canada
* Victoria (mythology), Roman goddess of Victory
* Victoria, Seychelle ...
and New South Wales influenced the realignments in the relevant State and Federal Awards in that sector.
Author
Mitchell coined the term
Modern Monetary Theory
Modern Monetary Theory or Modern Money Theory (MMT) is a heterodox
*
*
*
*
*
* macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply ...
, also known as MMT. He coined the term in reference to
John Maynard Keynes
John Maynard Keynes, 1st Baron Keynes, ( ; 5 June 1883 – 21 April 1946), was an English economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in ...
' claim that for at least 4,000 years money has been "a creature of the state". He is a prominent promoter of MMT 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.
''Macroeconomics''
His book ''Macroeconomics'' (Macmillan, March 2019), co-written with
L. Randall Wray and Martin Watts, is a textbook that "encourages students to take a more critical approach to the prevalent assumptions around the subject of macroeconomics, by comparing and contrasting heterodox and orthodox approaches to theory and policy ... based on the principles of
Modern Monetary Theory
Modern Monetary Theory or Modern Money Theory (MMT) is a heterodox
*
*
*
*
*
* macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply ...
(MMT)".
''Reclaiming the State: A Progressive Vision of Sovereignty for a Post-Neoliberal World''
His 2017 book ''Reclaiming the State: A Progressive Vision of Sovereignty for a Post-Neoliberal World'' (September, 2017), co-written with Italian journalist Thomas Fazi, "reconceptualises the nation state as a vehicle for progressive change. They show how despite the ravages of neoliberalism, the state still contains resources for democratic control of a nation's economy and finances. The populist turn provides an opening to develop an ambitious but feasible left political strategy. It offers an urgent, provocative and prescient political analysis of our current predicament, and lays out a comprehensive strategy for revitalising progressive economics in the 21st century."
''Eurozone Dystopia: Groupthink and Denial on a Grand Scale''
His book ''Eurozone
Dystopia
A dystopia (from Ancient Greek δυσ- "bad, hard" and τόπος "place"; alternatively cacotopiaCacotopia (from κακός ''kakos'' "bad") was the term used by Jeremy Bentham in his 1818 Plan of Parliamentary Reform (Works, vol. 3, p. 493). ...
:
Groupthink
Groupthink is a psychological phenomenon that occurs within a group of people in which the desire for harmony or conformity in the group results in an irrational or dysfunctional decision-making outcome. Cohesiveness, or the desire for cohesiveness ...
and Denial on a Grand Scale'' (May 2015), provides "a critical history and analysis from the perspective of
Modern Monetary Theory
Modern Monetary Theory or Modern Money Theory (MMT) is a heterodox
*
*
*
*
*
* macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply ...
of the
European economic crisis
The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, is a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Several eurozone memb ...
that started in 2009."
''Full Employment Abandoned''
''
Full Employment Abandoned: Shifting Sands and Policy Failures'' (2008), co-written with
Joan Muysken of
Maastricht University
Maastricht University (abbreviated as UM; nl, Universiteit Maastricht) is a public research university in Maastricht, Netherlands. Founded in 1976, it is the second youngest of the thirteen Dutch universities.
In 2021, 22,383 students studied at ...
, traces 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
Economic interventionism, sometimes also called state interventionism, is an economic policy position favouring government intervention in the market process with the intention of correcting market failures and promoting the general welfare o ...
as notably advocated, within the frame of the
free economy, by
Keynes
John Maynard Keynes, 1st Baron Keynes, ( ; 5 June 1883 – 21 April 1946), was an English economist whose ideas fundamentally changed the theory and practice of macroeconomics and the economic policies of governments. Originally trained in m ...
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
A job guarantee is an economic policy proposal that aims to provide a sustainable solution to inflation and unemployment. Its aim is to create full employment and price stability by having the state promise to hire unemployed workers as an emp ...
is introduced, whereby the government would guarantee a job to every willing and able adult individual, paying a wage that would become society's
minimum wage
A minimum wage is the lowest remuneration that employers can legally pay their employees—the price floor below which employees may not sell their labor. Most countries had introduced minimum wage legislation by the end of the 20th century. B ...
, and would be expression of the aspiration of the society of the lowest acceptable standard of living.
Musician
Mitchell has played guitar professionally in bands over the years.
[Personal information]
Bill Mitchell's website Mitchell currently plays wit
Pressure Drop a
Melbourne
Melbourne ( ; Boonwurrung/ Woiwurrung: ''Narrm'' or ''Naarm'') is the capital and most populous city of the Australian state of Victoria, and the second-most populous city in both Australia and Oceania. Its name generally refers to a metro ...
-based
reggae
Reggae () is a music genre that originated in Jamaica in the late 1960s. The term also denotes the modern popular music of Jamaica and its diaspora. A 1968 single by Toots and the Maytals, " Do the Reggay" was the first popular song to use ...
-
dub band, originally popular in the 1970s and early 1980s. The band reformed in 2010.
["The real rock-start economist"]
, ''Business Review Weekly
''BRW'' (formerly ''Business Review Weekly'') was an Australian business magazine published by the Fairfax Media group. The magazine was headquartered in Melbourne. It regularly compiled lists which rank corporations and individuals according to ...
'', 17 May 2012
Mitchell often refers to the economics discipline, and especially the
academia
An academy (Attic Greek: Ἀκαδήμεια; Koine Greek Ἀκαδημία) is an institution of secondary education, secondary or tertiary education, tertiary higher education, higher learning (and generally also research or honorary membershi ...
, in disparaging terms,
"The economics profession is a disgrace"
Mitchell, 3 March 2011 stating, only half-jokingly, that his work as a musician does less damage to people. "I think my economics profession is very dangerous," he says.[
]
Personal life
Mitchell is a "passionate" cyclist
Cycling, also, when on a two-wheeled bicycle, called bicycling or biking, is the use of cycles for transport, recreation, exercise or sport. People engaged in cycling are referred to as "cyclists", "bicyclists", or "bikers". Apart from two ...
.["It's been quite a climb, and now it's really time to ride"]
by Gerard Knapp, 4 July 2007 He was an "active bike racer"[About us]
, CyclingNews.com when, in 1995, he founded the website Cyclingnews
Cyclingnews.com is a website providing cycling news and race result owned by Future.
History
In 1995 Australian Bill Mitchell, a keen cyclist and professor of economics at the University of Newcastle, created the website titled "Bill’s Cycli ...
.com, which was sold in 1999[ to the Australian media company Knapp Communications. It was subsequently bought in 2007][ by ]Future plc
Future plc is an international multimedia company established in the United Kingdom in 1985. The company has over 220 brands that span magazines, newsletters, websites, and events in fields such as video games, technology, films, music, photogr ...
.
See also
* Modern Monetary Theory
Modern Monetary Theory or Modern Money Theory (MMT) is a heterodox
*
*
*
*
*
* macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply ...
* Fiat money
Fiat money (from la, fiat, "let it be done") is a type of currency that is not backed by any commodity such as gold or silver. It is typically designated by the issuing government to be legal tender. Throughout history, fiat money was sometim ...
vs. commodity money
Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects having value or use in themselves (intrinsic value) as well as their value in buying goods.
This is in contrast to representa ...
* Government accounting
* Balanced budget
A balanced budget (particularly that of a government) is a budget in which revenues are equal to expenditures. Thus, neither a budget deficit nor a budget surplus exists (the accounts "balance"). More generally, it is a budget that has no budget ...
* ''Legal Tender Cases
The ''Legal Tender Cases'' were two 1871 United States Supreme Court cases that affirmed the constitutionality of paper money. The two cases were '' Knox v. Lee'' and '' Parker v. Davis''.
The U.S. federal government had issued paper money known ...
''
* Job Guarantee
A job guarantee is an economic policy proposal that aims to provide a sustainable solution to inflation and unemployment. Its aim is to create full employment and price stability by having the state promise to hire unemployed workers as an emp ...
* NAIBER
In economics, non-accelerating inflation buffer employment ratio (NAIBER) refers to a systemic proposal for an in-built inflation control mechanism devised by economists Bill Mitchell and Warren Mosler, and advocated by Modern Money Theory as rep ...
References
Additional sources
* Mitchell, William, Joan Muysken, Tom Van Veen: ''Growth and cohesion in the European Union: The Impact of Macroeconomic Policy'' (2006), Edward Elgar Publishing,
* Mitchell, William & Joan Muysken: '' Full Employment Abandoned: Shifting Sands and Policy Failures'' (2008), Edward Elgar Publishing 320 pp, Hardback,
External links
Bill Mitchell's personal website
Bill Mitchell's blog
with "commentary on economic events"
CofFEE website
CyclingNews.com
{{DEFAULTSORT:Mitchell, Bill
1952 births
Living people
20th-century Australian economists
Modern monetary theory scholars
Post-Keynesian economists
University of Newcastle (Australia) faculty
Academics from Melbourne
People from the City of Monash
Monash University alumni
Deakin University alumni
University of Newcastle (Australia) alumni
21st-century Australian economists