| Post-Keynesian economics | |
|---|---|
| Born | March 1952 Australia |
| Nationality | Australian |
| Institution | University of Newcastle, Australia |
| Field | Political economy; Econometrics |
| Influences | Karl Marx[1] · Michael Kalecki[1] · Arthur Okun[2] |
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.
Contents |
Bill Mitchell was born to working class parents in Glen Huntly, 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).
Bill Mitchell holds the following degrees: PhD 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).[3]
Mitchell is the Research Professor in Economics at the University of Newcastle, Australia.
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 Equity (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[4] and the environment[5]. 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[6]. 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[7]. 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.
Mitchell is a prominent proponent of Modern Monetary Theory in macroeconomics[8].
He has written extensively in the fields of macroeconomics, econometrics and public policy.[9] He has published widely in refereed academic journals and books and regularly gives conference presentations abroad.[3]
Mitchell's most widely known publication to date is Full Employment Abandoned: Shifting Sands and Policy Failures (2008), co-written with Joan Muysken, 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.[10]
Mitchell is an accomplished musician who has played guitar professionally in various bands over the years.[11] Mitchell currently plays with Pressure Drop, a Melbourne-based reggae-dub band, originally popular in the 1970s and early 1980s. The band reformed in 2010.[11] 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,[12] stating, only half-jokingly, that his work as a musician does less damage to people.