People

Steven Hail

Steven Hail is a Research Scholar at the Institute for Sustainable Prosperity and Lecturer in the School of Economics at the University of Adelaide in South Australia, with a Ph.D. from Flinders University, and a M.Sc from the London School of Economics. During the 1990s, he lived and worked in London, published a number of economics text books, and was involved in the provision of financial training to staff from all the major UK banks, many international banks and the Bank of England. He gradually developed an awareness of the dangerous flaws in orthodox neoclassical economics, which led eventually to the study of Post Keynesian economics in general, and modern monetary theory in particular. In recent years, he has been a teaching specialist, committed to the defence of economic pluralism in otherwise orthodox economics departments, and the dissemination of insights from modern monetary theory to the general public. He has conducted public forums to that end, and served on the editorial committee of the Economic Reform Australia Review. The title of his recent Ph.D. was Behavioural and Post-Keynesian Foundations for a new Macroeconomics.

Research Scholar and Lecturer in the School of Economics at the University of Adelaide in South Australia

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Publications

Federal Debt and Modern Money

“The fallacies of the neoclassical loanable funds view of interest rates and the related myths about fiscal sustainability and crowding out, would be seen to be nonsensical."

Economics for Sustainable Prosperity

The central argument of this book is that the foundations for sustainable prosperity lie in an approach to economic management based on modern monetary theory and a job guarantee.

A Just Social Wage and a Job Guarantee

“The real value of this minimum social wage should be set immediately at a level which restores to the low paid their fair share of national income distribution, accounting for increases in both the cost of living and the benefits of technological change and rising labour productivity over the past half-century. It should not be seen as a mechanism to keep wages down, as is the case with the threat of unemployment at the moment..."

Ignore the Trade Balance: Concentrate on Full Employment

“A monetary sovereign government can achieve and maintain full employment without seeking to run a trade surplus, and a trade surplus is never a valid policy objective for such a government: a monetary sovereign government cannot be frustrated..."