"Functional Finance: What, Why, and How?"

The purpose of this paper is threefold. First, the theory of functional finance, as explicated by its originator, Abba P. Lerner, is put forward. Second, the reader is introduced to the use, standard in money and banking texts, of T-account balance sheet entries. Although no important conclusions will rest solely on the reader's ability to cope with these entries, comfort with their use will ease the exposition. An appendix therefore is provided to assist those not yet exposed to this method of recording balance sheet changes and for those who merely wish to refresh themselves. The third purpose of the paper is to demonstrate the need for policies governed by the principles of functional finance.

"Can Taxes and Bonds Finance Government Spending?"

This paper investigates the commonly held belief that government spending is normally financed through a combination of taxes and bond sales. The argument is a technical one and requires a detailed analysis of reserve accounting at the central bank. After carefully considering the complexities of reserve accounting, it is argued that the proceeds from taxation and bond sales are technically incapable of financing government spending and that modern governments actually finance all of their spending through the direct creation of high-powered money. The analysis carries significant implications for fiscal as well as monetary policy.

"The Hierarchy of Money"

This paper attempts to bring together several of Hyman Minsky's insights in order to suggest a relationship between the State's ability to tax and the money of the economy. Minsky recognized that money represents an IOU or promise to pay and that 'acceptability' is its important feature. He further recognized that the State can play an important role in determining whose IOUs will be accepted (both publicly and privately). I will argue that support for the Chartalist vision of money as a 'creature of the State' can be found in Minsky. Finally, I will apply the Chartalist theory to Minsky's notion of a 'hierarchy of money' in order to suggest that the State determines not only the unit in which all of the monies in the hierarchy are denominated but also influences the positioning of certain monies within the hierarchy.

The 'War on Poverty' after 40 Years: A Minskyan Assessment

Hyman Minsky is best known for his work in the area of financial economics, and especially for his financial instability hypothesis. In recent years, some authors have also recognized his advocacy of the “employer of last resort” as part of his “big government” intervention to help maintain stability. However, very little research has been undertaken regarding Minsky’s early involvement in the “War on Poverty.” This paper will trace the development of Minsky’s thinking on antipoverty policies to his support for welfare reform and federal job creation programsWar on Poverty, employer of last resort, anti-poverty programs, Hyman Minsky, unemployment, job creation, welfare, economic opportunity, Keynesian policy, demand stimulus, full employment, structuralist

Violence Against Sex Workers in Latin America: Pervasiveness, Impunity, and Implications

On December 17, 2005, two transgendered sex workers in Guatemala City were shot in the head, one fatally. Witnesses—including the survivor—alleged that police forces shot the victims. Human rights advocates have argued that the attack was part of a broader social cleansing campaign that has targeted all sex workers. Sex workers in Latin America are subjected to violence regularly. This violence varies greatly, but its pervasiveness and the impunity for perpetrators are two common themes. Violence against sex workers comes from many different sources: police, pimps, johns, serial killers, gang members and others. The violence also takes many forms, including arbitrary confinement, physical and sexual assault, torture, and murder. The police often do not consider violence against sex workers to be a crime, and therefore do not try to investigate or prosecute known perpetrators. Other times, the police are the perpetrators of the violence

AN EXPLORATION OF THE EFFECTS OF STUDENT-DIRECTED AND TEACHER-DIRECTED INQUIRY LEARNING ON CREATIVE PROBLEM SOLVING, CRITICAL THINKING, AND CIVIC RESPONSIBILITY

In this quasi-experimental study, a convenience sample was selected from eighth grade social studies students. There were 28 students who participated in the Student-Directed Inquiry group utilizing problem-based service learning, and 32 students in the Teacher-Directed Inquiry group. This study was designed to measure the extent of the effects of problem-based service learning (PBSL) as a Student-Directed Inquiry approach as compared to a Teacher-Directed Inquiry not utilizing problem-based service learning, on eighth graders’ motivation to apply creative problem solving and critical thinking, and as a measure of its impact on students’ sense of civic responsibility. Three research questions were examined. The first question was analyzed with a MANOVA to determine the effects of assignment to group on creative problem solving and critical thinking skills as measured by the CM3 II+. The five scales from the instrument included: Mental Focus, Learning Orientation, Creative Problem Solving, Cognitive Integrity, and Scholarly Rigor. The Teacher-Directed Inquiry group had significantly higher scores on two scales, Mental Focus (M = 32.06, p =.001), and Learning Orientation (M = 34.44, p = .007). The second research question was a posttest only design, and was analyzed with an ANOVA to determine the effects of assignment to group on students’ civic responsibility. No significant differences were found. The third research question sought to determine the degree and manner in which group assignment, and motivation to use creative problem solving and critical thinking skills, predicts students’ civic responsibility. A Multiple Regression was used to analyze these results. It was determined that the set of independent variables were able to predict the dependent variable (F(6, 53) = 4.392, p \u3c .001)

The Relationship Between The Effects Of Rape, Posttraumatic Stress Disorder, Complex Trauma, And Post-Attack Victim-Perpetrator Interaction In Female College Students

The purpose of this study was to assess for effects of rape that are specific to women attending college and for relationships between the effects of rape, Posttraumatic Stress Disorder, previous trauma, complex trauma, and post-attack victim-perpetrator interaction to fill gaps in the literature around these issues. The survey was distributed to all female undergraduates at the main campus of a large, public university in the south (N ≈ 8,400). The sample consisted of 463 women (response rate = 5.5%). The majority of participants were between the ages of 18-22, Caucasian, lived off-campus, and with roommates. Participants received an e-mail sent from the registrar\u27s office containing information about online, anonymous study, a request for participation, and a list of counseling and psychoeducational resources. The survey consisted of a demographic questionnaire, questions about their experiences with rape since attending college, the Sexual Assault Symptom Scale-II (SASS-II), PTSD Checklist for DSM-5 (PCL-5), Stressful Life Events Screening Questionnaire-Revised (SLESQ-R), a question on life changes since their rape, and questions on post-attack victim-perpetrator interaction. Sixteen percent reported being a victim of rape since attending college, and 84% of those women knew their perpetrator prior to the attack. Nearly half of those who were raped since attending college had been revictimized. Seventy-two percent of participants reported experiencing previous trauma, and 74.5% reported experiencing previous complex trauma. Of the women who were raped since attending college, 65.6% reported encountering their perpetrator since the attack, and 34.4% did not. In analyzing the data, the researcher found that being a victim of rape or acquaintance rape while attending college was a significant influence on whether a participant would meet the Posttraumatic Stress Disorder threshold for diagnosis on the PTSD Checklist for DSM-5. There was evidence of a significant relationship between being a victim of rape since attending college and having a history of complex trauma. There was also evidence that being a victim of rape since attending college and encountering one\u27s perpetrator since the attack increased the participants\u27 Posttraumatic Stress Disorder symptoms, and the chances they would engage in more lifestyle changes

First Amendment and Specialty License Plates: The Choose Life Controversy, The

This summary will examine the models of specialty license plate creation, the history of Choose Life specialty license plates, the litigation surrounding the controversy, and the two differing standards courts have used to distinguish government and private speech: the Fourth Circuit\u27s four-factor test and the Johanns test

Bell, Stephanie

In this interview, Stephanie Bell discusses her journey to discovering her gender identity and sexuality. She discusses her experiences growing up in rural Mississippi as a Black masculine-presenting lesbian, and the ostracization she faced after coming out as a teenager from the church and teenage peers. Bell also notes the impact religion had on her becoming more accepting of her identity. In college, Bell decided to devote her life to LGBTQ Youth Advocacy and Mentorship. As the Director of the Metamorphosis Project at OUTMemphis, Bell uses her story to assist and inspire Homeless LGBTQ Youth

Speer, Ouachita archivist, recognized by national Council of State Archivists

Dr. Lisa Speer, associate professor and university archivist, has been honored with the Victoria Irons Walch Leadership Award by the national Council of State Archivists (CoSA). This award recognizes her leadership as former state historian and director of the Arkansas State Archives. Speer began serving at Ouachita in February. She accepted the award this month at the Joint Annual Meeting of CoSA, the National Association of Government Archives and Records Administrators and the Society of American Archivists in Washington, D.C