What S Wrong With Modern Money Theory

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What's Wrong with Modern Money Theory?

Gerald A. Epstein
What s Wrong with Modern Money Theory Book PDF

Author : Gerald A. Epstein
Publisher : Springer
Page : 100 pages
File Size : 44,9 Mb
Release : 2019-08-09
Category : Political Science
ISBN : 9783030265045

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What's Wrong with Modern Money Theory? by Gerald A. Epstein Pdf

This Palgrave Pivot assesses the validity of Modern Money Theory’s approach to macroeconomic policy, specifically monetary and fiscal policy. Whereas other papers have focused primarily on theoretical and doctrinal issues, this book focuses primarily on an analysis of MMT’s policy approach. Though drawing on academic literature, this book’s approach is empirical and policy-based, making it accessible to scholars and the public alike. It addresses a burning question in the policy and politics of the US and elsewhere where MMT is gaining a policy foothold, especially among progressive activists and politicians: Is MMT, in fact, a good guide for progressive macroeconomic policy? The main focus of this book is to explain why the answer to this question is no.

Modern Money Theory

L. Randall Wray
Modern Money Theory Book PDF

Author : L. Randall Wray
Publisher : Springer
Page : 322 pages
File Size : 44,5 Mb
Release : 2015-09-22
Category : Business & Economics
ISBN : 9781137539922

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Modern Money Theory by L. Randall Wray Pdf

This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.

The Deficit Myth

Stephanie Kelton
The Deficit Myth Book PDF

Author : Stephanie Kelton
Publisher : PublicAffairs
Page : 311 pages
File Size : 45,8 Mb
Release : 2020-06-09
Category : Business & Economics
ISBN : 9781541736207

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The Deficit Myth by Stephanie Kelton Pdf

A New York Times Bestseller The leading thinker and most visible public advocate of modern monetary theory -- the freshest and most important idea about economics in decades -- delivers a radically different, bold, new understanding for how to build a just and prosperous society. Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage, climate change, and building resilient infrastructure. Any ambitious proposal, however, inevitably runs into the buzz saw of how to find the money to pay for it, rooted in myths about deficits that are hobbling us as a country. Kelton busts through the myths that prevent us from taking action: that the federal government should budget like a household, that deficits will harm the next generation, crowd out private investment, and undermine long-term growth, and that entitlements are propelling us toward a grave fiscal crisis. MMT, as Kelton shows, shifts the terrain from narrow budgetary questions to one of broader economic and social benefits. With its important new ways of understanding money, taxes, and the critical role of deficit spending, MMT redefines how to responsibly use our resources so that we can maximize our potential as a society. MMT gives us the power to imagine a new politics and a new economy and move from a narrative of scarcity to one of opportunity.

Problems With Modern Monetary Theory

Robert Wenzel
Problems With Modern Monetary Theory Book PDF

Author : Robert Wenzel
Publisher : Unknown
Page : 58 pages
File Size : 43,6 Mb
Release : 2020-08-18
Category : Electronic
ISBN : 1716646383

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Problems With Modern Monetary Theory by Robert Wenzel Pdf

Finally, a full examination of Modern Monetary Theory by way of a critique of Stephanie Kelton's book, "The Deficit Myth." There are extreme weaknesses at a fundamental level with MMT and it is all discussed here. If you have been captured by the MMT argument or are just curious about MMT errors, this booklet is what you need to read.

Modern Money Theory

L. Randall Wray
Modern Money Theory Book PDF

Author : L. Randall Wray
Publisher : Springer
Page : 294 pages
File Size : 51,9 Mb
Release : 2016-02-25
Category : Business & Economics
ISBN : 9781137265142

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Modern Money Theory by L. Randall Wray Pdf

In a challenge to conventional views on modern monetary and fiscal policy, this book presents a coherent analysis of how money is created, how it functions in global exchange rate regimes, and how the mystification of the nature of money has constrained governments, and prevented states from acting in the public interest.

Modern Monetary Theory and European Macroeconomics

Dirk H. Ehnts
Modern Monetary Theory and European Macroeconomics Book PDF

Author : Dirk H. Ehnts
Publisher : Routledge
Page : 239 pages
File Size : 54,9 Mb
Release : 2016-10-14
Category : Business & Economics
ISBN : 9781317224792

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Modern Monetary Theory and European Macroeconomics by Dirk H. Ehnts Pdf

This book provides a new methodological approach to money and macroeconomics. Realizing that the abstract equilibrium models lacked descriptions of fundamental issues of a modern monetary economy, the focus of this book lies on the (stylized) balance sheets of the main actors. Money, after all, is born on the balance sheets of the central bank or commercial bank. While households and firms hold accounts at banks with deposits, banks hold an account at the central bank where deposits are called reserves. The book aims to explain how the two monetary circuits – central bank deposits and bank deposits – are intertwined. It is also shown how government spending injects money into the economy. Modern Monetary Theory and European Macroeconomics covers both the general case and then the Eurozone specifically. A very simple macroeconomic model follows which explains the major accounting identities of macroeconomics. Using this new methodology, the Eurozone crisis is examined from a fresh perspective. It turns out that not government debt but the stagnation of private sector debt was the major economic problem and that cuts in government spending worsened the economic situation. The concluding chapters discuss what a solution to the current problems of the Eurozone must look like, with scenarios that examine a future with and without a euro. This book provides a detailed balance sheet view of monetary and fiscal operations, with a focus on the Eurozone economy. Students, policy-makers and financial market actors will learn to assess the institutional processes that underpin a modern monetary economy, in times of boom and in times of bust.

Seven Deadly Innocent Frauds of Economic Policy

Warren Mosler
Seven Deadly Innocent Frauds of Economic Policy Book PDF

Author : Warren Mosler
Publisher : Davin Patton
Page : 63 pages
File Size : 46,9 Mb
Release : 2010
Category : United States
ISBN : 9780692009598

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Seven Deadly Innocent Frauds of Economic Policy by Warren Mosler Pdf

"Here, Warren Mosler identifies and debunks seven entrenched ideas keeping the economy in a downward trajectory. In this ... book, he exposes commonly-held beliefs, such as 'deficits leave the debt burden to our children' and 'Social Security is broken,' to be economic myths. In addition to correcting these mindsets, Mosler promotes the restoration of the American economy with practical and feasible proposals. Along the way, he explains the operational realities of the monetary system in clear, down-to-earth language"--Book jacket.

Pragmatic Capitalism

Cullen Roche
Pragmatic Capitalism Book PDF

Author : Cullen Roche
Publisher : St. Martin's Press
Page : 252 pages
File Size : 55,5 Mb
Release : 2014-07-08
Category : Business & Economics
ISBN : 9781137438065

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Pragmatic Capitalism by Cullen Roche Pdf

Being successful in the modern world of finance requires a more in-depth understanding of our global economies on a macro level. What does a shifting demographic cycle mean? How does the explosive growth of emerging markets matter? Why does the world's population affect my portfolio? Does the global monetary system impact my results this year? How does government intervention in markets impact my strategy? In Pragmatic Capitalism, Cullen Roche explores how our global economy works and why it is more important now than ever for investors to understand macroeconomics. Cullen Roche combines his expertise in global macro portfolio management, quantitative risk management, behavioral finance, and monetary theory to explain to readers how macroeconomics works, and provides insights and suggestions for getting the most out of their investment strategies. This book will uncover market myths and explain the rise of macroeconomics and why it impacts the readers' portfolio construction. Pragmatic Capitalism is a must for any sophisticated investor who wants to make the most of their portfolio.

Modern Monetary Theory

M.L. Burstein
Modern Monetary Theory Book PDF

Author : M.L. Burstein
Publisher : Springer
Page : 223 pages
File Size : 48,6 Mb
Release : 1986-01-28
Category : Business & Economics
ISBN : 9781349180707

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Modern Monetary Theory by M.L. Burstein Pdf

Innovations in financial markets and in financial management, together with dramatic innovations in the substance and technique of monetary theory, have made it necessary to restate the theory of money and the theory of monetary policy. In order to provide a new monetary theory, the author treats fully the following material: choice of currency and the theory of convertibility; interest on money; speculation and rational expectations; implications of electronic-transfer settlement procedures for monetary theory, as well as other matters. The theories of Tobin are developed and exposited in detail, as is the work of Friedman.

Debating Modern Monetary Theory

Costas Lapavitsas,Robert Rowthorn
Debating Modern Monetary Theory Book PDF

Author : Costas Lapavitsas,Robert Rowthorn
Publisher : Routledge
Page : 103 pages
File Size : 44,6 Mb
Release : 2022-04-27
Category : Business & Economics
ISBN : 9781000581225

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Debating Modern Monetary Theory by Costas Lapavitsas,Robert Rowthorn Pdf

This book considers the theoretical and empirical claims of Modern Monetary Theory (MMT) in developed and developing countries. It is structured as a debate between leading MMT theorists and MMT critics. MMT threw down a challenge to mainstream economics and forced it to respond, above all in the USA. This is a rare occurrence, almost unknown, for heterodox economics during the last few decades. It is not surprising, therefore, that MMT has attracted strong attention from a broad swathe of researchers. It is even less surprising that it has become the theoretical vehicle of choice for political activists opposing austerity. Its influence is remarkable and has gradually spread to other social disciplines, including even cultural theory. Furthermore, the policy responses to coronavirus by several governments, particularly the extraordinary expansion of central bank balance sheets in 2020, appears to support MMT in practice. This volume takes into account the rising popularity of MMT and considers its theoretical claims in depth, since popularity does not necessarily equate to being right in theory. It also considers MMT claims regarding fiscal and monetary policy in view of the implications of the pandemic crisis for public spending and public debt. It is not accidental that the strongest support for MMT, in both theory and policy, is to be found in the USA, since MMT conclusions rely heavily on close institutional analysis of US government financing mechanisms. The chapters in this book were originally published as a special issue of The Japanese Political Economy.

Contending Perspectives in Economics

John T. Harvey
Contending Perspectives in Economics Book PDF

Author : John T. Harvey
Publisher : Edward Elgar Publishing
Page : 192 pages
File Size : 49,8 Mb
Release : 2020-08-28
Category : Business & Economics
ISBN : 9781789900491

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Contending Perspectives in Economics by John T. Harvey Pdf

Now in its second edition, John Harvey’s rigorous textbook provides an accessible and engaging introduction to various competing schools of thought in economics. This revised and extended edition will continue to open readers’ minds, leading them towards new and productive directions. Chapters study numerous schools of thought including Neoclassical, Marxist, Austrian, Post Keynesian, Institutionalist, New Institutionalist, Feminist and Ecological. Unique features and criticisms of each approach are highlighted through discussions of methodology, world views, popular themes, and current activities.

The Handbook of the Political Economy of Financial Crises

Martin H. Wolfson,Gerald A. Epstein
The Handbook of the Political Economy of Financial Crises Book PDF

Author : Martin H. Wolfson,Gerald A. Epstein
Publisher : OUP USA
Page : 785 pages
File Size : 45,9 Mb
Release : 2013-02-21
Category : Political Science
ISBN : 9780199757237

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The Handbook of the Political Economy of Financial Crises by Martin H. Wolfson,Gerald A. Epstein Pdf

The Great Financial Crisis that began in 2007-2008 reminds us with devastating force that financial instability and crises are endemic to capitalist economies. This Handbook describes the theoretical, institutional, and historical factors that can help us understand the forces that create financial crises.

Soft Currency Economics II

Warren Mosler
Soft Currency Economics II Book PDF

Author : Warren Mosler
Publisher : Createspace Independent Pub
Page : 94 pages
File Size : 43,9 Mb
Release : 2013-03-11
Category : Business & Economics
ISBN : 1482735431

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Soft Currency Economics II by Warren Mosler Pdf

Soft Currency Economics is the little book that could logically, in both real and nominal terms, legitimately challenge many of the core held beliefs of the mainstream classical and neo-classical schools of economics. It is a corner stone publication for the new, widely popular fresh approach to economics that has come to be called Modern Monetary Theory (MMT). It explains with actual facts, not theory, and with non-technical language, the true operational realities of our monetary system (central banks and private banks). The author, a 40 year 'insider' in monetary operations, and a very successful fixed income hedge fund manager, wrote this book in 1993 after witnessing the markets drastically discount sovereign debt on the errant belief that market forces could force nations into default on debt payable in their own currency, and that austerity was the only solution. This was contrary to the author's understanding of what are called fiat currencies, where governments always have the ability to meet all obligations in a timely manner. As a result of this experience, the author took up the task of educating government officials on how the monetary system operated with the hope that with this understanding they would be free to ensure that the government acted for the public purpose and achieved their stated goals of full employment and price stability. Initially published in 1993, this book will utterly convince many readers that what they thought they knew about monetary policy is wrong. The book describes: what is money; why debt monetization and the money multiplier are myths; how fiscal and monetary policy can be used effectuate full employment; deficits do not cause countries to default on their debt unless that is the decision.

Modern Monetary Theory

Eduardo Garzón Espinosa
Modern Monetary Theory Book PDF

Author : Eduardo Garzón Espinosa
Publisher : Taylor & Francis
Page : 196 pages
File Size : 46,7 Mb
Release : 2024-03-05
Category : Business & Economics
ISBN : 9781003860280

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Modern Monetary Theory by Eduardo Garzón Espinosa Pdf

This book offers a rigorous, detailed, and balanced analysis of the various contributions to the Modern Monetary Theory (MMT) debate, incorporating both the arguments of proponents and those who point to its limitations and obstacles. Modern Monetary Theory has soared in popularity, particularly in response to the Covid-19 pandemic and subsequent impacts on the economy which have led to deeper discussions about monetary and financial systems, fiscal and monetary policies, inflation, and employment. The main characteristic of Modern Monetary Theory is that it offers a revolutionary way of thinking about all these issues, allowing us to abandon many of the myths that conventional economic theory installed in the collective imagination. Breaking down these false beliefs is an essential requirement for thinking and devising economic policy proposals that allow full employment to be achieved without suffering worrying inflation rates. However, this approach has also attracted many criticisms and it is also instructive to consider these in more detail to reach a fully rounded conclusion about the potential or merits of MMT. Written to be accessible to the non-economist, this book will be of great interest to readers from across the social sciences, and outside of academia who want to gain a fuller understanding of the Modern Monetary Theory phenomenon.

Problems With Modern Monetary Theory

Robert Wenzel
Problems With Modern Monetary Theory Book PDF

Author : Robert Wenzel
Publisher : Unknown
Page : 58 pages
File Size : 51,7 Mb
Release : 2020-08-18
Category : Electronic
ISBN : 1716646383

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Problems With Modern Monetary Theory by Robert Wenzel Pdf

Finally, a full examination of Modern Monetary Theory by way of a critique of Stephanie Kelton's book, "The Deficit Myth." There are extreme weaknesses at a fundamental level with MMT and it is all discussed here. If you have been captured by the MMT argument or are just curious about MMT errors, this booklet is what you need to read.