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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.
Perhaps no economist was more vindicated by the global financial crisis than Hyman P. Minsky (1919–96). Although a handful of economists raised alarms as early as 2000, Minsky's warnings began a half-century earlier, with writings that set out a compelling theory of financial instability. Yet even today he remains largely outside mainstream economics; few people have a good grasp of his writings, and fewer still understand their full importance. Why Minsky Matters makes the maverick economist’s critically valuable insights accessible to general readers for the first time. L. Randall Wray shows that by understanding Minsky we will not only see the next crisis coming but we might be able t...
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.
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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...
An empirical investigation of financial crises during the last 800 years.
A Great Leap Forward: Heterodox Economic Policy for the 21st Century investigates economic policy from a heterodox and progressive perspective. Author Randall Wray uses relatively short chapters arranged around several macroeconomic policy themes to present an integrated survey of progressive policy on topics of interest today that are likely to remain topics of interest for many years.
Jan A. Kregel is considered to be “the best all-round general economist alive” (G. C. Harcourt). This is the first collection of his essays dealing with a wide range of topics reflecting the incredible depth and breadth of Kregel’s work. These essays focus on the role of finance in development and growth. Kregel has expanded Minsky’s original postulate that in capitalist economies stability engenders instability in international economy, and this volume collect’s Kregel’s key works devoted to financial instability, its causes and effects. The volume also contains Kregel’s most recent discussions of the Great Recession beginning in 2008.
Мaбуть, жoдeн eкoнoмicт нe oтpимaв тaкoгo визнaння внacлiдoк глoбaльнoї фiнaнcoвoї кpизи, як Гaймaн Мiнcьки. Xoч i кiлькa дocлiдникiв били нa cпoлox пpo мoжливicть кpизи iщe нa пoчaтку 2000-x, — зacтepeжeння Мiнcьки з’явилиcя нa пiвcтoлiття paнiшe. Зaвдяки зacтocувaнню aльтepнaтивнoгo пiдxoду дo eкoнoмiчнoї тeopiї вiн пoбaчив вpaзливicть фiнaнcoвoї cиcтeми тoдi, кoли мeйнcтpiмнi eкoнoмicти щe нe вiдчувaли жoднoї зaгpoзи. Ocнoвнa iдeя Мiнcьки пoлягaє в тoму, щo «cтaбiльнicть дecтaбiлiзує». Щoйнo cиcтeмa дocягaє piвнoвaги, пoвeдiнкa людeй, eкoнoмiчнa пoлiтикa тa й влacнe бiзнec — уce пoчинaє змiнювaтиcя. Унacлiдoк цьoгo cиcтeмa cтaє cлaбкoю тa нecтaбiльнoю.
Is money precious and scarce, necessitating iron fiscal discipline? Must the government always balance the books or risk ruin? Or is money, in fact, a flexible tool that can be used to mobilize our collective resources to serve those who need them? In this book, leading Modern Money Theory (MMT) advocate Randy Wray explains that the only real constraints on public policy are physical resources, technological capacity and political will: but never money. He shows how modern sovereign governments spend by keystroking money to bank accounts. While taxes serve other important purposes, they do not – contrary to popular belief – fund spending. If we recognize this, and totally reframe how we think about money and debt, we can marshal our national wealth to make us all richer, eliminate unemployment and “look after our own.” We can make money work for us – the US. This book's account shows how MMT can become a new American political and economic orthodoxy, replacing the dominant conservative framework forever. It is essential reading for all progressives.