Modern monetary theory and its critics | real-world economics review

Modern monetary theory and its critics

3 October 2019

Introduction: Whither MMT? The editors	2
Alternative paths to modern money theory L. Randall Wray	5
Initiating a parallel electronic currency in a eurocrisis country – why it would work Trond Andresen	23
An MMT perspective on macroeconomic policy space Phil Armstrong	32
Monetary sovereignty is a spectrum: modern monetary theory and developing countries Bruno Bonizzi, Annina Kaltenbrunner and Jo Michell	46
Are modern monetary theory’s lies “plausible lies”? David Colander	62
What is modern about MMT? A concise note Paul Davidson	72
Modern monetary theory: a European perspective Dirk H. Ehnts and Maurice Höfgen	75
MMT: the wrong answer to the wrong question Jan Kregel	85
Modern monetary theory and post-Keynesian economics Marc Lavoie	97
Money’s relation to debt: some problems with MMT’s conception of money Tony Lawson	109
The sleights of hand of MMT Anne Mayhew	129
Tax and modern monetary theory Richard Murphy	138
Macroeconomics vs. modern money theory: some unpleasant Keynesian arithmetic and monetary dynamics Thomas I. Palley	148
MMT and TINA Louis-Philippe Rochon	156
Modern monetary theory: is there any added value? Malcolm Sawyer	167
The significance of MMT in linking money, markets, sector balances and aggregate demand Alan Shipman	180
The political economy of modern money theory, from Brecht to Gaitskell Jan Toporowski	194
Board of Editors, past contributors, submissions, etc.	203

A Selection of Articles on Modern Monetary Theory by L. Randall Wray | neweconomicperspectives.org

Table of Contents

♦ MODERN MONEY THEORY: THE BASICS
♦ Taxes and the Public Purpose
♦ CREATIONISM VERSUS REDEMPTIONISM: HOW A MONEY-ISSUER REALLY LENDS AND SPENDS
♦ Tax Bads, Not Goods
♦ DEBT-FREE MONEY: A NON-SEQUITUR IN SEARCH OF A POLICY
♦ Why Money Matters
♦ MODERN MONEY THEORY: How I came to MMT and what I include in MMT
♦ An MMT View of the Twin Deficits Debate
♦ A Conspiracy Against MMT? Chicago Booth’s Polling and Trolling
♦ A Must Read: Why does everyone hate MMT?
♦ HOW TO PAY FOR THE WAR Read More

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Economic stimulus packages can never satisfactorily address the real problem of unemployment and underemployment in market economies, according to Randall L. Wray. He estimates real unemployment is close to 30 million people or 20% of the workforce in the USA. But there is an effective and affordable to achieve full employment through direct job creation programs financed by the US Government. In this webcast, Professor Wray discusses the short and long term causes of unemployment, the right to employment, the hidden costs of unemployment, the unrecognized benefits of full employment, theory of how job guarantee programs can effectively balance full employment and currency stability along with practical examples of successful programs. This presentation will be of interest to all those looking for a realistic practical strategy for addressing the problem of unemployment. Wray is Professor of Economics and Research Director of the Center for Full Employment and Price Stability at the University of Missouri–Kansas City and Senior Scholar at the Levy Economics Institute of Bard College in New York. He is author of numerous books including Money and Credit in Capitalist Economies and Understanding Modern Money: The Key to Full Employment and Price Stability. For a complete bio and list of Professor Wray’s publications and links to working papers, click here

A Selection of Articles on a New View of Money and WHY it Matters | Modern Money Theory

Introduction to an Alternative History of Money Author(s): L. Randall Wray Download: Working Paper No. 717 http://www.levyinstitute.org/publications/introduction-to-an-alternative-history-of-money This paper integrates the various strands of an alternative, heterodox view on the origins of money and the development of the modern financial system in a manner that is consistent with the findings of historians and anthropologists. As… Read More