Modern Monetary Theory
Key Insights, Leading Thinkers
Published on 10. January 2023
Book
Hardback
330 pages
978-1-80220-808-5 (ISBN)
Description
Providing an up-to-date account of Modern Monetary Theory (MMT) with contributions from the world's leading experts, each chapter offers new insights on the topic, building upon MMT's established body of work. This innovative book analyses key economic issues from a wide set of regions including the UK, Europe and the Global South, addressing previous concerns that MMT is too US-focused.
Alongside ground-breaking research written by MMT's original developers and leading academics, the book also includes contributions from economic historians and public policy campaigners, highlighting how MMT contributes to challenging neoliberalism and the hegemony of mainstream macroeconomics. Offering an examination of the existing legal, institutional and policy framework which governs the UK Exchequer in particular, it examines how the central claims of MMT map onto the financial activities of the UK government.
This will be key reading for undergraduate and postgraduate economics students, as well as more advanced scholars of the discipline, particularly for those looking into theories of finance, money and banking. It will also have a wider appeal across the social sciences, including politics and sociology students.
Alongside ground-breaking research written by MMT's original developers and leading academics, the book also includes contributions from economic historians and public policy campaigners, highlighting how MMT contributes to challenging neoliberalism and the hegemony of mainstream macroeconomics. Offering an examination of the existing legal, institutional and policy framework which governs the UK Exchequer in particular, it examines how the central claims of MMT map onto the financial activities of the UK government.
This will be key reading for undergraduate and postgraduate economics students, as well as more advanced scholars of the discipline, particularly for those looking into theories of finance, money and banking. It will also have a wider appeal across the social sciences, including politics and sociology students.
Reviews / Votes
'This is a fascinating, eclectic group of professional papers in which the reader may explore both the first principles of Modern Monetary Theory and many institutional and historical details that lend weight to the conceptual framework. This book is a landmark in the development of MMT, a boon for "useful" economists -- and a profound challenge to all the others.' -- James K. Galbraith, The University of Texas at Austin, US 'This book brings together insights from MMT scholars from all over the world, examining the economy of the UK as well as the global economy and providing us with much needed insights about how to manage our economies.' -- Dirk Ehnts, Fachhochschule Magedburrg-Stendal, GermanyMore details
Language
English
Place of publication
Cheltenham
United Kingdom
Target group
Professional and scholarly
Dimensions
Height: 234 mm
Width: 156 mm
ISBN-13
978-1-80220-808-5 (9781802208085)
Copyright in bibliographic data and cover images is held by Nielsen Book Services Limited or by the publishers or by their respective licensors: all rights reserved.
Schweitzer Classification
Persons
Edited by L. Randall Wray, Senior Scholar and Professor of Economics, Levy Economics Institute, Bard College, US, Phil Armstrong, York College, UK, Sara Holland, Founder, Claire Jackson-Prior, Founder, Prue Plumridge, Founder and Neil Wilson, Associate, The Gower Initiative for Modern Money Studies, UK
Content
Contents:
Preface xiii
Phil Armstrong
Introduction to Modern Monetary Theory: Key Insights, Leading
Thinkers xvii
Sara Holland, Claire Jackson-Prior and Prue Plumridge
1 How does the government spend? A functional model of
the UK Exchequer 1
Andrew Berkeley, Richard Tye and Neil Wilson
2 Credit and the Exchequer since the Restoration 41
Richard Tye
3 Sovereign nations face resource constraints, not financial
constraints 67
Yeva Nersisyan and L. Randall Wray
4 A framework for the analysis of the price level and inflation 87
Warren Mosler
5 The external economy 94
William Mitchell
6 Modern Monetary Theory, the United Kingdom and
pound sterling 125
John T. Harvey
7 The Eurozone and Brexit 152
Stuart Medina Miltimore and William Mitchell
8 Modern Monetary Theory as post-neoliberal economics:
the role ofmethodology-philosophy 182
Phil Armstrong and Jamie Morgan
9 Tax as a hygiene factor: setting UK taxation policy using
Modern Monetary Theory 207
Neil Wilson
10 Checklist of an employment guarantee programme: the
Plan Jefes de Hogar from Argentina revisited 20 years later 226
Daniel Kostzer
11 Three lessons from government spending and the postpandemic
recovery 253
Pavlina R. Tcherneva
12 MMT and public policy in the United Kingdom 263
Deborah Harrington and Jessica Ormerod
Postscript: thoughts on MMT's insights 289
L. Randall Wray
Index
Preface xiii
Phil Armstrong
Introduction to Modern Monetary Theory: Key Insights, Leading
Thinkers xvii
Sara Holland, Claire Jackson-Prior and Prue Plumridge
1 How does the government spend? A functional model of
the UK Exchequer 1
Andrew Berkeley, Richard Tye and Neil Wilson
2 Credit and the Exchequer since the Restoration 41
Richard Tye
3 Sovereign nations face resource constraints, not financial
constraints 67
Yeva Nersisyan and L. Randall Wray
4 A framework for the analysis of the price level and inflation 87
Warren Mosler
5 The external economy 94
William Mitchell
6 Modern Monetary Theory, the United Kingdom and
pound sterling 125
John T. Harvey
7 The Eurozone and Brexit 152
Stuart Medina Miltimore and William Mitchell
8 Modern Monetary Theory as post-neoliberal economics:
the role ofmethodology-philosophy 182
Phil Armstrong and Jamie Morgan
9 Tax as a hygiene factor: setting UK taxation policy using
Modern Monetary Theory 207
Neil Wilson
10 Checklist of an employment guarantee programme: the
Plan Jefes de Hogar from Argentina revisited 20 years later 226
Daniel Kostzer
11 Three lessons from government spending and the postpandemic
recovery 253
Pavlina R. Tcherneva
12 MMT and public policy in the United Kingdom 263
Deborah Harrington and Jessica Ormerod
Postscript: thoughts on MMT's insights 289
L. Randall Wray
Index