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Modern Money Theory
 
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Modern Money Theory
A Primer on Macroeconomics for Sovereign Monetary Systems
 
 
Palgrave Macmillan
 
 
 
 
 
07 Aug 2012
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£70.00
|Hardback In Stock
  
9780230368880
||
 
 
07 Aug 2012
|
£19.99
|Paperback In Stock
  
9780230368897
||
 
 
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DescriptionReviewsContentsAuthors

In recent years a new approach to macroeconomics has been developed that challenges conventional wisdom and uncovers how money 'works' in the modern economy. This book synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations. Randall Wray addresses the pressing issues of how misunderstandings about the nature of money have caused the current global financial meltdown, and provides fresh ideas about how policymakers around the world should address the continued weaknesses in their economies. 


Description

In recent years a new approach to macroeconomics has been developed that challenges conventional wisdom and uncovers how money 'works' in the modern economy. This book synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations. Randall Wray addresses the pressing issues of how misunderstandings about the nature of money have caused the current global financial meltdown, and provides fresh ideas about how policymakers around the world should address the continued weaknesses in their economies. 


Reviews

'This book paves the way for another revolution in macroeconomics. Building on the insights of the most important thinkers of the 20th Century, Wray shows us how an economy with modern money works and, more importantly, how it can be used to lift us to a more prosperous tomorrow.' - Stephanie Kelton, University of Missouri-Kansas City



Contents

Basics of Macro Accounting
Spending by Issuer of Sovereign Currency
Basics of the Operation of Domestic Monetary Systems
Fiscal Operations
Alternative Policy for Sovereign Currencies
Modern Money and Macro Stabilizers
What is Money? Conclusions on the Nature of Money


Authors

L. RANDALL WRAY is a professor of Economics at the University of Missouri-Kansas City, USA, as well as Research Director, the Center for Full Employment and Price Stability, and Senior Scholar at the Levy Economics Institute of Bard College, New York. A student of Hyman P. Minsky while at Washington University in St. Louis, Wray has focused on monetary theory and policy, macroeconomics, financial instability, and employment policy. He has published widely in journals and is the author of Understanding Modern Money: The Key to Full Employment and Price Stability (Elgar, 1998) and Money and Credit in Capitalist Economies (Elgar 1990). He is the editor of Credit and State Theories of Money (Edward Elgar 2004) and the co-editor of Contemporary Post Keynesian Analysis (Edward Elgar 2005), Money, Financial Instability and Stabilization Policy (Edward Elgar 2006), and Keynes for the twenty-first century: The Continuing Relevance of The General Theory, Palgrave, 2008. Wray is also the author of numerous scholarly articles in edited books and academic journals, including the Journal of Economic Issues, Cambridge Journal of Economics, Review of Political Economy, Journal of Post Keynesian Economics, Economic and Labour Relations Review, Economie Appliquée, and the Eastern Economic Journal. Wray received a B.A. from the University of the Pacific and an M.A. and Ph.D. from Washington University in St. Louis. He has served as a visiting professor at the University of Rome, the University of Paris, and UNAM (Mexico City). He was the Bernardin-Haskell Professor, UMKC, Fall 1996, and joined the UMKC faculty as Professor of Economics, August 1999.