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Modern Money Theory

A Primer on Macroeconomics for Sovereign Monetary Systems

  • Book
  • © 2015

Overview

Authors:
  1. L. Randall Wray

    1. University of Missouri-Kansas City, USA
      Levy Economics Institute of Bard College, New York, USA

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  • Fully revised and updated second edition to an iconic text that changed the way we understand the economy
  • Provides fresh ideas about how policymakers around the world should address the continued weaknesses in their economies

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Table of contents (11 chapters)

  1. Front Matter

    Pages i-xvi
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  2. Introduction: The Basics of Modern Money Theory

    • L. Randall Wray
    Pages 1-8

  3. The Basics of Macroeconomic Accounting

    • L. Randall Wray
    Pages 9-40

  4. Spending by Issuer of Domestic Currency

    • L. Randall Wray
    Pages 41-70

  5. The Domestic Monetary System: Banking and Central Banking

    • L. Randall Wray
    Pages 71-102

  6. Fiscal Operations in a Nation That Issues Its Own Currency

    • L. Randall Wray
    Pages 103-136

  7. Tax Policy for Sovereign Nations

    • L. Randall Wray
    Pages 137-157

  8. Modern Money Theory and Alternative Exchange Rate Regimes

    • L. Randall Wray
    Pages 158-192

  9. Monetary and Fiscal Policy for Sovereign Currencies: What Should Government Do?

    • L. Randall Wray
    Pages 193-220

  10. Policy for Full Employment and Price Stability

    • L. Randall Wray
    Pages 221-247

  11. Inflation and Sovereign Currencies

    • L. Randall Wray
    Pages 248-269

  12. Conclusions: Modern Money Theory for Sovereign Currencies

    • L. Randall Wray
    Pages 270-292

  13. Back Matter

    Pages 293-306
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Keywords

About this book

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.

Reviews

'This book paves the way for another revolution in macroeconomics. 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

'Wray debunks so many of the destructive beliefs that have contributed to our current economic and social malaise. This is a primer that should not only become mandatory reading for students of economics, but any policy maker who truly wants to deal with the grave disasters engendered from years of 'reading from the wrong playbook'.' Marshall Auerback, Director of the Economists for Peace and Security (epsusa.org) and a research associate at the Levy Institute

Authors and Affiliations

  • University of Missouri-Kansas City, USA

    L. Randall Wray

  • Levy Economics Institute of Bard College, New York, USA

    L. Randall Wray

About the author

L. Randall Wray is a professor of Economics at the University of Missouri-Kansas City, USA, and Senior Scholar at the Levy Economics Institute of Bard College, New York, USA. 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 Why Minsky Matters (2015), Understanding Modern Money: The Key to Full Employment and Price Stability (1998) and Money and Credit in Capitalist Economies (1990). He is the editor of Credit and State Theories of Money (2004) and the co-editor of Contemporary Post Keynesian Analysis (2005), Money, Financial Instability and Stabilization Policy (2006), and Keynes for the Twenty-First Century: The Continuing Relevance of The General Theory (2008). Wray is also the author of numerous scholarly articles in edited books and academic journals. He is the co-editor of the Journal of Post Keynesian Economics. He has been a visiting professor at the University of Rome, the University of Paris, the University of Bergamo, the University of Bologna, and UNAM (Mexico City). He was the Bernardin-Haskell Professor, UMKC, Fall 1996, and joined the UMKC faculty as Professor of Economics, August 1999.

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