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This Companion is a comprehensive introduction to Modern Money Theory (MMT), covering a wide variety of topics from the nature and origins of money, to the fundamentals of government spending and taxation, to the application of MMT in developed and developing countries.
In this illuminating book, Randall Wray emphasizes the critical role played by both credit and state money in capitalism and explores the origins and evolution of the modern monetary system. Integrating and updating the influential theories presented in Wray’s previous books, Money and Credit in Capitalist Economies and Understanding Modern Money, this new book addresses key questions in modern economic theory and practice.
In a challenge to conventional views on modern monetary and fiscal policy, this book presents a coherent analysis of how money is created, how it functions in global exchange rate regimes, and how the mystification of the nature of money has constrained governments, and prevented states from acting in the public interest.
WALL STREET JOURNAL BESTSELLER Money permeates our everyday lives—it literally makes the economic world go round—and yet confusion and controversy about money abound. In The Power of Money, economist Paul Sheard distills what money is, how it comes into existence, and how it interacts with the real economy. Money issues dominate the news, but economic jargon and the complexity of it all can be bamboozling. Leading economist Paul Sheard is known for his ability to see the forest and the trees and demystify complex economic phenomena. With The Power of Money, Sheard empowers readers to become better-informed economic citizens by providing context for some of the biggest questions surroundi...
This book offers a rigorous, detailed, and balanced analysis of the various contributions to the Modern Monetary Theory (MMT) debate, incorporating both the arguments of proponents and those who point to its limitations and obstacles. Modern Monetary Theory has soared in popularity, particularly in response to the Covid-19 pandemic and subsequent impacts on the economy which have led to deeper discussions about monetary and financial systems, fiscal and monetary policies, inflation, and employment. The main characteristic of Modern Monetary Theory is that it offers a revolutionary way of thinking about all these issues, allowing us to abandon many of the myths that conventional economic theo...
Explores the Origin of the Recent Banking Crisis and how to Preclude Future CrisesShedding new light on the recent worldwide banking debacle, The Banking Crisis Handbook presents possible remedies as to what should have been done prior, during, and after the crisis. With contributions from well-known academics and professionals, the book contains e
The Elgar Encyclopedia of Central Banking provides definitive and comprehensive encyclopedic coverage on central banking and monetary theory and policy. Containing close to 350 entries from specially commissioned experts in their fields, elements of past and current monetary policies are described and a critical assessment of central bank practices is presented.
The current literature on central banking contains two distinct branches. On the one side, research focuses on the impact of monetary policy on economic growth, unemployment, and output-price inflation, while ignoring financial aspects. On the other side, some scholars leave aside macroeconomics in order to study the narrow, but crucial, subjects of financial behaviours, and financial supervision and regulation. This book aims at merging both approaches by using macroeconomic analysis to show that financial considerations should be the main preoccupation of central banks. Eric Tymoigne shows how different views regarding the conception of asset pricing lead to different positions regarding t...
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In 1913 and 1914, A. Mitchell Innes published a pair of articles that stand as two of the best pieces written in the twentieth century on the nature of money. Only recently rediscovered, these articles are reprinted and analyzed here for the first time. In addition, five new contributions analyze and extend the approach of Innes in a number of directions by including historical, anthropological, sociological, archeological, and economic analyses of the nature of money. The original articles by Innes contained two quite different approaches to money - what might be called the credit approach (later developed in a much less satisfactory manner by J.A. Schumpeter) and the state money approach (...