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Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems Paperback – 7 Aug 2012
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'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
An exploration of a new approach to macroeconomics, examining how money 'works' in the modern economySee all Product Description
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Most Helpful Customer Reviews on Amazon.com (beta)
There are repetitions, incomplete explanations, and a general inconsistency of voice. One minute the book will be explaining a complicated subject in careful and technical language and the next it will adopt an informal style and make logical leaps and unsupported claims. If this were a book about a less important subject or by a less distinguished author I wouldn't have the same expectations of it and such inconsistency would be tolerated. As it is I wish Dr. Wray would have either taken the time to do this right or left the material on his blog.
Again, I have to reiterate that the material, MMT, is deeply important for people to understand and begin to use. I am sure that most of what I'm complaining about is due to the publisher. Also, I must state that due to the paucity of books on this subject (and cohesive material on it in general) this book does provide a lot of good info and is worth reading if you're interested in MMT and don't mind a poorly edited book.
The treatment of the Job Guarantee proposal is particularly illuminating. It dispels the superficial criticisms offered by people who have heard the barest minimum about the idea, but still feel free to opine on it even though their own comments are based on their own ideology-based projections, rather than the details of the proposal itself.
Much of economics seems like systematic and irrelevant obfuscation; but this work lays bare the intellectual bankruptcy at the foundation of the discipline, and replaces it with a new framework focusing both on the facts, and on what might be, if we can only grasp MMT principles and have the courage to act on them. If you're interested in why austerity doesn't make sense, and how to recover from its often fatal effects, then this book is one you must read.
MMT is nicely explained by Dr LR Wray in this book. As I am not an economist, cannot criticize some of the more advanced aspects of economics, banking and finance. On the other hand, I can certainly comprehend fundamentals and I regularly visit the blog sites which are authored by economists are who are more conversant with the details. Any interested person can learn a lot about monetary theory and the concepts which the MMT advocates promote. Basically, money is a device or tool to facilitate interactions in society; a major purpose of MMT is to make sure that everyone has a job, a social purpose and an opportunity to participate in society.
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