Contents: Preface 1. Introduction 2. Money and Taxes 3. An Introduction to a History of Money 4. Government Spending, Deficits and Money 5. Monetary Policy 6. Employment Policy and the Value of the Currency 7. The Logic of the Taxes-Drive-Money View 8. Conclusions
L. Randall Wray, Senior Scholar, Levy Economics Institute; Professor of Economics, Bard College, US
'Randy Wray's book offers a fresh perspective on the issues of
price inflation and employment in the macroeconomy. While
consistent with earlier post Keynesian and institutionalist
approaches, he nevertheless brings some new ideas to the debate.
His is the sort of book that leads the reader to stop frequently to
sketch out a concept or to digest some new application or theory.
It is a very enjoyable read . . . Randy Wray's book is fascinating,
and it already has me rethinking the "post Keynesian" portion of my
intermediate macro class. The arguments are very powerful and well
integrated and the support he provides for twintopt [money viewed
as "that which is necessary to pay taxes"] and ELR varies from
theoretical to historical. I highly recommend it.'
*John T. Harvey, Review of Social Economy*
'In this important book, Wray accomplishes a difficult task indeed,
managing to offer both a critique of key mainstream macroeconomic
views and a plausible alternative.'
*Teodoro Dario Togati, The Economic Journal*
'In this important book, Randall Wray argues that federal
governments should act as employer of last resort . . . Wray's book
clears up many misunderstandings about ELR. It presents an
excellent case for its desirability and its feasibility.'
*Marc Lavoie, Eastern Economic Journal*
'In Understanding Modern Money, L. Randall Wray lays out a
thoughtful and compelling case for a paradigm shift among
economists, policymakers, and the general public. Specifically, he
explains why the way in which modern economies operate forces
policy makers to choose between lower rates of unemployment or
higher rates of inflation and why a third alternative exists . . .
Wray's work is highly recommended.'
*Shaw J. Gebhardt, Oeconomicus*
'This is a stimulating academic text.'
*Economic Outlook and Business Review*
'An highly original and well-constructed volume which promotes an
innovative policy approach to achieve full employment together with
price stability.'
*Aslib Book Guide*
'A fine and strikingly imaginative reappraisal of modern monetary
theory that recovers some of its subject's long neglected political
aspects by creatively reinterpreting Keynes and other older
theorists.'
*Thomas Ferguson, University of Massachusetts, Amherst, US*
'This is the best kind of book - one that coaxes you to see the
world in a new light. Old assumptions and prejudices melt away and
you find yourself thinking differently, (and more hopefully), about
vitally important but troublesome issues of economic and social
policy.'
*Philip Harvey, Rutgers University of Law, US*
'In this innovative new work, Randy Wray has convinced at least one
reader that full employment and price stability are fully
compatible goals in today's world. . . . Pivoting on his fresh
rereading of the history and nature of money, Wray generates
insight after insight, and will change forever the way in which we
think about key macroeconomic variables and relationships.'
*John Adams, Northeastern University, US*
'An important book, one that should begin a new discussion of full
employment and price stability. (Wray) shows that the basic
presumptions of mainstream macroeconomics were and are flawed. . .
. Both the analysis and the policy proposals in this book deserve
wide dissemination. It is time for a new approach to these
questions, and this book opens the door to new ways of
thinking.'
*Ed Nell, New School for Social Research, US*
'An excellent text containing a challenging new perspective on the
role of money and the role of government. It is a very creative
analysis with a new perspective which challenges the basics of
conventional thinking. . . . [Wray ] clearly shows how conventional
wisdoms misunderstand the basic role of money in a capitalistic
society.'
*John Groenewegen, Erasmus University, Rotterdam, The
Netherlands*
'Extremely well written and persuasively argued. . . . turns
economics from a dismal science into a positive science, capable of
clear policy recommendations that cut the gordian knot of the
unemployment-inflation tradeoff.'
*Jan Kregel, Universita degli Studi di Bologna, Italy*
'Understanding Modern Money breathes a whiff of fresh air over th
desert of unimaginative, and only too often irrelevant though lofty
sophisticated technicalities, in which macroeconomic writing has
landed us in the last decades.'
*Y.S. Brenner, University of Utrecht, The Netherlands*
'This is a most important work, one that should be read by all
serious economists regardless of their particular theoretical
persuasions. Wray not only presents a most innovative study of the
relationship among money, public policy, employment, and the price
level, but develops a position on how a modern monetary economy
works that is clear, insightful, and useful. This book, in my
opinion, is the most important theoretical study in decades.'
*John F. Henry, California State University, US*
'An innovative and carefully argued proposal for solving the most
pressing economic issue of our times - how to eliminate
unemployment without reigniting inflation.'
*Paul Dalziel, Lincoln University, New Zealand*
'This book is to be recommended to any reader interested in both
economic theory and macroeconomic policy, whether the person be an
academic economist or policy maker. The book is, for the first
time, exposing an original theory of money without any unnecessary
controversies, in the tradition of Keynes's "Treatise on Money". .
. . It is a major advancement in the elaboration of an heterodox
macroeconomic theory along post Keynesian lines.'
*Alain Parguez, University of Franche-Comte, France and University
of Ottawa, Canada*
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