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Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems Paperback – September 4, 2012

ISBN-13: 978-0230368897 ISBN-10: 0230368891

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Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems + Understanding Modern Money:The Key to Full Employment and Price Stability + Soft Currency Economics II: The Origin of Modern Monetary Theory (MMT - Modern Monetary Theory) (Volume 1)
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Product Details

  • Paperback: 312 pages
  • Publisher: Palgrave Macmillan (September 4, 2012)
  • Language: English
  • ISBN-10: 0230368891
  • ISBN-13: 978-0230368897
  • Product Dimensions: 8.3 x 5.5 x 0.8 inches
  • Shipping Weight: 13.4 ounces (View shipping rates and policies)
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (17 customer reviews)
  • Amazon Best Sellers Rank: #117,936 in Books (See Top 100 in Books)

Editorial Reviews

Review

'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

About the Author

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.


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45 of 48 people found the following review helpful By John Smith on December 30, 2012
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Let me first say that I'm a big fan of MMT and of Randall Wray. However I cannot give this book a great review. The reason is that the book is organized poorly and feels like it is essentially unedited. Dr. Wray created most of the material for this book on his blog and the primer there might be a more useful read for most (as opposed to spending $30 for the book) as much of the material can be found there. Palgrave MacMillan (the publisher) really owes an apology to the book's readers for just throwing together a series of blog posts and neglecting to edit the book into a cohesive whole.

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.
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15 of 18 people found the following review helpful By David Capek on December 29, 2012
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This is an easy to read book on a very complicated subject. To understand the workings of the Federal Reserve, the national debt and the trade deficit, I will have to reread this book many times, study it and memorize sections to be able to talk about with confidence macroeconomics. This is a difficult subject, I talked to three accountants and none of them could carry on a conservation about macroeconomics or the workings of the Fed. This is not just simple accounting, the interrelationships of the Federal Reserve, the Treasury, the Federal reserve Banks and the private banking sector is complex. I doubt four elected Senators or Congressmen grasp how the system works beyond a simplistic organizational chart understanding. Furthermore, I know no TV or print talking heads or economists interviewed who attempt to explain the Fed or understand this complex subject. It is scary that our elected representatives right or left have no grasp of macroeconomics as shown by their comparing sovereign macroeconomics to household finance.
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8 of 10 people found the following review helpful By James Mays on March 4, 2013
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Money exposed as debt - the reality that our sovereign government can never go broke is breathtaking! A must read in economic times such as these. Why austerity is the most dunderheaded policy in a time of economic downturn.
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4 of 5 people found the following review helpful By Joseph M. Firestone on November 16, 2013
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One of the most important works making Modern Money Theory accessible to the public. Professor Wray's style is as clear as it gets in a work that is both friendly and substantial. His treatment of balance of trade, inflation, deficit spending, modern fiat money, Sector Financial Balances, debt financing, balanced budgets, and fiscal sustainability are all exemplary, and yet very understandable.

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.
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4 of 5 people found the following review helpful By William Wilson on March 28, 2013
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The ideas about finance and economics which are promoted in the main stream media are products of big money and ignorance disguised as insignt into fairy tales. When one looks at the historical development which backs most modern economic concepts, one finds many fairy tales which are neither enlightening or amusing.
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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9 of 13 people found the following review helpful By Marcel Coderch Collell on October 16, 2012
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I never quite understood Central Banking and budgetary restrictions. Now I do. I strongly recommend it as a tool to understand European so called debt crisis and what's wrong with the Euro.
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