'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
'Extremely well written and persuasively argued.... it 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
'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
'Understanding Modern Money breathes a whiff of fresh air over the 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
... 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
--This text refers to an out of print or unavailable edition of this title.
About the Author
L. Randall Wray, Professor of Economics and Research Director, Center for Full Employment and Price Stability, University of Missouri â" Kansas City, US