Modern Monetary Theory

Modern Monetary Theory has soared in popularity in response to the covid-19 pandemic and subsequent impacts to economies.This book offers a rigorous, detailed and balanced analysis of the contributions to the Modern Monetary Theory debate, incorporating the arguments of proponents and those who point to its limitations and obstacles.

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 theory installed in the collective imagination. Breaking down these false beliefs is an essential requirement for thinking and devising economic policy proposals that allow full employment to be achieved without suffering worrying inflation rates. However, this approach has also attracted many criticisms and it is also instructive to consider these in more detail to reach a fully rounded conclusion about the potential or merits of MMT. Written to be accessible to the non-economist, this book will be of great interest to readers from across the social sciences, and outside of academia who want to gain a fuller understanding of the Modern Monetary Theory phenomenon.

Autorentext

Eduardo Garzón Espinosa, PhD in Economics, Lecturer in the Department of Economy and Public Finance, the Autonomous University of Madrid (Spain).

Inhalt

Introduction Chapter 1. Modern Monetary Theory's view of the origin of money and its criticisms Chapter 2. Modern Monetary Theory's view of the nature of money and its criticisms Chapter 3. Modern Monetary Theory's view of monetary sovereignty and its criticisms Chapter 4. Modern Monetary Theory's view of the deficits and public debt and its criticisms Chapter 5. Modern Monetary Theory's view of the bank and endogenous money and its criticisms Chapter 6. Functional Finance and Modern Monetary Theory's view of the inflation and its criticisms Chapter 7. Job Guarantee: The path to full employment of Modern Monetary Theory and its critics Final conclusions