A Primer on Macroeconomics
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The tools of macroeconomic policy—a short primer
Extra Content. The Basics Of Macroeconomic Accounting 1. Accounting For Real Versus Financial 1. What Is A Sovereign Currency? Taxes Drive Money 2.
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Sustainability Conditions 3. Treasury Debt Operations 3. Introductory Principles 4. Tax Policy For Sovereign Nations 5. Why Do We Need Taxes? The MMT Perspective 5. What Are Taxes For?
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The MMT Approach 5. Taxes For Redistribution 5. Taxes And The Public Purpose 5. Tax Bads, Not Goods 5. Bad Taxes 6. Floating Exchange Rates 6. Commodity Money Coins?
Metalism Versus Nominalism, After Rome 6. The Crisis Of The Euro 6. Endgame For The Euro? Functional Finance 7. Functional Finance And Developing Nations 7. Functional Finance And Full Employment 8. Program Manageability 8. The JG And Inequality 8. Conclusions On Full Employment Policy 8.
Inflation And Sovereign Currencies 9.
Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems
The powerful conclusion is that we have far better and more equitable ways to manage economies, such as the US economy, ways that have been blocked by ideologically generated misconceptions about money. This spending on goods and services produced from resident work by the government thus comes before taxes, not after, so that the conventional story is incorrect that a government must collect taxes before it can spend. However, what Wray does not emphasize is that a different kind of backing is needed instead.
This is simply that a government must be effective and strong enough to 1 collect the taxes and fees it imposes and 2 to provide the kind of goods and services that its citizens expect. This is a big problem for some developing countries, who often peg their currency to another currency, like the US dollar, to maintain its credibility. However Wray points out that this pegging often prevents full employment policies, enabling local elites to import luxuries instead. Strangely he does not cite the most obvious form for predistribution: universal ownership, like the Alaska Permanent Fund all residents get a share of the oil revenue.
Such programs have been highly effective, from the US in the s to Argentina more recently. I thought to myself "This can't be right! After that, I had a bunch of questions. There is a chapter here on every question I had! I bought it and it arrived two days ago. I could not put it down, finishing it this morning. Along the way I did my own hypothesis development and testing i. This is simply a must read book. I have no background in economics or macroeconomics, yet the book is easy to read.
I finally understand how banking and the Fed work.
A Primer on Macroeconomics, Second Edition, Volume II, 2nd Edition [Book]
I do wish a few of the terms were explained upon first use, but none of them are conceptually difficult and all are easily defined by googling them. Buy it or borrow it, but certainly read it before we get deep into the primary and national election season. This is what an informed voter needs to know. In my opinion it is important for people to understand how money, credit, and debt really work. Common "common sense" understanding about such things as national debt actually harm our economy.
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This book is not a quick read, especially if the reader takes the time to let the ideas, the facts presented seep into consciousness. However, Randall Wray is a recognized authority on the concept of modern money, and he does a good job of explaining how it works in a modern economy. It's not what people assume, and until we get this right we will continue to economically struggle as a country. Blue Pill or Red Pill?
This book is clear in its argument, easy to read for a non-financial person. Being way more sociological in my way of thinking I do wish it had more examples, and concrete process description, but as an introduction it works perfect. At first the argument is strange as most of think about money only as a mean of exchange.
Yet, the arguments are clear and strong. It really gets you to think, and interpret the world in a new way. That's the kind of thing that makes you think there might be something to this Modern Monetary Theory or some other alternative, that essentially says that sovereign debt is not nearly the danger we are told it is.
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It just seems like something doesn't add up, with the conventional theories of government debt, or at least they are not well explained to the public. Am I convinced by this book? Not necessarily, but I think it is good idea to keep an open mind. It is interesting to think of how cryptocurrencies or the like will effect things I expect Amazon to come out with something like "Amazon Bucks" in the not too distant future.
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