What's Wrong with Modern Money Theory? A Policy Critique
This Palgrave Pivot assesses the validity of Modern Money Theory’s approach to macroeconomic policy, specifically monetary and fiscal policy. Whereas other papers have focused primarily on theoretical and doctrinal issues, this book focuses primarily on a
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Gerald A. Epstein
What’s Wrong with Modern Money Theory?
Gerald A. Epstein
What’s Wrong with Modern Money Theory? A Policy Critique
Gerald A. Epstein University of Massachusetts Amherst, MA, USA
ISBN 978-3-030-26503-8 ISBN 978-3-030-26504-5 (eBook) https://doi.org/10.1007/978-3-030-26504-5 © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG, part of Springer Nature 2019 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Pivot imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
To my PERI colleagues and students and their commitment to rigorous policy-relevant research and activism
Acknowledgements
This short book grew out of years of trying to understand what Modern Money Theory was saying. So when Anne Davis asked me if I wanted to write a paper for a panel at the Eastern Economic Associations and appear on a panel with Randy Wray on the topic of MMT, I decided it was time to take the plunge and finally put down on paper what I thought of it. This book is an outgrowth of that paper and discussions that followed from it. I first want to thank my friend and colleague Bob Pollin with whom I have had many discussions over the years about MMT and who encouraged me to undertake this project. I also am greatly indebted to Esra Nur Uğurlu for excellent research assistance throughout the project. Without her insight and hard work, I could never have finished this book. I have also received valuable comments from many colleagues and students. I would like to thank Adam Aboobaker, Michael Ash, Dean Baker, Tom Ferguson, Ilene Grabel, Marc Lavoie, Robert McCauley, Perry Mehrling, Tom Palley, Juan Antonio Montecino, and Robert Pollin for helpful comments on an earlier
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