Scheduled publication of “Modern Monetary Theory: Key Insights, Leading Thinkers”

Modern Monetary Theory: Key Insights, Leading Thinkers – Edited by Professor L. Randall Wray and the Gower Initiative for Modern Money Studies is scheduled to be published by Edward Elgar Publishing in January 2023.

Providing an up-to-date account of Modern Monetary Theory (MMT) with contributions from the world’s leading experts, each chapter offers new insights on the topic, building upon MMT’s established body of work. This innovative book analyses key economic issues from a wide set of regions including the UK, Europe and the Global South, addressing previous concerns that MMT is too US-focused.

Alongside ground-breaking research written by MMT’s original developers and leading academics, the book also includes contributions from economic historians and public policy campaigners, highlighting how MMT contributes to challenging neoliberalism and the hegemony of mainstream macroeconomics. Offering an examination of the existing legal, institutional and policy framework which governs the UK Exchequer in particular, it examines how the central claims of MMT map onto the financial activities of the UK government.

This will be key reading for undergraduate and postgraduate economics students, as well as more advanced scholars of the discipline, particularly for those looking into theories of finance, money and banking. It will also have a wider appeal across the social sciences, including politics and sociology students.

This is a fascinating, eclectic group of professional papers in which the reader may explore both the first principles of Modern Monetary Theory and many institutional and historical details that lend weight to the conceptual framework. This book is a landmark in the development of MMT, a boon for “useful” economists — and a profound challenge to all the others.
– James K. Galbraith, The University of Texas at Austin, US

This book brings together insights from MMT scholars from all over the world, examining the economy of the UK as well as the global economy and providing us with much-needed insights about how to manage our economies.
– Dirk Ehnts, Fachhochschule Magedburrg-Stendal, Germany

This book is a must for academic economists who are interested in understanding how the key macroeconomic institutions operate in a modern monetary economy and the implications for policy design.

 

– Emeritus Professor Martin Watts, The University of Newcastle, NSW, Australia

Contents:

Preface
Phil Armstrong

Introduction
Sara Holland, Claire Jackson-Prior and Prue Plumridge

1. 1. How does the government spend? A functional model of the UK Exchequer
      Andrew Berkeley, Richard Tye and Neil Wilson
   2. Credit and the Exchequer since the Restoration
      Richard Tye
   3. Sovereign nations face resource constraints, not financial constraints
      Yeva Nersisyan and L. Randall Wray
   4. A framework for the analysis of the price level and inflation
      Warren Mosler
   5. The external economy
      William Mitchell
   6. Modern Monetary Theory, the United Kingdom and pound sterling
      John T. Harvey
   7. The Eurozone and Brexit
      Stuart Medina Miltimore and William Mitchell
   8. Modern Monetary Theory as post-neoliberal economics: the role of methodology-philosophy
      Phil Armstrong and Jamie Morgan
   9. Tax as a hygiene factor: setting UK taxation policy using Modern Monetary Theory
      Neil Wilson
   10. Checklist of an employment guarantee programme: the Plan Jefes de Hogar from Argentina revisited 20 years later
       Daniel Kostzer
   11. Three lessons from government spending and the postpandemic recovery
       Pavlina R. Tcherneva
   12. MMT and public policy in the United Kingdom
       Deborah Harrington and Jessica Ormerod

Postscript: thoughts on MMT’s insights
L. Randall Wray

For further details, please see the information on the EE website at https://www.e-elgar.com/shop/gbp/modern-monetary-theory-9781802208085.html