Understanding Modern Money: The Key to Full Employment and Price Stability

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Edward Elgar Pub., 1998 - Business & Economics - 198 pages
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Wray's argument incorporates incisive historical analysis, modern monetary theory and an examination of policy alternatives that rises above the doctrinal debates among monetarists, supply-siders and Keynesians over natural or non-inflationary rates of unemployment. Understanding Modern Money proclaims that a labour buffer stock programme would guarantee full employment and increase labour productivity and economic growth, while reducing inflationary pressures. Wray's analysis shows that, contrary to popular belief, the dangers of a government budget deficit are largely imaginary. He outlines a programme in which the government acts as employer of last resort, thereby providing employment and training to the otherwise unemployed, and stabilizing the wage scale which acts as a brake on inflation. This permits greater price stability without requiring conventional methods such as wage and price controls or countercyclical monetary policy.

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Review: Understanding Modern Money:The Key to Full Employment and Price Stability

User Review  - Guillaume - Goodreads

Excellent introduction to how the fiat/credit monetary system actually works today. Read full review

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