Understanding Modern Money: The Key To Full Employment And Price Stability

Synopsis

Randy Wray s book offers a fresh perspective on the issues of price inflation and employment in the macroeconomy. While consistent with earlier post Keynesian and institutionalist approaches, he nevertheless brings some new ideas to the debate. His is the sort of book that leads the reader to stop frequently to sketch out a concept or to digest some new application or theory. It is a very enjoyable read . . . Randy Wray s book is fascinating, and it already has me rethinking the post Keynesian portion of my intermediate macro class. The arguments are very powerful and well integrated and the support he provides for twintopt [money viewed as that which is necessary to pay taxes ] and ELR varies from theoretical to historical. I highly recommend it. John T. Harvey, Review of Social Economy In this important book, Wray accomplishes a difficult task indeed, managing to offer both a critique of key mainstream macroeconomic views and a plausible alternative. Teodoro Dario Togati, The Economic Journal In this important book, Randall Wray argues that federal governments should act as employer of last resort . . . Wray s book clears up many misunderstandings about ELR. It presents an excellent case for its desirability and its feasibility. Marc Lavoie, Eastern Economic Journal In Understanding Modern Money, L. Randall Wray lays out a thoughtful and compelling case for a paradigm shift among economists, policymakers, and the general public. Specifically, he explains why the way in which modern economies operate forces policy makers to choose between lower rates of unemployment or higher rates of inflation and why a third alternative exists . . . Wray s work is highly recommended. Shaw J. Gebhardt, Oeconomicus This is a stimulating academic text. Economic Outlook and Business Review An highly original and well-constructed volume which promotes an innovative policy approach to achieve full employment together with price stability. Aslib Book Guide A fine and strikingly imaginat