Modern Monetary Theory

Edited by L. Randall Wray, Senior Scholar and Professor of Economics, Levy Economics Institute, Bard College, US, Phil Armstrong, York College, UK, Sara Holland, Founder, Claire Jackson-Prior, Founder, Prue Plumridge, Founder and Neil Wilson, Associate, The Gower Initiative for Modern Money Studies, UK

• Contents:Preface xiiiPhil ArmstrongIntroduction to Modern Monetary Theory: Key Insights, LeadingThinkers xviiSara Holland, Claire Jackson-Prior and Prue Plumridge1 How does the government spend? A functional model ofthe UK Exchequer 1Andrew Berkeley, Richard Tye and Neil Wilson2 Credit and the Exchequer since the Restoration 41Richard Tye3 Sovereign nations face resource constraints, not financialconstraints 67Yeva Nersisyan and L. Randall Wray4 A framework for the analysis of the price level and inflation 87Warren Mosler5 The external economy 94William Mitchell6 Modern Monetary Theory, the United Kingdom andpound sterling 125John T. Harvey7 The Eurozone and Brexit 152Stuart Medina Miltimore and William Mitchell8 Modern Monetary Theory as post-neoliberal economics:the role ofmethodology-philosophy 182Phil Armstrong and Jamie Morgan9 Tax as a hygiene factor: setting UK taxation policy usingModern Monetary Theory 207Neil Wilson10 Checklist of an employment guarantee programme: thePlan Jefes de Hogar from Argentina revisited 20 years later 226Daniel Kostzer11 Three lessons from government spending and the postpandemicrecovery 253Pavlina R. Tcherneva12 MMT and public policy in the United Kingdom 263Deborah Harrington and Jessica OrmerodPostscript: thoughts on MMT’s insights 289L. Randall WrayIndex

‘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.’