Modern Monetary Theory

Edited by L. Randall Wray, Senior Scholar, Levy Economics Institute; Professor of Economics, 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 xiii
Phil Armstrong

Introduction to Modern Monetary Theory: Key Insights, Leading
Thinkers xvii
Sara Holland, Claire Jackson-Prior and Prue Plumridge
1 How does the government spend? A functional model of
the UK Exchequer 1
Andrew Berkeley, Richard Tye and Neil Wilson
2 Credit and the Exchequer since the Restoration 41
Richard Tye
3 Sovereign nations face resource constraints, not financial
constraints 67
Yeva Nersisyan and L. Randall Wray
4 A framework for the analysis of the price level and inflation 87
Warren Mosler
5 The external economy 94
William Mitchell
6 Modern Monetary Theory, the United Kingdom and
pound sterling 125
John T. Harvey
7 The Eurozone and Brexit 152
Stuart Medina Miltimore and William Mitchell
8 Modern Monetary Theory as post-neoliberal economics:
the role ofmethodology-philosophy 182
Phil Armstrong and Jamie Morgan
9 Tax as a hygiene factor: setting UK taxation policy using
Modern Monetary Theory 207
Neil Wilson
10 Checklist of an employment guarantee programme: the
Plan Jefes de Hogar from Argentina revisited 20 years later 226
Daniel Kostzer
11 Three lessons from government spending and the postpandemic
recovery 253
Pavlina R. Tcherneva
12 MMT and public policy in the United Kingdom 263
Deborah Harrington and Jessica Ormerod
Postscript: thoughts on MMT’s insights 289
L. Randall Wray

Index