L. Randall Wray

Milton Friedman was a conservative economist and a vocal critic of “big government” and of Keynesian economics. Yet, in 1948 he made a proposal that was almost identical to Lerner’s functional finance views.

Comments and responses on the Modern Money Primer Part 31.

This week we begin a new topic: functional finance. Today we will lay out Abba Lerner’s approach to policy.

Comments and responses on the Modern Money Primer Part 30.

As an accurate description, this part of MMT should be accepted by anyone, no matter what their theoretical, political, or ideological persuasion.

There was never a strong argument for adopting the Euro, and the weaknesses have been exposed. Currency union without fiscal union was a mistake.

Comments and responses on the Modern Money Primer Part 28.

Even if the government ties its hands behind its back and its shoes together, it makes no difference – the balance sheets still balance.

Comments and responses on the Modern Money Primer Part 27.

A country might choose to use a foreign currency for domestic policy purposes. Here, however, we are examining a nation that does not issue a currency at all.