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Search Results for: Lerner
“Debt-Free Money” and “ZIRP Forever”
By Scott Fullwiler I wrote a while back about how neoclassical economists don’t realize their view that interest on reserves (IOR) stops “printing money” from being inflationary also means that it’s impossible to create inflation by “printing money.” See here. … Continue reading
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To Consolidate or Not To Consolidate, that is the Question (or maybe it isn’t)
By L. Randall Wray This is another short post on MMT, a sort of follow-up to my post from a couple of days ago. There was an interesting response to various comments on my piece, which was posted up on … Continue reading
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MODERN MONEY THEORY: THE BASICS
By L. Randall Wray *I’ll return to my series on the role of taxes in MMT later this week. Meanwhile, here’s a short post on MMT. Modern Money Theory (MMT) seems to confuse two groups of otherwise sympathetic economists. First … Continue reading
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CREATIONISM VERSUS REDEMPTIONISM: HOW A MONEY-ISSUER REALLY LENDS AND SPENDS
By L. Randall Wray MMT has emphasized that there is a close relation between sovereign power to issue a currency and its power to impose tax liabilities. For shorthand, we say “Taxes Drive Money”. I’ve dealt with that topic in … Continue reading
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Posted in L. Randall Wray
Tagged currency, fiat currency, money-issuer, sovereign currency
The Reality of the Present and the Challenge of the Future: Fagg Foster for the 21st Century
By L. Randall Wray Here is a presentation that I’ll give today at the University of Denver at the annual J. Fagg Foster honors ceremony. Most of you will not know of Foster, but you should. While he did not … Continue reading
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MODERN MONEY IN SIX SHORT VIDEOS
By L. Randall Wray I recently did an interview for Euro Truffa on six topics related to Modern Money – MMT. They are transcribing my interview to Italian and putting up the videos (I think that only two are up … Continue reading
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Essays in Monetary Theory and Policy: On the Nature of Money (12)
By Usha Pradhan* Pre-MMT Knowledge And there I was, a teenager, strolling on the Kingsway – a district with a long road that encompasses high-end shops, restaurants, and hotels on both sides of the road and as the name implies, … Continue reading
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Essays in Monetary Theory and Policy: On the Nature of Money (9)
By Lukas Kaluza* Introduction “Money is what we use to pay for things.” This quote from Lerner (1947, p. 313) is the simple answer to the question: “What is money?” But in order to get an answer to the question … Continue reading
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Essays in Monetary Theory and Policy: On the Nature of Money (8)
By Ken Yamat* What is the nature of money? Money is a medium of exchange, a store of value, and a unit of account as described below: In an important sense our task throughout this monograph has been to develop … Continue reading
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Essays in Monetary Theory and Policy: On the Nature of Money (7)
By Marilynne Meikenhous* The debate surrounding the nature of money is an impassioned one. Our understanding of money and the policy implementation based on our beliefs differ momentously. Have our policies reflected a true understanding of how money functions in … Continue reading