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Books > Business & Economics > Economics > Macroeconomics > Monetary economics
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Debating Modern Monetary Theory (Hardcover)
Loot Price: R4,550
Discovery Miles 45 500
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Debating Modern Monetary Theory (Hardcover)
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This book considers the theoretical and empirical claims of Modern
Monetary Theory (MMT) in developed and developing countries. It is
structured as a debate between leading MMT theorists and MMT
critics. MMT threw down a challenge to mainstream economics and
forced it to respond, above all in the USA. This is a rare
occurrence, almost unknown, for heterodox economics during the last
few decades. It is not surprising, therefore, that MMT has
attracted strong attention from a broad swathe of researchers. It
is even less surprising that it has become the theoretical vehicle
of choice for political activists opposing austerity. Its influence
is remarkable and has gradually spread to other social disciplines,
including even cultural theory. Furthermore, the policy responses
to coronavirus by several governments, particularly the
extraordinary expansion of central bank balance sheets in 2020,
appears to support MMT in practice. This volume takes into account
the rising popularity of MMT and considers its theoretical claims
in depth, since popularity does not necessarily equate to being
right in theory. It also considers MMT claims regarding fiscal and
monetary policy in view of the implications of the pandemic crisis
for public spending and public debt. It is not accidental that the
strongest support for MMT, in both theory and policy, is to be
found in the USA, since MMT conclusions rely heavily on close
institutional analysis of US government financing mechanisms. The
chapters in this book were originally published as a special issue
of The Japanese Political Economy.
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