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Understanding Modern Money - The Key to Full Employment and Price Stability (Paperback)
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Understanding Modern Money - The Key to Full Employment and Price Stability (Paperback)
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Total price: R844
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In this innovative and very practical book, L. Randall Wray argues
that full employment and price stability are not the incompatible
goals that current economic theory and policy assume. Indeed, he
advances a policy that would generate true, full employment while
simultaneously ensuring an even greater degree of price stability
than has been achieved in the 1990s. Wray's clearly written
argument incorporates incisive historical analysis, modern monetary
theory, and an examination of policy alternatives that rises above
the doctrinal debates among monetarists, supply-siders and
Keynesians over natural or non-inflationary rates of unemployment.
Understanding Modern Money proclaims that a labor buffer stock
program would guarantee full employment and increase labor
productivity and economic growth, while reducing inflationary
pressures. Wray's analysis shows that, contrary to popular belief,
the dangers of a government budget deficit are largely imaginary.
He outlines a program in which the government acts as employer of
last resort, thereby providing employment and training to the
otherwise unemployed, and stabilizing the wage scale which acts as
a brake on inflation. This permits greater price stability without
requiring conventional methods such as wage and price controls or
countercyclical monetary policy. This ground-breaking book offers
important new ways of thinking for policymakers, students, and
general readers interested in economics, employment policies, and
monetary theory.
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