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Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems by L. Randall Wray (2015-09-23), by L. Randall Wray
Ebook Gratuit Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems by L. Randall Wray (2015-09-23), by L. Randall Wray
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This is a good book for students and others who want to understand how money is actually created and managed in today’s world. The many elementary examples and answers to frequently asked questions lift the veil of obfuscation spread by mainstream economic and political discourse, especially concerning the roles of taxes, the Fed, and full employment. However the result is a bit repetitious, and the economic jargon, though explained, takes some getting used to. The powerful conclusion is that we have far better and more equitable ways to manage economies, such as the US economy, ways that have been blocked by ideologically generated misconceptions about money.The main message is that “taxes drive moneyâ€. That is, a government’s imposition of taxes and fees is what obliges its residents to work for the currency issued by the government to pay those taxes and fees. This spending (on goods and services produced from resident work) by the government thus comes before taxes, not after, so that the conventional story is incorrect (that a government must collect taxes before it can spend). And if a government, like the US, floats it foreign exchange rates, it always creates money “out of thin air†by crediting certain bank reserve accounts. The actual constraints on money come from the government’s budget and from the monetary goals, such as inflation and employment, set by the monetary authorities (the Fed and the Treasury in the US).Thus governments do not need any “backing†of their money supply by a commodity, such as gold or oil. However, what Wray does not emphasize is that a different kind of backing is needed instead. This is simply that a government must be effective and strong enough to (1) collect the taxes and fees it imposes and (2) to provide the kind of goods and services that its citizens expect. Governmental failure on either score may lead to widespread tax evasion or resistance, undermining the government’s ability to manage the economy and thus the currency too. This is a big problem for some developing countries, who often peg their currency to another currency, like the US dollar, to maintain its credibility. However Wray points out that this pegging often prevents full employment policies, enabling local elites to import luxuries instead.Concerning taxes, Wray emphasizes the model of sin taxes, viewing excessive income as a “sin†because the resulting economic inequality is so damaging to society. Strangely he does not extend this concept to large corporations, as their monopoly power is certainly a “sinâ€, both from the point of view of smaller businesses and from the resulting concentration of wealth and power. But his point is correct – that we don’t have to tax the rich to help the poor – advocating taxation and regulation to “predistribute†wealth rather “redistribute†it. Strangely he does not cite the most obvious form for predistribution: universal ownership, like the Alaska Permanent Fund (all residents get a share of the oil revenue). But Wray’s prescription is even better: full employment, achieved by government as the employer of last resort. Such programs have been highly effective, from the US in the 1930s to Argentina more recently. These programs not only obviate the need for most forms of “welfare†but provide “automatic stabilizers†during business cycles. Of course, strong opposition comes from businesses, who want the cheap labor that comes from a “reserve army of the unemployedâ€, but some are realizing that the political upheaval eventually generated by economic inequality is even more of a threat.
I came across MMT for the first time about a week ago when I saw and viewed a video by Stephanie Kelton. I thought to myself "This can't be right!" so I went off googling and read the wikipedia entry on MMT. After that, I had a bunch of questions. Searching on Amazon for MMT books I came across this one and looked at the table of contents. There is a chapter here on every question I had! I bought it and it arrived two days ago. I could not put it down, finishing it this morning. Along the way I did my own hypothesis development and testing (i.e., does the probability of a recession correlate to periods of government balanced budgets or surpluses - it does!) which quickly demonstrated to me the validity of the basic concepts. This is simply a must read book. I have no background in economics or macroeconomics, yet the book is easy to read. I finally understand how banking and the Fed work. I do wish a few of the terms were explained upon first use, but none of them are conceptually difficult and all are easily defined by googling them. Buy it or borrow it, but certainly read it before we get deep into the primary and national election season. This is what an informed voter needs to know. I'm tempted to buy 537 copies of this and send them to members of congress, the VP , and the POTUS.
In my opinion it is important for people to understand how money, credit, and debt really work. Common "common sense" understanding about such things as national debt actually harm our economy. This book is not a quick read, especially if the reader takes the time to let the ideas, the facts presented seep into consciousness. However, Randall Wray is a recognized authority on the concept of modern money, and he does a good job of explaining how it works in a modern economy. It's not what people assume, and until we get this right we will continue to economically struggle as a country. Blue Pill or Red Pill ?
This book is clear in its argument, easy to read for a non-financial person. Being way more sociological in my way of thinking I do wish it had more examples, and concrete process description, but as an introduction it works perfect.At first the argument is strange as most of think about money only as a mean of exchange. Yet, the arguments are clear and strong. It really gets you to think, and interpret the world in a new way.
That's the kind of thing that makes you think there might be something to this Modern Monetary Theory (or some other alternative, that essentially says that sovereign debt is not nearly the danger we are told it is). It just seems like something doesn't add up, with the conventional theories of government debt, or at least they are not well explained to the public.Am I convinced by this book? Not necessarily, but I think it is good idea to keep an open mind. It is interesting to think of how cryptocurrencies or the like will effect things (I expect Amazon to come out with something like "Amazon Bucks" in the not too distant future).
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