About 11 years ago, James K. “Jamie” Galbraith recalls, hundreds of his fellow economists laughed at him. To his face. In the White House. A discounted poster presenting US dollars bills in circulation is seen in the visitor center of the Bureau of Engraving and Printing in Washington on August 09, 2011. (MLADEN ANTONOV - AFP/GETTY IMAGES) It was April 2000, and Galbraith had been invited by President Bill Clinton to speak on a panel about the budget surplus.
This paper can be downloaded or printed via PDF copy at the following link . This paper provides a broad understanding of the workings of the modern fiat monetary system in the United States. The work is primarily descriptive in nature and takes an operational perspective of the modern fiat monetary system using the understandings of Monetary Realism. The paper is broken down into 6 sections which I would recommend reading individually for ease of digestion and understanding. It might also be helpful to review the glossary for familiarity with some commonly used terminology.
Depuis maintenant 2 ans, si ce n’est plus, on peut voir de nouveaux théoriciens sévir sur les blogs et les forums d’économie. Ce sont les MMTers. Ils se pointent avec un argument vicié à l’encontre, qui plus est, des économistes autrichiens. Robert Murphy a publié un article réfutant leur fameuse équation “G − T = S − I”. MMT, Modern Monetary Theory, aussi appelé Chartalism , fustige la solution autrichienne aux crises économiques.
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