by Summary:
Some history of economics in light of economic history. The basis of MMT in accounting and balance sheets is not new, not is its operational approach to money. What is new is that those writing previous to the collapse of Bretton Woods when Nixon shut the gold window for settlement of international trade were dealing not dealing with the current monetary system. FDR had taken the dollar off gold decades earlier. MMT is an upgrade to previous thinking that is based on the new monetary system that most countries have adopted institutionally. MMT also updated macroeconomics based on not only the existing monetary systems but also by bringing together previous contributions, notably Wynne Godley's stock-flow consistent modeling, Abba Lerner's functional finance, and Hyman Minsky's
Topics:
Mike Norman considers the following as important: Economic History, History of Economics, MMT
This could be interesting, too:
Some history of economics in light of economic history. The basis of MMT in accounting and balance sheets is not new, not is its operational approach to money. What is new is that those writing previous to the collapse of Bretton Woods when Nixon shut the gold window for settlement of international trade were dealing not dealing with the current monetary system. FDR had taken the dollar off gold decades earlier. MMT is an upgrade to previous thinking that is based on the new monetary system that most countries have adopted institutionally. MMT also updated macroeconomics based on not only the existing monetary systems but also by bringing together previous contributions, notably Wynne Godley's stock-flow consistent modeling, Abba Lerner's functional finance, and Hyman Minsky's
Topics:
Mike Norman considers the following as important: Economic History, History of Economics, MMT
This could be interesting, too:
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The basis of MMT in accounting and balance sheets is not new, not is its operational approach to money. What is new is that those writing previous to the collapse of Bretton Woods when Nixon shut the gold window for settlement of international trade were dealing not dealing with the current monetary system.
FDR had taken the dollar off gold decades earlier. MMT is an upgrade to previous thinking that is based on the new monetary system that most countries have adopted institutionally. MMT also updated macroeconomics based on not only the existing monetary systems but also by bringing together previous contributions, notably Wynne Godley's stock-flow consistent modeling, Abba Lerner's functional finance, and Hyman Minsky's financial instability theory and job guarantee proposal.