Today I am departing from usual practice. I have decided to use Friday’s blog space to provide draft versions of the Modern Monetary Theory textbook that I am writing with my colleague and friend Randy Wray. We expect to complete the text by the end of this year. So each Friday I will publish the work I have been doing on it during the previous week in between the other work that I am pursuing. Comments are always welcome. Remember this is a textbook aimed at undergraduate students and so the writing will be different from my usual blog free-for-all. Note also that the text I post is just the work I am doing by way of the first draft so the material posted will not represent the complete text. Further it will change once the two of us have edited it. Anyway, this is what I wrote today.Read it at billy blog
What is macroeconomics?
By Bill Mitchell
Mitchell is one of the premiere economists for Modern Monetary Theory (MMT). While I don’t agree with many of the policy prescriptions embedded in MMT or offered by its proponents, the operational explanation of modern monetary systems is highly accurate (IMO) and immensely important for understanding the root causes of our current economic trouble.