Modern Money Theory ― A Primer on Macroeconomics for Sovereign Monetary Systems

In a completely revised and updated second edition, Randall Wray takes a new approach to macroeconomics that challenges conventional wisdom and uncovers how money 'works' in the modern economy. This book synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations. Randall Wray addresses the pressing issues of how misunderstandings about the nature of money have caused the current global financial meltdown, and provides fresh ideas about how policymakers around the world should address the continued weaknesses in their economies.
With new chapters on tax policies and inflation, this second edition reasserts the importance of the Modern Money Theory approach and how Wray has changed the way we look at the economy.

L. Randall Wray is a professor of Economics at the University of Missouri-Kansas City, USA, and Senior Scholar at the Levy Economics Institute of Bard College, New York, USA. A student of Hyman P. Minsky while at Washington University in St. Louis, Wray has focused on monetary theory and policy, macroeconomics, financial instability, and employment policy. He has published widely in journals and is the author of Understanding Modern Money: The Key to Full Employment and Price Stability (1998) and Money and Credit in Capitalist Economies (1990). He is the editor of Credit and State Theories of Money (2004) and the co-editor of Contemporary Post Keynesian Analysis (2005), Money, Financial Instability and Stabilization Policy (2006), and Keynes for the Twenty-First Century: The Continuing Relevance of The General Theory (2008). Wray is also the author of numerous scholarly articles in edited books and academic journals, including the Journal of Economic Issues, Cambridge Journal of Economics, Review of Political Economy, Journal of Post Keynesian Economics, Economic and Labour Relations Review, Economie Appliquee, and the Eastern Economic Journal. He is the co-editor of the Journal of Post Keynesian Economics. Wray received a BA from the University of the Pacific and an MA and PhD from Washington University in St. Louis, USA. He has served as a visiting professor at the University of Rome, the University of Paris, the University of Bergamo, the University of Bologna, and UNAM (Mexico City). He was the Bernardin-Haskell Professor, UMKC, Fall 1996, and joined the UMKC faculty as Professor of Economics, August 1999.