By L. Randall Wray
ISBN-10: 0230368891
ISBN-13: 9780230368897
ISBN-10: 1137265140
ISBN-13: 9781137265142
In a problem to traditional perspectives on smooth financial and monetary coverage, this e-book offers a coherent research of ways cash is created, the way it services in worldwide trade expense regimes, and the way the mystification of the character of cash has limited governments, and avoided states from appearing within the public interest.
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Extra info for Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems
Sample text
Undoubtedly – even in a highly developed capitalist economy like that of the United States it is hard to see how any of the monetary production could take place without all of the unpaid labor involved in “reproducing” the “labor power” (these are Marx’s terms; you can replace them with “supporting the family that supplies workers”). Domestic services, childrearing, recreation and relaxation, and so on are critical and mostly do not involve monetary transactions. We can – and sometimes do – put monetary values on them anyway.
A: Good point. It takes two to tango, of course. But carrying on from above, at the aggregate level (at least), it makes more sense to say that spending “causes” income which in turn “causes” saving. Here is why. If I am creditworthy I can always decide to spend more (the bank takes my IOU, gives me its IOU, and I deficit spend). I cannot (easily) decide to have more income. I need income to save more. Still, it takes two to tango. So, yes, if I have income I can decide to consume less and save more.
A: When my boss pays me my $5 wages, that is indeed an income flow, for example, $5 per hour, per week, per month, or per year. Flows occur over time (even if the time is short). I can accumulate my income (wages) flow in the form of green paper dollar notes – the flows accumulate to a stock of dollar bills. (Stocks are measured at a point in time. ) If instead I spend the wages as I receive them, that is a consumption flow financed out of wages flow. But if I save all my wages as accumulated stacks of dollar bills for a period of a year, and at the end of the year I choose to run 14 Modern Money Theory down my wealth by splurging on a new BMW, I am then dissaving (reducing stock of wealth) to finance consumption.
Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems by L. Randall Wray
by Jason
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