Sawyer, M. orcid.org/0000-0002-4565-5276 (2023) Some Kaleckian remarks on modern monetary theory in light of a paper by Drumetz/Pfister. European Journal of Economics and Economic Policies: Intervention, 20 (1). pp. 67-77. ISSN 2052-7764
Abstract
This paper provides remarks on modern monetary theory (MMT) from a Kaleckian perspective in response to a paper by Drumetz/Pfister. The distinction between initial financing and final financing is drawn up to argue for clear separation of how expenditure is financed and funded, and pointing to the confusions that have arisen. Some issues of crowding in and crowding out are raised. Some aspects of inflation and hyper-inflation are then discussed. The conditions for the establishment of full employment are elaborated. While MMT has focused on financing of government expenditure and aggregate demand, Kaleckians and post-Keynesians have analyses and theories on the operations of the whole economy which differ sharply from those of mainstream economists.
Metadata
Item Type: | Article |
---|---|
Authors/Creators: |
|
Copyright, Publisher and Additional Information: | © 2023 The Author. This is an open access article under the terms of the Creative Commons Attribution License (CC-BY 4.0), which permits unrestricted use, distribution and reproduction in any medium, provided the original work is properly cited. |
Keywords: | modern monetary theory; Kalecki; money; budget deficit; inflation |
Dates: |
|
Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Economics Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 28 Nov 2023 10:20 |
Last Modified: | 28 Nov 2023 10:20 |
Status: | Published |
Publisher: | Edward Elgar Publishing |
Identification Number: | 10.4337/ejeep.2022.0091 |
Related URLs: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:205993 |