By L. Randall Wray
With new chapters on tax guidelines and inflation, this moment version reasserts the significance of the fashionable funds idea method and the way Wray has replaced the best way we glance on the economy.
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Extra resources for Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems
Against that I count up all of my own IOUs – to banks, government, family and friends. (And again, if I issued cup of sugar IOUs in which payment could be enforced in Dollars I should include them. If my cup of sugar credits and debts will never be converted to Dollars then I should treat these as real assets and liabilities – and I can subtract the liabilities from the assets to obtain net cup of sugar real wealth. ) When I subtract these financial IOUs from my gross financial wealth I am left with my nett financial wealth.
Another note on real assets A question arises: what if one uses saving (a budget surplus) to purchase real assets rather than to accumulate net financial assets? In that case, the financial assets are simply passed along to someone else. For example, if you spend less than your income, you can accumulate deposits in your checking account. If you decide you do not want to hold your savings in the form of a checking deposit, you can write a check to purchase, 14 Modern Money Theory say, a painting, an antique car, a stamp collection, real estate, a machine, or even a business firm.
We will ask whether the deficit has been, and might be, under discretionary control; if not, then that raises questions about the attempts by deficit hysterians to reduce deficits. After the Great Recession of 2008, many government budgets moved sharply to large deficits. ) While observers attributed this to various fiscal stimulus packages (including bailouts of the auto industry and Wall Street in the United States, and bank bailouts in Ireland), the largest portion of the increase in the deficit in most countries came from automatic stabilizers and not from discretionary spending.
Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems by L. Randall Wray