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2024 | OriginalPaper | Buchkapitel

5. What is Economic Policy?

verfasst von : Dirk Ehnts

Erschienen in: Modern Money Theory

Verlag: Springer Nature Switzerland

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Abstract

This chapter on economic policy highlights the monetary circuit, a flow of income that constitutes a large part of our economy. Instruments of economic policymaking are introduced and discussed. Concepts include opportunity costs and affordability; policy instruments include the state budget and the Job Guarantee. The modern business cycle is examined in some detail and policy responses evaluated. The role of banks in the economy is described with a focus on their role in the real estate boom and bust that led to the Global Financial Crisis in 2008/09 examined.

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Vorheriges Kapitel Modern Money Theory as Part of Economics

Nächstes Kapitel Economic Policies Based on MMT

Probably Keynes (1936) had something to do with the way we “remember” the Great Depression, arguing in the last chapter of his General Theory that “a somewhat comprehensive socialisation of investment will prove the only means of securing an approximation to full employment”.

Changing net saving is the other option, but that is difficult to do and takes time. The federal government could increase pension payments, for instance, so that citizens will spend more of today's incomes and save less.

The following pages are economic history informed by MMT. For further reading my MMT authors on the GFC see Wray (2012).

This is what caused the public surpluses during the years of the Clinton administration.

There were cases where banks sliced up CDOs and created another “salami” which was called CDO squared.

https://www.reuters.com/article/financial-crisis-dancing-idUSN0819810820100408.

https://www.forbes.com/consent/ketch/?toURL=https://www.forbes.com/2009/05/07/gaussian-copula-david-x-li-opinions-columnists-risk-debt.html.

https://edition.cnn.com/2004/LAW/09/17/mortgage.fraud/.

The savings and loans crisis in the 1980s and 90s saw one-third of all savings and loans in the country fail.

https://twitter.com/federalreserve/status/1678849008574386176.

https://www.aeaweb.org/articles?id=10.1257/000282803321455133.

https://www.federalreserve.gov/boarddocs/speeches/2004/20040220/.

https://www.theatlantic.com/politics/archive/2016/12/obamas-failure-to-mitigate-americas-foreclosure-crisis/510485/.

Titel: What is Economic Policy?
verfasst von: Dirk Ehnts
Verlag: Springer Nature Switzerland
Buch: Modern Money Theory
Print ISBN: 978-3-031-53536-9

Electronic ISBN: 978-3-031-53537-6

Copyright-Jahr: 2024
DOI: https://doi.org/10.1007/978-3-031-53537-6_5