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Functional Finance and Full Employment: Lessons from Lerner for Today

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  • Mathew Forstater
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    Abstract

    Recent global economic developments invite a reconsideration of orthodox macroeconomic theory and policy and encourage a revisiting of the ideas of unorthodox thinkers of the past. This paper reviews fifteen lessons to be learned from the work of Abba Lerner. These lessons, which fall under the general categories of functional finance and full employment, are as relevant today as they were when they were first put forward some five decades ago. They include insights into the workings of the macro economy that provide a basis for analyzing current macroeconomic developments and for formulating effective macroeconomic policies.

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    File URL: http://www.levyinstitute.org/pubs/wp272.pdf
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    Bibliographic Info

    Paper provided by Levy Economics Institute in its series Economics Working Paper Archive with number wp_272.

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    Date of creation: Jul 1999
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    Handle: RePEc:lev:wrkpap:wp_272

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    Web page: http://www.levyinstitute.org

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    Cited by:
    1. John Henry, 2007. "“Bad” Decisions, Poverty, and Economic Theory: The Individualist and Social Perspectives in Light of “The American Myth”," Forum for Social Economics, Springer, Springer, vol. 36(1), pages 17-27, April.
    2. Georgios Argitis & Stella Michopoulou, 2011. "Are Full Employment and Social Cohesion Possible Under Financialization?," Forum for Social Economics, Springer, Springer, vol. 40(2), pages 139-155, July.
    3. Zdravka, Todorova, 2009. "Employer of Last Resort Policy and Feminist Economics: Social Provisioning and Socialization of Investment," MPRA Paper 16240, University Library of Munich, Germany.
    4. Faruk Ülgen, 2012. "Financial instability and functional finance : a Lerner-Minsky perspective," Post-Print, HAL halshs-00843754, HAL.
    5. Mathew Forstater, 1999. "Introduction to Symposium on the European Economic and Monetary Union," Eastern Economic Journal, Eastern Economic Association, vol. 25(1), pages 31-34, Winter.

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