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Wake up economists! - Currency-issuing central governments have no budget constraint

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  • Lawn, Philip
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    Abstract

    Abstract: Despite what mainstream economists preach, currency-issuing central governments have no budget constraint. It is therefore incumbent upon them to use their unique spending and taxing powers to achieve the broader goal of sustainable development. Their failure to do so has meant that nations have fallen well short of realising their full potential. Rather than accept the neo-liberal myth that ‘small government is best’, the citizens of a nation should welcome the central-government’s responsible use of their unique spending and taxing powers to provide sufficient public goods and critical infrastructure, achieve and maintain full employment, resolve critical social and environmental concerns, and meet the requirements of an aging population. Should central governments fail in their responsibility to prudently use their unique powers, public disapproval is best registered through the ballot box, not through degenerative debates that distort the facts about the operation of a modern, fiat-currency economy.

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    File URL: http://mpra.ub.uni-muenchen.de/28224/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 28224.

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    Date of creation: 05 Jan 2011
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    Handle: RePEc:pra:mprapa:28224

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    Keywords: Keywords: Central governments; government budgets; fiscal and monetary policy; sustainable development;

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    1. L. Randall Wray, 1998. "Modern Money," Economics Working Paper Archive, Levy Economics Institute wp_252, Levy Economics Institute.
    2. Antonio Estache & Martin Rossi, 2002. "How different is the efficiency of Public and Private Water Companies in Asia," ULB Institutional Repository, ULB -- Universite Libre de Bruxelles 2013/43984, ULB -- Universite Libre de Bruxelles.
    3. Scott Fullwiler & L. Randall Wray, 2010. "Quantitative Easing and Proposals for Reform of Monetary Policy Operations," Economics Working Paper Archive, Levy Economics Institute wp_645, Levy Economics Institute.
    4. Alcott, Blake, 2005. "Jevons' paradox," Ecological Economics, Elsevier, Elsevier, vol. 54(1), pages 9-21, July.
    5. William Mitchell & Joan Muysken, 2010. "Full employment abandoned: shifting sands and policy failures," International Journal of Public Policy, Inderscience Enterprises Ltd, Inderscience Enterprises Ltd, vol. 5(4), pages 295-313.
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