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Functional Finance and Full Employment: Lessons from Lerner for Today

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  • Mathew Forstater

    (The Jerome Levy Economics Institute)

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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 macroeconomy that provide a basis for analyzing current macroeconomic developments and for formulating effective macroeconomic policies.

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    File URL: http://128.118.178.162/eps/mac/papers/9908/9908002.pdf
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    Bibliographic Info

    Paper provided by EconWPA in its series Macroeconomics with number 9908002.

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    Length: 17 pages
    Date of creation: 12 Aug 1999
    Date of revision:
    Handle: RePEc:wpa:wuwpma:9908002

    Note: Type of Document - Acrobat PDF; prepared on IBM PC; to print on PostScript; pages: 17; figures: included
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    Web page: http://128.118.178.162

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    Cited by:
    1. Georgios Argitis & Stella Michopoulou, 2011. "Are Full Employment and Social Cohesion Possible Under Financialization?," Forum for Social Economics, Springer, vol. 40(2), pages 139-155, July.
    2. Faruk Ülgen, 2012. "Financial instability and functional finance : a Lerner-Minsky perspective," Post-Print halshs-00843754, HAL.
    3. 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, vol. 36(1), pages 17-27, April.
    4. 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.
    5. 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.

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