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The Basics of Macroeconomic Accounting

In: Modern Money Theory

Author

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  • L. Randall Wray

    (University of Missouri-Kansas City
    Levy Economics Institute of Bard College)

Abstract

In this chapter we are going to begin to build the necessary foundation to understand modern money. Please bear with us. It may not be obvious at first why this is important. But you cannot possibly understand the debate about the government’s budget (and critique the deficit hysteria that has recently gripped many nations) without understanding basic macro accounting. Nor can you understand the problems in Euroland — which have to do with the set-up of its monetary system, not with the supposed profligate spending of lazy Greeks, Spaniards, and Italians. So be patient and pay attention. No higher math or knowledge of intricate accounting rules will be required. This is simple, basic stuff. It is a branch of logic. But it is extremely simple logic.

Suggested Citation

  • L. Randall Wray, 2015. "The Basics of Macroeconomic Accounting," Palgrave Macmillan Books, in: Modern Money Theory, edition 2, chapter 1, pages 9-40, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-53992-2_2
    DOI: 10.1057/9781137539922_2
    as

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