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Functional Finance and Full Employment: Lessons from Lerner for Today

Author

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  • Mathew Forstater

    (The Jerome Levy Economics Institute)

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.

Suggested Citation

  • Mathew Forstater, 1999. "Functional Finance and Full Employment: Lessons from Lerner for Today," Macroeconomics 9908002, EconWPA.
  • 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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    File URL: https://econwpa.ub.uni-muenchen.de/econ-wp/mac/papers/9908/9908002.pdf
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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;The Association for Social Economics, vol. 40(2), pages 139-155, July.
    2. Standing Guy, 2012. "Why a Basic Income Is Necessary for a Right to Work," Basic Income Studies, De Gruyter, vol. 7(2), pages 19-40, January.
    3. Enrico Sergio Levrero, 2018. "Sulle critiche e gli ostacoli alla proposta dello Stato come "Occupatore di ultima istanza"," Working Papers 0035, ASTRIL - Associazione Studi e Ricerche Interdisciplinari sul Lavoro.
    4. repec:bla:ausecp:v:56:y:2017:i:2:p:119-133 is not listed on IDEAS
    5. 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;The Association for Social Economics, vol. 36(1), pages 17-27, April.
    6. Pedro Leao, 2015. "Is a Very High Public Debt a Problem?," Economics Working Paper Archive wp_843, Levy Economics Institute.
    7. 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.
    8. Pavlina R. Tcherneva, 2008. "The Return of Fiscal Policy: Can the New Developments in the New Economic Consensus Be Reconciled with the Post-Keynesian View?," Economics Working Paper Archive wp_539, Levy Economics Institute.
    9. Faruk Ülgen, 2012. "Financial instability and functional finance : a Lerner-Minsky perspective," Post-Print halshs-00843754, HAL.
    10. Zdravka Todorova, 2013. "Connecting social provisioning and functional finance in a post-Keynesian–Institutional analysis of the public sector," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 61-75.
    11. 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.
    12. Fadhel Kaboub, 2011. "Understanding and preventing financial instability; Post-Keynesian Institutionalism and government employer of last resort," Chapters,in: Financial Instability and Economic Security after the Great Recession, chapter 4, pages 77-92 Edward Elgar Publishing.
    13. Reynold F. Nesiba, 2013. "Do Institutionalists and post-Keynesians share a common approach to Modern Monetary Theory (MMT)?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 44-60.

    More about this item

    JEL classification:

    • E - Macroeconomics and Monetary Economics

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