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The central argument of this book is that the foundations for sustainable prosperity lie in an approach to economic management based on modern monetary theory and a job guarantee. This approach builds on the work of Keynes, Kalecki, Minsky, Davidson, Godley and other Post- Keynesian economists-as well as research by behavioral economists including Simon, Kahneman and Loewenstein-to explore the role that a permanent, equitable job guarantee could play in building an inclusive, participatory and just society. Orthodox (neoclassical) economics, in its various forms, has failed to deliver sustainable prosperity. An important reason for this failure is its lack of realistic foundations. It misrepresents both human nature and economic institutions, and its use as a frame for the development and assessment of economic policy proposals has had disastrous consequences for social inclusion and the quality of life of millions of people. This book discusses an alternative, more realistic and moreuseful set of economic foundations, which could deliver the opportunity of a decent quality of life with dignity to all.
List of contents
1. Introduction: Searching for a New Economics.- 2. 'Real' Analysis of an Unreal World.- 3. New Wisdom from Old Books.- 4. Behavioral Foundations.- 5. Modern Monetary Theory.- 6. Stock-Flow Consistent Monetary Economics.- 7. A Job Guarantee.- 8. Conclusion: Economics for Sustainable Prosperity.
About the author
Steven Hail is a Research Scholar at the Binzagr Institute for Sustainable Prosperity and a Lecturer in the School of Economics at the University of Adelaide in South Australia. During the 1990s, he trained staff from many international banks and the Bank of England. He now teaches modern monetary theory and regularly writes magazine articles and appears in podcasts relating to MMT.
Summary
The central argument of this book is that the foundations for sustainable prosperity lie in an approach to economic management based on modern monetary theory and a job guarantee. This approach builds on the work of Keynes, Kalecki, Minsky, Davidson, Godley and other Post- Keynesian economists—as well as research by behavioral economists including Simon, Kahneman and Loewenstein—to explore the role that a permanent, equitable job guarantee could play in building an inclusive, participatory and just society. Orthodox (neoclassical) economics, in its various forms, has failed to deliver sustainable prosperity. An important reason for this failure is its lack of realistic foundations. It misrepresents both human nature and economic institutions, and its use as a frame for the development and assessment of economic policy proposals has had disastrous consequences for social inclusion and the quality of life of millions of people. This book discusses an alternative, more realistic and moreuseful set of economic foundations, which could deliver the opportunity of a decent quality of life with dignity to all.
