01815nam a2200169Ia 4500 20260302161942.0 260302s9999 xx 000 0 und d 9781843761112 339.5 NEL Nell, Edward J. Reinventing Functional Finance / Nell, Edward J.; Forstater, Mathew Edward Elgar Publishing, 2003 This ambitious book seeks both to revive and revise the idea of 'functional finance'. Followers of this doctrine believe that government budgets should concentrate solely on their macroeconomic impact on the economy, rather than reflecting a concern for sound finance and budgetary discipline. Reinventing Functional Finance examines the origins of this idea and then considers it in a modern context. The authors explore the concept of NAIRU and argue that modern economies can operate at the level of full employment without provoking unmanageable inflation. They also contend that budget deficits do not have the deleterious effects commonly ascribed to them; the belief that they do rests on a misunderstanding of modern money. In this context, they highlight the relevance of Abba Lerner's famous dictum, 'money is a creature of the State'. The authors also debate the merits of various proposals for 'Employer of Last Resort' programs, which combine automatic stabilizers with the buffer stock principle. The book boasts an array of eminent contributors which includes, amongst others, James Duesenberry, Robert Eisner, Robert Heilbroner, Richard Musgrave, Edward Nell and Randall Wray. Financial economists, politicians, policymakers and bankers will welcome this provocative and refreshing book which challenges established economic thinking. Fiscal policy Forstater, Mathew ENGLISH 616708 616708 0 0 0 0 ACL ACL 4A 2026-03-02 0 339.5 NEL 342979 2026-03-02 16:19:42 2026-03-02 ENGLISH