000			01815nam a2200169Ia 4500
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020			_a9781843761112
082			_a339.5 _bNEL
100			_aNell, Edward J.
245		0	_aReinventing Functional Finance / _cNell, Edward J.; Forstater, Mathew
260			_bEdward Elgar Publishing, _c2003
520			_aThis 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.
650			_aFiscal policy
700			_aForstater, Mathew
942			_cENGLISH
999			_c616708 _d616708