Reinventing Functional Finance : Transformational Growth and Full Employment

by Nell, Edward J.; Forstater, Mathew

• ISBN13: 9781843761112
• ISBN10: 1843761114
• Format: Hardcover
• Copyright: 2003-09-01
• Publisher: Edward Elgar Pub

Table of Contents

Contributors	vii
Preface by Mathew Forstater	xi
Acknowledgments	xiv
PART I INTRODUCTION
1. Transformational growth and functional finance	3	(18)
Edward J. Nell
Interlude I: Opening remarks	21	(14)
Richard A. Musgrave and Robert L. Heilbroner
PART II FUNCTIONAL FINANCE: THE BACKGROUND
2. Functional finance, new classical economics and great-great grandsons	35	(17)
David Colander
3. Toward a new instrumental macroeconomics: Abba Lerner and Adolph Lowe on economic method, theory, history and policy	52	(14)
Mathew Forstater
4. Neisser's unorthodox quanitity theory of money	66	(17)
Hans-Michael Trautwein
5. Functional finance, past and present	83	(8)
Perry Mehrling
PART III ASSESSING THE INFLATION BARRIER
6. The NAIRU and fiscal and monetary policy for now and our future: some comments	91	(25)
Robert Eisner
7. The history of Abba Lerner's supply-side inflation	116	(7)
Lynn Turgeon
8. Functional finance and fiscal functions	123	(6)
Richard A. Musgrave
9. Are these trade-offs necessary?	129	(12)
James S. Duesenberry
PART IV FISCAL AND MONETARY LINKAGES
10. Functional finance and US government budget surpluses in the new millennium	141	(19)
L. Randall Wray
11. Functional finance and full employment: lessons from Lerner for today	160	(11)
Mathew Forstater
12. Anchors aweigh: from real to nominal money and from market to government stabilization	171	(40)
Edward J. Nell
13. Interest rates, profits and economic growth	211	(13)
John Smithin
Interlude II: Roundtable discussion	224	(19)
David Colander, James Duesenberry, Robert Eisner, Mathew Forstater, Robert L. Heilbroner, Richard Musgrave and Edward Nell
PART V FUNCTIONAL FINANCE AND FULL EMPLOYMENT
14. Equality and enterprise: can functional finance offer a new historical compromise?	243	(23)
Per Gunnar Berglund
15. The operational role of functional finance for labor market behavior and outcomes	266	(12)
Ingrid H. Rima
16. The job guarantee: full employment and price stability in a small open economy	278	(21)
William F. Mitchell
PART VI THE FINAL HOUR
17. Short-run macroeconomic stabilization by an employer of last resort	299	(20)
Edward J. Nell
18. Transformational growth project members and conference participants in open conversation	319	(20)
Index	339