Recent macroeconomic debates through the lens of modern monetary theory

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dc.contributor.authorChikobava, Malkhaz
dc.date.accessioned2026-04-02T08:23:24Z
dc.date.available2026-04-02T08:23:24Z
dc.date.issued2023
dc.description1. Bernanke, B.S. (2004) “The Great Moderation”, Board of Governors of the US Federal Reserve System, at the meetings of the Eastern Economic Association, Washington DC, 20 February. 2. Boughton, J.M. (2001) “Was Suez in 1956 the First Financial Crisis of the Twenty-First Century?” Finance and Development, 38(3), September. Available at: http://www.imf.org/external/pubs/ft/fandd/2001/09/ boughton.htm, accessed 14 June 2017. 3. Keynes, J.M. (1980) The Collected Writings of John Maynard Keynes: Activities 1940–1944. Shaping the Post-War World: The Clearing Union, London: Macmillan. 4. Macroeconomics (2019). William Mitchell, L. Randall Wray and Martin Watts, under exclusive licence to Macmillan Education Limited, 503-530. 5. Mundell, R.A. (1961) “A Theory of Optimum Currency Areas”, American Economic Review, 51(4), 657–65. 6. Pigeon, M.A. and Wray, L.R. (2002) “Demand Constraint and the New Economy” in P. Davidson (ed.), A Post Keynesian Perspective on Twenty-First Century Economic Problems, Cheltenham: Edward Elgar, pp. 158–94. 7. Sardoni, C. and Wray, L.R. (2007) “Fixed and Flexible Exchange Rates and Currency Sovereignty”, Levy Economics Working Paper No. 489, January.
dc.description.abstractThis article analyzes recent macroeconomic debates from the perspective of Modern Monetary Theory (MMT). On each issue, there is a deep gulf between the arguments made by orthodox economists and the analysis that is informed by heterodoxy – in particular by those who adopt Modern Monetary Theory (MMT). Unfortunately, most of the ‘conventional wisdom’ held by policymakers as well as by the general public is largely based on orthodox theory. This is because orthodox economists have greater access to the dominant media outlets as well as to politicians. However, as Keynes had warned in 1936, orthodox economics is not only wrong, but it leads to dangerous policy recommendations. MMT provides a useful alternative based on sound theory and policy advice appropriate to the kind of economy in which we live.
dc.identifier.citationVIII International Scientific Conference: "Challenges of Globalization in Economics and Business", Proceedings , Tbilisi, 2023, pp. 438-463
dc.identifier.isbn978-9941-36-193-7
dc.identifier.urihttps://dspace.tsu.ge/handle/123456789/2758
dc.language.isoother
dc.publisherIvane Javakhishvili Tbilisi State University Press
dc.titleRecent macroeconomic debates through the lens of modern monetary theory
dc.typeArticle
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