Publications

Working Paper No. 272 | July 1999

Functional Finance and Full Employment

Lessons from Lerner for Today?

Recent global economic developments invite a reconsideration of orthodox macroeconomic theory and policy and encourage a revisiting of the ideas of unorthodox thinkers of the past. This paper reviews fifteen lessons to be learned from the work of Abba Lerner. These lessons, which fall under the general categories of functional finance and full employment, are as relevant today as they were when they were first put forward some five decades ago. They include insights into the workings of the macroeconomy that provide a basis for analyzing current macroeconomic developments and for formulating effective macroeconomic policies.


Publication Highlight

Policy Note 2018/5
Preventing the Last Crisis
Minsky’s Forgotten Lessons Ten Years after Lehman
Author(s): Jan Kregel
November 2018

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