Die Modern Monetary Theory – Der Schlüssel zu einer fortschrittlichen Finanzpolitik
Das vorliegende Kapitel diskutiert die Modern Monetary Theory (MMT) und den Beitrag, den sie zu einer aufgeklärten Debatte über fortschrittsorientierte Finanzpolitik leisten kann. Im ersten Abschnitt dieses Kapitels legen wir drei zentrale theoretische Fundamente der MMT dar: Geld als soziale Rechnungseinheit, Währungssouveränität und effektive Nachfrage. Im zweiten Abschnitt erläutern wir,…
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Von der MMT zur Forderung einer Jobgarantie
Analytischer Ausgangspunkt der MMT ist die Tatsache, dass der Staat das Währungsmonopol besitzt. Dieses ermöglicht ihm, die zur Erfüllung der staatlichen Aufgaben benötigten Ressourcen aus dem Privatsektor zu mobilisieren. Über die Höhe der Staatsausgaben und die Höhe der Steuern entscheidet der Staat über das Ausmaß der unfreiwilligen Arbeitslosigkeit. Daraus lässt…
Addressing a Structural Cause of Mental Disorders with an Economic Policy Reform
This paper contributes to the etiology of several mental disorders by taking into consideration the social and personal influence the economy has on each individual. Within the neoliberal paradigm, involuntary unemployment is used as a policy tool to achieve price stability. Hence, permanent existence of involuntary unemployment is inherent to neoliberal…
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Modern Monetary Theory and the Public Purpose
Abstract This paper investigates how the concept of public purpose is used in Modern Monetary Theory (MMT). As a common denominator among political scientists, the idea of public purpose is that economic actions should aim at benefiting the majority of the society. However, the concept is to be considered as…
The Job Guarantee: Full Employment, Price Stability and Social Progress
This paper presents the idea of the Job Guarantee (JG), which is a logical extension of the paradigm of a tax-driven fiat currency. The JG involves the government offering a public purpose-oriented job with a fixed hourly wage and job benefits to anyone willing to work. The JG as a…
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Modern Monetary Theory: A European Perspective
This paper explains the basics of MMT and analyzes the current design of the Eurozone from an MMT perspective. It becomes obvious that individual member states of the Eurozone lack monetary sovereignty, which is not compensated by a fiscal authority on EMU-level. This results in the current permanent lack of…
How could an international exchange rate regime that fosters economic development on a global scale be designed?
This paper outlines a possible design for an international exchange rate regime that minimizes the shortcomings of the current non-system – from floating to fixed regimes – and expands the policy space for currency-issuing governments in order to foster economic development. As such, this paper extends the theoretical body of…