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Understanding Modern Money

April 3, 2016 | Author: | Posted in finance, mathematics and economics

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SUMMARIZING L . RANDALL WRAY ‘S UNDERSTANDING MODERN MONEY : THE KEY TO FULL EMPLOYMENT AND PRICE STABILITY

L . Randall Wray ‘s Understanding Modern Money : The Key to Full Employment and Price Stability is a wonderful work on the concept of money and its usage . This book published by Edward Elgar Northampton , MA in 1998 presents a 200 page analysis of fiscal approach and is considered to be a must reading for students and enthusiastic alike . L . Randall Wray ‘s book is divided into eight [banner_entry_middle]

chapters . These can be enumerated as Introduction , Money and Taxes : The Chartalist Approach , An Introduction to a History of Money , Government Spending , Deficits and Money , Monetary Policy : Interest Rate Targets and the Non-Discretionary Nature of Reserves , Employment Policy and the Value of the Currency , The Logic of the Taxes-Drive-Money View and Conclusions . The main purpose of the is to summarize all 8 chapters of the book . This would write summaries of each chapter with the personal thoughts and the conclusion To be precise the bulk of the would consist of summary of the main findings of the text , and a conclusion on the issues discussed

Chapter 1 : Introduction

The Introduction deals with the basic understanding of the subject of money and monetary transactions under the perspective of capitalist economy . According L . Randall Wray a better understanding of the system of money can easily illuminate a whole new world of fiscal policies and approach . L . Randall Wray exemplifies the deficits of the government and makes statements that it is better to understand the basics of the problem rather than criticizing it without recognizing the bits and pieces of the actions . According to the author it is as important in fiscal awareness to analyze the bits and pieces as it is important to understand the nature of the bigger picture . L . Randall Wray also makes good use of the Maastricht Treaty to relate the fact of looking at the perspective of the finance in a more understanding manner

However , it can be mentioned that the introduction chapter chiefly relies on the presentation of a fundamental settlement on the balance of budget with a greater emphasis than anything else . But it could be stated that L . Randall Wray might not have placed so much emphasis on the subject alone or might not have advocated the policies with such affirmations . It is believed that while approaching a text it is better to leave few nooks and corners for the readers to analyze on their own In this case the author L . Randall Wray elaborates too many things on policies and budgeting systems and at times it may appear like a spoon feeding exercise too . Alongside it should also be mentioned that this approach is basically very lucrative for students and as the target audience in this case comprise mostly the students the author L . Randall Wray may be regarded as a successful representative of the genera of who makes learning such… [banner_entry_footer]

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