Generate QR code
Open Access
Subscription Access
Anti-recessionary aspects of the modern monetary theory
https://doi.org/10.32609/0042-8736-2021-7-152-160
Abstract
The paper considers the modern monetary economic theory (MMT) from the point of view of the approaches to overcome the current economic crisis by recourse to fiscal and monetary tools. It is shown that its proposals are aimed at overcoming the crisis of the U.S. economy through an additional inflow of investment resources from other states with a simultaneous increase in social stability within the country with the support of a quantitative easing race. It also concludes that the level of taxation in developed states reaches the limit beyond which the economic activity is discouraged. The negative consequences for economic subjects of reducing the possibility of maneuvering between national jurisdictions for tax optimization, and the importance of this process for the preservation of U.S. leadership are demonstrated.
Keywords
modern monetary economic theory,
MMT,
J. M. Keynes,
monetary stimulation,
budget deficit,
taxes,
inflation,
reserve currency
JEL: E12, E31, E51, E52, E62, F21, F38, F51, F65, H30, H56, H63
About the Author
B. M. Cheskidov
Academy of Military Sciences
Russian Federation
Russian Federation
Boris M. Cheskidov
Moscow
References
1. Andryushin S. A. (2020). Is money the creation of the state or the market? (On the “modern monetary theory” as described in the textbook by W. Mitchell, L. R. Wray and M. Watts “Macroeconomics”). Voprosy Ekonomiki, No. 6, pp. 121—134. (In Russian). https://doi.org/10.32609/0042-8736-2020-6-121-134
2. Blaug M. (1994). Economic theory in retrospect. Moscow: Delo. (In Russian).
3. Burlachkov V. K. (2021). Modern Monetary Theory: Methods of analysis used and paradoxical conclusions. Voprosy Ekonomiki, No. 3, pp. 152—159. (In Russian). https://doi.org/10.32609/0042-8736-2021-3-152-159
4. Goryunov E. L., Drobyshevsky S. M., Mau V. A., Trunin P. V. (2021). What do we (not) know about the effectiveness of the monetary policy tools in the modern world? Voprosy Ekonomiki, No. 2, pp. 5—34. (In Russian). https://doi.org/10.32609/0042-8736-2021-2-5-34
5. Grebennikov P. I. (2019). “Double spiral” of the market economy. Finance and Business, No. 4, pp. 1—17. (In Russian).
6. Graeber D. (2015). Debt: The first 5000 years of history. Moscow: Ad Marginem. (In Russian).
7. Keynes J. M. (1948). General theory of employment, interest and money. M.: GIIL. (In Russian).
8. Moiseev S. R. (2019). Hype around (non)monetary (non)theory. Voprosy Ekonomiki, No. 9, pp. 112—122. (In Russian). https://doi.org/10.32609/0042-8736-2019-9-112-122
9. Rozmainsky I. V. (2003). Book review: Wray L. R. Money and credit in capitalist economies. The endogenous money approach. Aldershot: Edward Elgar, 1990. ESM Federal Educational Portal, October 13. (In Russian). http://ecsocman.hse.ru/text/18648940/
10. Hicks J. R. (1998 [1937). Mr. Keynes and the “classics”: A suggested interpretation. In: V. S. Avtonomov et al. (eds.). Istoki, Iss. 3. Moscow: HSE, pp. 293—307. (In Russian).
11. Bell S. (1998). Can taxes and bonds finance government spending? Levy Economics Institute Working Paper, No. 244
12. Bernstein J. (2006). All together now: Common sense for a fair economy. San Francisco, CA: Berrett-Koehler.
13. Bernstein J. (2008). Crunch: Why do I feel (And other unsolved economic mysteries). San Francisco, CA: Berrett-Koehler.
14. Kelton S. (2017). How we think about the deficit is mostly wrong. New York Times, October 5.
15. Mitchell W. F., Carlson E. (eds.) (2001). Unemployment: The tip of the iceberg. Sydney: CAER/UNSW Press.
16. Mitchell W., Wray L. R., Watts M. (2019). Macroeconomics. London: Macmillan. Mosler W. (1995). Soft currency economics. West Palm Beach, FL: AVM.
17. Robertson D. H. (1938). A survey of modern monetary controversy. The Manchester School, Vol. 9, No. 1, pp. 1—19. https://doi.org/10.1111/j.1467-9957.1938.tb01412.x
18. Tcherneva P. R. (2010). Fiscal policy: The wrench in the new economic consensus. International Journal of Political Economy, Vol. 39, No. 3, pp. 24—44. https://doi.org/10.2753/IJP0891-1916390302
19. Wray L. R. (1990). Money and credit in capitalist economies: The endogenous money approach. Aldershot: Edward Elgar.
20. Wray L. R. (1998). Understanding modern money: The key to full employment and price stability. Cheltenham: Edward Elgar.
Review
For citations:
Cheskidov B.M. Anti-recessionary aspects of the modern monetary theory. Voprosy Ekonomiki. 2021;(7):152-160. (In Russ.) https://doi.org/10.32609/0042-8736-2021-7-152-160
Views:
1198
Email this article 
