Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/280735 
Year of Publication: 
2023
Citation: 
[Journal:] European Journal of Economics and Economic Policies: Intervention (EJEEP) [ISSN:] 2052-7772 [Volume:] 20 [Issue:] 1 [Year:] 2023 [Pages:] 67-77
Publisher: 
Edward Elgar Publishing, Cheltenham
Abstract: 
This paper provides remarks on modern monetary theory (MMT) from a Kaleckian perspective in response to a paper by Drumetz/Pfister. The distinction between initial financing and final financing is drawn up to argue for clear separation of how expenditure is financed and funded, and pointing to the confusions that have arisen. Some issues of crowding in and crowding out are raised. Some aspects of inflation and hyper-inflation are then discussed. The conditions for the establishment of full employment are elaborated. While MMT has focused on financing of government expenditure and aggregate demand, Kaleckians and post-Keynesians have analyses and theories on the operations of the whole economy which differ sharply from those of mainstream economists.
Subjects: 
modern monetary theory
Kalecki
money
budget deficit
inflation
JEL: 
E11
E12
E40
E62
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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