Functional Finance and Full Employment: Lessons from Lerner for Today?

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 Reference with link to PDF
The Jerome Levy Economics Institute Working Paper No. 272

8 Pages Posted: 26 Aug 1999

Mathew Forstater

Bard College - The Levy Economics Institute

Date Written: July 1999

Abstract

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.

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