This post was originally published on Real Progressives.
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Applying a household “budget constraint” to government is obviously inappropriate—households are users of the currency, while government is the issuer. How could economics have become so confused?
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This week we begin a new topic: functional finance. Today we will lay out Abba Lerner’s approach to policy.
This post was originally published on Real Progressives.
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The Fed’s decision to raise interest rates for the fourth time this year threatens to loosen the tightest U.S. labor market in decades. What would it look like if policymakers consolidated workers’ recent gains instead?