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Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems
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Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems

4.21  ·  Rating details ·  170 ratings  ·  18 reviews
In a challenge to conventional views on modern monetary and fiscal policy, this book presents a coherent analysis of how money is created, how it functions in global exchange rate regimes, and how the mystification of the nature of money has constrained governments, and prevented states from acting in the public interest.
Paperback, 312 pages
Published September 4th 2012 by Palgrave Macmillan (first published August 7th 2012)
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Mohamed Diab Embbya
Mind boggled, jaw dropped, head scratched; this book was a gem of a read!

While I'm not totally sold on Modern Money Theory - MMT, I believe this is due to my own cynicism towards its novelty rather than to flaws in the theory. I could only come up with "I feel that there is a weakness in the logical sequence of its arguments but I can't put my finger on it", for that reason I'll abstain from passing criticism this time.

I found the theory to be quite elegant in its descriptive capacity and to
Feb 18, 2019 rated it really liked it
Nothing is easier to do than spend money, but the economic system has a complexity that can appear to make it very hard to understand. This means most people (including most members of Congress) don't try to understand it or are wrong in how they believe it works leaving those who do understand it free rein to work it to their advantage. The 1% didn't get to where they are purely by inheritance.

At one time it was simple. Money was linked to gold, a limited resource. A reserve of gold had to be
Jul 15, 2017 rated it it was amazing
Shelves: hist-econ-pol
Readable? Check.
Rigorously argued? Check.
Just enough detail, with citations to go deeper? Check.
A novel (to me) thesis? Check.
Changed the way I think about something fundamentally? Check.

That's five stars baby.
Oct 15, 2016 rated it it was amazing  ·  review of another edition
Long-time American Agriculturist editor Gordon Conklin, (whose brother happened to have been an economist) used to joke, "If you laid all the economists in the world end to end, they wouldn't reach to a conclusion."

That came to mind as I read L. Randall Wray's second edition of Modern Money Theory. This is not a book with which all economists will agree.

I would go so far as to coin a term for him and his MMT colleagues. They are protestants rebelling against the high church of established
Dec 04, 2017 rated it it was amazing
prose style atrocious, ideas fascinating
Dec 15, 2014 rated it it was amazing
The current financial landscape is divided between those that want to ascribe theories to the financial system as it pertains to their inherent beliefs on morality and those intent on merely describing it for what it actually is. This is for those in the latter. L Randall Wray is of the foremost experts on Modern Monetary Theory (MMT) in the next installment of financial observations that began with Hyman Minsky. While the prognosis of MMT is still somewhat unsupported in practice, their ...more
Sep 17, 2015 rated it it was amazing  ·  review of another edition

I don't read this book front to back, but find it still a very valuable resource. Amongst economic books, blogs, videos that theorise and explain, this book adds to my growing appreciation of heterodox economic ideas. Randal always writes with great clarity and a serious regard for understanding and learning.
Aug 28, 2013 rated it it was amazing
Not the easiest of reads (for an untrained economist) in parts but the author does a great job of making the concepts as easy to understand as possible. This is an amazing book and should be on anyone's reading list who has an interest in economics and/or political economy.
Sep 21, 2017 rated it it was amazing
Josh Smith
Jun 16, 2017 rated it it was amazing
Must read.
This review has been hidden because it contains spoilers. To view it, click here.
Yngve Skogstad
Mar 16, 2019 rated it really liked it  ·  review of another edition
My acquaintance with MMT beforehand was through following a few MMT-ers on Twitter, reading some of their academic work as well as other articles and podcasts, but I hadn’t quite been able to make it all cohere, so I figured I’d better study it in a more systematized and pedagogical manner. Thus, I bought this introductory book.

Randall Wray has written a very accessible primer that answered nearly all my questions on MMT and the workings of our contemporary financial system. I admit to having a
Tomas Herceg
Feb 02, 2020 rated it really liked it  ·  review of another edition
It's a very interesting book which really opened my eyes. Definitely worth to read.
My only problem with the book is that it's quite difficult to read. Especially in the first chapters, some terms are used many times before they are properly explained. And in the entire book, many concepts are repeated and emphasized again and again - for example, the last chapter was quite boring as the amount of new information was almost zero, and all the thoughts were summarized in the previous chapters too.
Jesper Döpping
Jan 01, 2018 rated it it was amazing  ·  review of another edition
This was my first time exposed to MMT

This book is clear in its argument, easy to read for a non-financial person. Being way more sociological in my way of thinking I do wish it had more examples, and concrete process description, but as an introduction it works perfect.

At first the argument is strange as most of think about money only as a mean of exchange. Yet, the arguments are clear and strong. It really gets you to think, and interpret the world in a new way.
Cameron Wilson
Nov 17, 2019 rated it really liked it
Definitely needs an editor because a lot of the early and later chapters could be consolidated. Wray's grandpa conversational style might be a benefit to some, but its irrelevant to the most important parts of the book (chapters 3,4,6 and 7). Also some equations in the boxes of the 2015 edition are misprinted and unreadable.
Carlos Agraz
Apr 11, 2019 rated it it was amazing
Well, if your are interested in MMT this book is aptly named. If you are already familiar with MMT, it will be redundant, but again the title informs you of this. If you want a primer, in my opinion, you cannot go wrong with this.
May 21, 2019 rated it it was amazing
Love the book and currently checking on the blog and thinking of reading another book written by the professor.
Oct 10, 2019 rated it it was amazing
Excellent primer on MMT.
Lander Gamboa Sanz
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