How we think about money and economics shapes and under-girds our views of public policy. Yet few seem to grasp how our monetary system functions. The result is a political climate rife with misguided and often destructive policy debates based upon flawed premises.
A number of economists are paving the way to a clearer understanding of our modern economic system, and I am indebted to their work. In particular, the books and gracious personal correspondence of Warren Mosler and Randall Wray have materially shaped my views.
I do not claim to originate these ideas, nor to be an economist. My aim here is to present these ideas in simple language for a particular audience, and with a particular bent in mind.
For those starting out, I highly recommend reading Warren Mosler's books, The Seven Deadly Innocent Frauds of Economic Policy, and Soft Currency Economics. They are short and easy to read even for those without an economic background.
The best overview of how modern monetary systems work is Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems by Randall Wray. These books should be essential reading for anyone in business or politics!
