Notes on ‘The Flaws in Modern Monetary Theory’ by Ricardo Carneiro

Abstract

This note comments the article ‘Failures of the Modern Monetary Theory’ published by Professor Ricardo Carneiro (Unicamp) in this Brazilian Keynesian Review. Agreements and disagreements with Carneiro’s paper are shown. Moreover, some points not dealt with by him, but that I understand are crucial to assess some failures of the Modern Monetary Theory, are advanced here.

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Author Biography

Fábio Henrique Bittes Terra, CECS/UFABC

Professor do Instituto de Economia - Universidade Federal de Uberlândia

Graduado em Economia, Universidade Federal de Uberlândia

Mestre em Economa, Universidade Federal do Paraná

Doutor em Economia, Universidade Federal do Rio Grande do Sul

References

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Keynes, J. M. (1936[1964]), The general theory of employment, interest and money. Nova York: HBS.

Lerner, A. (1943), Functional finance and the federal debt. Social Research, 10 (1), 38-51. http://www.jstor.org/stable/40981939.

Minksy, H. (1986), Stabilizing an unstable economy. New Heaven: Twentieth Century Fund Report.

Minsky, H. (1992), The financial instability hypothesis. The Jerome Levy Economics

Institute Working Paper, (74), The Jerome Levy Economics Institute: Annandale-on-Hudson.

Tcherneva, P. (2006), Chartalism and the tax-driven approach to money. In P. Arestis; M. Sawyer (org.) Handbook of alternative monetary economics. Cheltenham: Edward Elgar, p.69-86.

Terra, F. (2019), A política fiscal pós-keynesiana. In C. Feijó; E. Araújo (org.) Macroeconomia moderna: lições de Keynes para economias em desenvolvimento. Rio de Janeiro: Elsevier, p.57-67

Published
2021-12-07
How to Cite
Terra, F. H. B. (2021). Notes on ‘The Flaws in Modern Monetary Theory’ by Ricardo Carneiro. Brazilian Keynesian Review, 7(1), 177-187. https://doi.org/10.33834/bkr.v7i1.253
Section
Reviews