Read this book: Ann Pettifor, Just Money February 24, 2014Posted by larry in economics, money.
After you finish reading this short book, devoted to explicating the nature and function of money in modern societies, you will be able to see not only just that almost everything that Osborne and Balls say about this aspect of the economy is wrong, but why it is is wrong. The intended audience of this book is that group of people who don’t quite understand what money is or how it works, which unfortunately includes both Osborne and Balls, so it is written in as jargon-free and elementary a manner as possible. It is in Chapter 4 where she really drives the knife into the neoclassical acolytes and their financial backers.
In reading this book, you will obtain a greater understanding of what is wrong with the austerity policies of this and other governments and what to do about it. I would recommend reading Just Money before going on to other more complicated, but also reasonably accessible, books like that of Randall Wray’s Modern Money Theory. Just Money and Modern Money Theory, in that order, the latter going beyond the former to cover the entire economic system, will tell you almost everything you need to know in order to understand what is wrong with contemporary economic policies. How they can be so wrong and their justifications so misguided is sometimes difficult to believe.
Also, the subject is not easy, but Ann Pettifor knows that and does her best to explicate what is difficult to explicate. In order to see that most journalists also fail to clearly understand the function of money in our society, even when that is supposedly their specialty, this book is a must read. It is available in pdf format from PRIME or in Kindle format from Amazon.