Traditional macroeconomics often treats a government's budget like a household's, suggesting that spending must be "paid for" by taxes. Mitchell's work challenges this, grounding his analysis in the operational reality of .
Mitchell's work on macroeconomics is rooted in the post-Keynesian tradition, which emphasizes the importance of uncertainty, animal spirits, and the role of the state in stabilizing the economy. He argues that mainstream macroeconomic theory, based on the rational expectations hypothesis and the efficient market hypothesis, is flawed and has led to misguided policy prescriptions. macroeconomics william mitchell pdf
You can find free teaching and learning supports, such as lecture materials, at the Bloomsbury Online Resources site. He argues that mainstream macroeconomic theory, based on
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The textbook introduces the concept of "Functional Finance." Instead of aiming for a specific budget balance (like a balanced budget), fiscal policy should aim for specific outcomes (full employment, price stability).