Resource constraints

Sam Levey

Chapter 17 in The Elgar Companion to Modern Money Theory, 2024, pp 228-238 from Edward Elgar Publishing

Abstract: This chapter considers issues related to real resource limits. It revolves around two themes. The first is that Modern Monetary Theory (MMT) disagrees substantially with mainstream notions of ‘full employment’ and ‘the long run’. Because MMT rejects the notion that the economy tends toward or is typically at full employment, MMT economists see greater resource availability than mainstream economists do in capitalist economies today. The second part of the chapter considers how resources needed for a project can be found when the economy is already at full employment. It outlines the potential sources of real resources, as well as the variety of tools that can be used to mobilize or redirect them, including tools that are typically reserved for extreme national emergency scenarios only.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2024
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