The Basics of Macroeconomic Accounting

L. Randall Wray

Chapter 1 in Modern Money Theory, 2012, pp 1-38 from Palgrave Macmillan

Abstract: Abstract In this chapter we are going to begin to build the necessary foundation to understand modern money. Please bear with us. It may not be obvious at first why this is important. But you cannot possibly understand the debate about the government’s budget (and critique the deficit hysteria that has recently gripped many nations) without understanding basic macro accounting. So be patient and pay attention. No higher math or knowledge of intricate accounting rules will be required. This is simple, basic stuff. It is a branch of logic. But it is extremely simple logic.

Keywords: Gross Domestic Product; Financial Asset; Budget Deficit; Current Account Deficit; Financial Wealth (search for similar items in EconPapers)
Date: 2012
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Chapter: The Basics of Macroeconomic Accounting (2024)
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DOI: 10.1057/9781137265142_1

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