Overview

"A renegade band of Modern Monetary Theorists has overturned mainstream economics in part by emphasizing that there is not one, but two systems of modern money, the ""vertical"" and the ""horizontal."" They conclusively demonstrate how unifying our understanding of these is crucial for grasping modern economics. ""the key to understanding Modern Monetary Theory is this vertical-horizontal relationship"" (Warren Mosler) 1000 Castaways develops Mosler's statement into a concise, book-length treatment that is accessible to all readers, starting from first principles and, step-by-step, leading the reader up to the complexities of the real world. Our one thousand castaways develop, before our eyes, a ""perfect"" economy, and demonstrate how the horizontal and vertical systems of money naturally emerge from even more fundamental organizational needs of a large society. 1000 Castaways then contrasts the Island's ""economics"" with real-world ""economics,"" in an enlightening illustration of the last few steps in our common economic understanding that we must take in order to run our modern economies in a way that maximizes wellbeing."

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9780648390626

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Reviews

Straightforward and illuminating Distilling 9000 years of economic evolution into a mere 5 chapters is an incredible feat. Describing the story of this evolution in a small enough scale to actually hold it in your mind all at once is just brilliant. Kudos to Mr. Ballinger! -Jerimiah (Amazon) Essential macro! Excellent explanations in a relatable, accessible format. Highly recommend this work! -Tyrone Houck MMT in a nutshell! This book provides an easily accessible window on a macroeconomic perspective that differs substantially from the mainstream - it differs the most in that it accurately describes the way our monetary system works and how we can take advantage of that to optimize our economy for the greatest benefit to all. While the book doesn't use the terms 'endogenous money', 'horizontal and vertical money', 'sectoral flows and balances', or 'job guarantee', it discusses all of these topics and more in easy to grasp language. Whether you are new to the topic of Modern Monetary Theory (MMT) or just looking for another way to spread the word, 1000 Castaways will be a great addition to your library! -Christina S.

Author Information

Clint Ballinger began his interest in economic development in the very long run while at The University of Texas at Austin. While there he worked with the World's oldest accounting tokens (Mesopotamian, 8000-3500 BC) under Denise Schmandt-Besserat and researched the development of both State and credit-money with a special interest in the debt-deflation work of Irving Fisher. For his M.A. in Political Science at The University of North Carolina at Chapel Hill he focused on modern uneven economic development, and went on to specialize in the interpretation of global econometric data for his PhD in Geography at Cambridge University.

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