Cass Business School Acceptance Rate
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Modern Monetary Theory or Modern Money Theory (MMT) is a macroeconomic theory that describes the nature of money within a fiat, floating exchange rate system. MMT synthesizes ideas from the state theory of money of Georg Friedrich Knapp (also known as chartalism) and the credit theory of money of Alfred Mitchell-Innes, the functional finance proposals of Abba Lerner, Hyman Minsky's views on the banking system and Wynne Godley's sectoral balances approach. Economists Warren Mosler, L. Randall Wray, Stephanie Kelton, Bill Mitchell and Pavlina R. Tcherneva are largely responsible for reviving the idea of chartalism as an explanation of money creation. MMT frames government spending and taxation differently to most orthodox frameworks, and instead relies on functionalist readings of historical events and evidence, such as the use of Tally sticks, or the creation of The Bank of England. MMT states that the government is the monopoly issuer of its currency and therefore must spend currency into existence before any tax revenue can be collected. The government spends currency into existence and taxpayers use that currency to pay their obligations to the state. This means that taxes cannot fund public spending in a nominal monetary flow sense, as the government cannot collect money back in taxes until after it is has been issued into the economy. In this kind of monetary system, the government is never constrained in its ability to pay, rather the limits are the real resources available for purchase in the state's currency. MMT argues that the primary risk once the economy reaches full employment is demand-pull inflation, which acts as the only constraint on spending. MMT also argues that inflation pressures can be mitigated by increasing taxes on everyone, to reduce the spending capacity of the private sector, releasing real resources such that the state can employ them at current prices in a non-inflationary way.:150 The primary demand and inflation management approach advocated by most MMT economists is the job guarantee employer of last resort (ELR) programme. This provides a spend-side automatic fiscal stabilisation mechanism and establishes a nominal price anchor, utilising a buffer stock of employed labour. This is in contrast to the orthodox monetary dominance approach to demand management which involves adjusting interest rates and utilising a pool of unemployed labour as a buffer against inflationary pressures following a belief in a Phillip's curve trade off between the two. MMT is opposed to the market based neoclassical macroeconomic frameworks of currency creation and has been criticized heavily by economists from the neoclassical school. MMT's applicability varies across countries depending on degree of monetary sovereignty, with contrasting implications for the United States versus Eurozone members or countries with currency substitution.
Article title : Modern Monetary Theory
"theory that describes the nature of money within a fiat, floating exchange rate system. MMT synthesizes ideas from the state theory of money of Georg Friedrich..."
Article title : Gross domestic product
"of GDP played in World War II was crucial to the subsequent political acceptance of GDP values as indicators of national development and progress. A crucial..."
Article title : Neoclassical synthesis
"thought in the 1950s, 60s, and 70s. The Keynesian school of economics had gained widespread acceptance during the Great Depression, as governments used..."
Article title : High school dropouts in the United States
"dropout rate is the percentage of 16 to 24-year-olds who are not enrolled in school and have not earned a high school credential. This rate is different..."
Article title : Michał Kalecki
"monetary policy as endogenous to the business cycle, dependent on business investment rather than on interest rate and credit policy of central bankers..."
Article title : Austrian school of economics
"government are actually the cause of business cycles because of the differing impact of the resulting interest rate changes on different stages in the structure..."
Article title : Transgender youth
"disorder. Acceptance levels tend to be predominantly higher in countries located in the Global North. Despite higher levels, acceptance rates still vary..."
Article title : System of National Accounts
"core accounts to some extent. An important new step in SNA 2025 is the acceptance of more comprehensive household accounts, which according to many experts..."
Article title : Market (economics)
"marketing management school, evolved in the late 1950s and early 1960s, is fundamentally linked with the marketing mix framework, a business tool used in marketing..."
Article title : Liberty University
"2017, the acceptance rate for new first-time, full-time students entering Liberty's resident program was 30%. In 2011, the overall acceptance rate, which..."
The Leonard N. Stern School of Business (commonly known as The Stern School or Stern), is New York University's business school. Established as the School of Commerce, Accounts and Finance in 1900, Stern is one of the oldest and most prestigious business schools in the world. It is also a founding member of the Association to Advance Collegiate Schools of Business. In 1988, it was named in honor of Leonard N. Stern, an alumnus and benefactor of the school.
The school is located on NYU's Greenwich Village campus next to the Courant Institute of Mathematical Sciences.
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