Cass Business School Acceptance Requirements
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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 MMT combines historical reference points as well as a functional finance reading of Macroeconomics. This approach differs from schools of thought which are soley based on abstract economic theory. MMT emphasies the study of history and real world events such as the use of Tally sticks, or the events around the creation of The Bank of England, to better understand how reserve banking was first instantiated into the economy. 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 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, and that inflation pressures can be mitigated by increasing taxes on everyone, to reduce the spending capacity of the private sector. MMT also states that the purpose of taxation is to create fidelity or a use case for the government's issued currency. MMT's view of government spending is that when it is done using current prices in a non-inflationary way, it can be combined with progressive taxation to achieve social and political aims, such as balancing the spending capacity of the private sector.: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 has been criticized by mainstream economists including Greg Mankiw, Paul Krugman, and written about both negatively and positively by New York Times journalists. 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. Modern Monetary Theory has roots in various heterodox traditions of economics. Its macroeconomic theory of value, where different types of government spending have different effects on inflation and hence the value of money, is in opposition to orthodox theories of value, particularly those of neoliberalism.
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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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