Functional Finance : What , Why , and How ?
نویسنده
چکیده
In 1943, Abba Lerner wrote an essay entitled Functional Finance and the Federal Debt . The essay elucidates, in just fourteen pages, the principles that Lerner believed should guide the government's budgetary policies. It opens with a recognition that "[a]part from the necessity of winning the war, there is no task facing society today so important as the elimination of economic insecurity" (1943, p. 38). Aware that what was to follow would strike his readers as fantastically naive, he cautioned that it was essential to "grapple with this problem even if it involves a little careful thinking and even if the thought proves somewhat contrary to our preconceptions" (1943, p. 38). The purpose of the essay was to set out the principles by which the government could use its fiscal powers to maintain prosperity.
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