The 7 Deadly Innocent Frauds of Economic Policy PDF Book by Warren Mosler, who is one of the most creative and perceptive players in today’s economic policy debates. He is also among Nobel Prize winners, directors of central banks, ministers of finance, and full professors at Ivy League universities, has had the greatest influence on how we understand modern money and government budgets.
It is not an exaggeration to say that his theories on economic theory and policy have contributed to the most exciting new paradigm in economics in the last 30 years, if not longer, and that he has been the single most influential person in encouraging economists to focus on the actual world of economic policy.
The 7 Deadly Innocent Frauds of Economic Policy PDF Book Overview
In this book, Warren Mosler debunks seven of the most harmful yet pervasive economic misconceptions using John Kenneth Galbraith’s concept of “innocent fraud.”
Mosler, like Galbraith, decides to accept the possibility that the deception was inadvertent and the product of misunderstanding, ignorance, or—most likely—the application of the incorrect economic paradigm to our real-world economy.
To put it as simply as possible, if the United States adhered strictly to the gold standard, many of the most perilous ideas about how the economy operates would be relevant.
However, it is clear that the U.S. dollar has no connection to gold at all following the collapse of the Bretton Woods system.
What are innocent frauds?
What are the fatal (but maybe innocent) frauds then? First, government finances are meant to resemble household finances in that taxes must be collected and borrowing must be done before spending can occur.
Second, the government debt caused by today’s deficits burdens our future generations. And Third, deficits eat up any savings made today.
Fourth, Social Security made healthcare and pension promises that it will never be able to fulfill.
Fifth, the American trade deficit decreases domestic employment and potentially exposes Americans to the whims of foreigners, who may decide to stop providing us with the loans we require.
Sixth, and in connection with Fraud No. 3, we require savings to finance investment (so government budgets lead to less investment).
Finally, bigger budget deficits suggest that taxes will need to be raised in the future, increasing the burden on present and future taxpayers.
Download The 7 Deadly Innocent Frauds of Economic Policy PDF
Reading this book can help you be able to spot a scam when you hear one, which is the best justification. also in his lucid and exact manner.
Mosler will expose you to the proper paradigm so that you may comprehend the actual world in which we live.
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