Japanese economist Makoto Itoh, professor emeritus at University of Tokyo, offers a detailed review and discussion of Gerald Epstein's book, "What's Wrong with Modern Money Theory?: A Policy Critique."
Review of Gerald Epstein's "What's Wrong with Modern Money Theory?: A Policy Critique"
Review of Epstein’s, “What’s Wrong with Modern Money Theory?”
by: Makoto Itoh
August 20, 2021 |
Research Review
In this in-depth review article on Gerald Epstein’s recent book, Makoto Itoh provides a supportive assessment of Epstein’s main critiques of MMT as a general approach to macroeconomic financial policy and specifically as applied to Japan. Itoh also explores the connections between Epstein’s perspective and a Marxian “stages of capitalism’ approach developed by Itoh himself along with other Japanese political economists. Itoh concludes that “Systematic concrete analyses of contemporary capitalism on the basis of both principles and stages theory of capitalist development must be indispensable” to address the contemporary social and ecological crises.
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