Wray, L. Randall (contributor) - 2007
-financed research and development, countercyclical
management of interest rates) and countercyclical fiscal policy. In practice, policy … Lerner promoted
functional finance—the idea that fiscal policy should be formulated to achieve desired
results, rather than … budget.
Vatter and Walker insisted that “the logic of the national debt in a fiscal policy
world is a ratchet. Debt never …