This book is a comprehensive study of macroeconomics from the perspective of Modern Monetary Theory. Its purpose is to help the reader understand how a modern monetary system operates, how the public and private sectors interact, how the central bank and financial institutions engage, how the labor market functions, the impact of trade and capital flows on the economy, and much more.

The authors describe various schools of thought, connect them to the history of economic ideas, and provide historical and institutional details. Readers are invited to reflect, among other things, on why economists disagree and the importance of language in describing economic issues.

The trend that has dominated macroeconomic analysis in recent decades now shows serious weaknesses and has led to misguided policy decisions. For example, it failed to predict the global economic crisis, does not provide adequate explanations for the issues in the eurozone, and the emphasis on spending cuts to maintain low fiscal deficits has pushed millions of people into unemployment.

Modern Monetary Theory, on the other hand, provides the right tools to understand which government choices could contribute to the economic well-being of its people.

"Simply put, the best economics book I have ever read and one that should be established in many universities in the coming years." Steven Hail, University of Adelaide, Australia

"Finally, an alternative approach to macroeconomics and what it says and, most importantly, what it fails to say about the real world." John P. Watkins, Westminster College, Utah, USA

"A complete, informed, and outstanding account of macroeconomic theory. An excellent critique of the dominant paradigm that raises the call for more realistic approaches to human behavior and heterodox ideas in economics. One of the most interesting and valuable macroeconomic textbooks in recent years." Omar Feraboli, University of Dundee, United Kingdom

"The authors are outstanding scholars of macroeconomics, and this book should enlighten the next generation of students. I wholeheartedly recommend it." Dirk Ehnts, Europa-Universität Flensburg, Germany