Warren Mosler

Warren Mosler (born September 18, 1949) is an American economist, broker and sportscar engineer. He has been the founder of Mosler Automotive and a co-founder of the Center for Full Employment And Price Stability at University of Missouri-Kansas City.

An influential proponent of post-Keynesian Modern Monetary Theory, Mosler was awarded a Doctor h.c. by the Franklin University Switzerland, and in 2014 was appointed Visiting Professor at the University of Bergamo, Italy.

In 2010, Democratic Party member Mosler had briefly declared his candidacy for the 2012 presidential election as an independent, but dropped out to run for U.S. Senate.

Early life

Mosler attended the University of Connecticut where he majored in Economics.

After graduating from college, he initially went on to work at the Savings Bank of Manchester in Manchester, Connecticut in 1973. Next he went on to work in Hartford before moving to New York City. From there he would go on to work on Wall Street, specifically Bache & Co., Bankers Trust NYC, and William Blair.

New York

New York is a state in the Northeastern United States and is the United States' 27th-most extensive, fourth-most populous, and seventh-most densely populated state. New York is bordered by New Jersey and Pennsylvania to the south and Connecticut, Massachusetts, and Vermont to the east. The state has a maritime border in the Atlantic Ocean with Rhode Island, east of Long Island, as well as an international border with the Canadian provinces of Quebec to the north and Ontario to the west and north. The state of New York, with an estimated 19.8 million residents in 2015, is often referred to as New York State to distinguish it from New York City, the state's most populous city and its economic hub.

With an estimated population of nearly 8.5 million in 2014, New York City is the most populous city in the United States and the premier gateway for legal immigration to the United States. The New York City Metropolitan Area is one of the most populous urban agglomerations in the world. New York City is a global city, exerting a significant impact upon commerce, finance, media, art, fashion, research, technology, education, and entertainment, its fast pace defining the term New York minute. The home of the United Nations Headquarters, New York City is an important center for international diplomacy and has been described as the cultural and financial capital of the world, as well as the world's most economically powerful city. New York City makes up over 40% of the population of New York State. Two-thirds of the state's population lives in the New York City Metropolitan Area, and nearly 40% live on Long Island. Both the state and New York City were named for the 17th century Duke of York, future King James II of England. The next four most populous cities in the state are Buffalo, Rochester, Yonkers, and Syracuse, while the state capital is Albany.

Modern Monetary Theory

Modern Monetary Theory (MMT or Modern Money Theory), also known as neochartalism, is an economic theory that details the procedures and consequences of using government-issued tokens as the unit of money, i.e., fiat money. According to modern monetary theory, "monetarily sovereign government is the monopoly supplier of its currency and can issue currency of any denomination in physical or non-physical forms. As such the government has an unlimited capacity to pay for the things it wishes to purchase and to fulfill promised future payments, and has an unlimited ability to provide funds to the other sectors. Thus, insolvency and bankruptcy of this government is not possible. It can always pay". In contrast to orthodox monetarism, MMT explains inflation as being caused primarily by resource constraints rather than monetary expansion.

Austrian School

The Austrian School is a school of economic thought that is based on the concept of methodological individualism – that social phenomena result from the motivations and actions of individuals. It originated in the late-19th and early-20th century Vienna with the work of Carl Menger, Eugen Böhm von Bawerk, Friedrich von Wieser, and others. It was methodologically opposed to the Prussian Historical School (a dispute known as Methodenstreit). Current-day economists working in this tradition are located in many different countries, but their work is referred to as Austrian economics.

Among the theoretical contributions of the early years of the Austrian School are the subjective theory of value, marginalism in price theory, and the formulation of the economic calculation problem, each of which has become an accepted part of mainstream economics.

Many economists are critical of the current-day Austrian School and consider its rejection of econometrics and aggregate macroeconomic analysis to be outside of mainstream economic theory, or "heterodox." Austrians are likewise critical of mainstream economics. Although the Austrian School has been considered heterodox since the late 1930s, it began to attract renewed academic and public interest starting in the 1970s.

Monetary economics

Monetary economics is a branch of economics that provides a framework for analyzing money in its functions as a medium of exchange, store of value, and unit of account. It considers how money, for example fiat currency, can gain acceptance purely because of its convenience as a public good. It examines the effects of monetary systems, including regulation of money and associated financial institutions and international aspects.

The discipline has historically prefigured, and remains integrally linked to, macroeconomics. Modern analysis has attempted to provide microfoundations for the demand for money and to distinguish valid nominal and real monetary relationships for micro or macro uses, including their influence on the aggregate demand for output. Its methods include deriving and testing the implications of money as a substitute for other assets and as based on explicit frictions.

Research areas

Traditionally, research areas in monetary economics have included: