2a What is the connection between social classes and effective demand in Kalecki’s view of the macroeconomy? [10]
2b Explain the ‘endogenous money view’ of money creation. [10]
2c What role did Hyman Minsky think Finance played in the real economy and what policy conclusions did he offer? [10]
2d Modern Monetary theorists claim the sovereign governments with their own currency don’t face a budgetary constraint? Critically evaluate this theory and its implications for macro policy. [20]