{"id":"https://openalex.org/W4285598617","doi":"https://doi.org/10.26794/2587-5671-2022-26-3-6-18","title":"Public Goals and Government Expenditures: Are the Solutions of the \u201cModern Monetary Theory\u201d Realistic?","display_name":"Public Goals and Government Expenditures: Are the Solutions of the \u201cModern Monetary Theory\u201d Realistic?","publication_year":2022,"publication_date":"2022-07-11","ids":{"openalex":"https://openalex.org/W4285598617","doi":"https://doi.org/10.26794/2587-5671-2022-26-3-6-18"},"language":"en","primary_location":{"id":"doi:10.26794/2587-5671-2022-26-3-6-18","doi":"https://doi.org/10.26794/2587-5671-2022-26-3-6-18","is_oa":true,"landing_page_url":"https://doi.org/10.26794/2587-5671-2022-26-3-6-18","pdf_url":null,"source":{"id":"https://openalex.org/S4306538827","display_name":"Finance: Theory and Practice","issn_l":"2587-5671","issn":["2587-5671","2587-7089"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","poland-20","russia-white-list-1"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Finance: Theory and Practice","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://doi.org/10.26794/2587-5671-2022-26-3-6-18","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5031899672","display_name":"Igor Stepnov","orcid":"https://orcid.org/0000-0003-4107-6397","observed_orcids":["https://orcid.org/0000-0003-4107-6397"]},"institutions":[{"id":"https://openalex.org/I184139950","display_name":"Moscow State Institute of International Relations","ror":"https://ror.org/04zn7jb34","country_code":"RU","type":"education","lineage":["https://openalex.org/I184139950"]}],"countries":["RU"],"is_corresponding":false,"raw_author_name":"I. M. Stepnov","raw_affiliation_strings":["MGIMO University;  Financial University"],"raw_orcid":"https://orcid.org/0000-0003-4107-6397","affiliations":[{"raw_affiliation_string":"MGIMO University;  Financial University","institution_ids":["https://openalex.org/I184139950"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5028376684","display_name":"Julia A. Kovalchuk","orcid":"https://orcid.org/0000-0002-9959-3090","observed_orcids":["https://orcid.org/0000-0002-9959-3090"]},"institutions":[{"id":"https://openalex.org/I184139950","display_name":"Moscow State Institute of International Relations","ror":"https://ror.org/04zn7jb34","country_code":"RU","type":"education","lineage":["https://openalex.org/I184139950"]},{"id":"https://openalex.org/I45571689","display_name":"Moscow Aviation Institute","ror":"https://ror.org/033zpbv42","country_code":"RU","type":"education","lineage":["https://openalex.org/I45571689"]}],"countries":["RU"],"is_corresponding":false,"raw_author_name":"Ju. A. Kovalchuk","raw_affiliation_strings":["MGIMO University;   Moscow Aviation Institute"],"raw_orcid":"https://orcid.org/0000-0002-9959-3090","affiliations":[{"raw_affiliation_string":"MGIMO University;   Moscow Aviation Institute","institution_ids":["https://openalex.org/I184139950","https://openalex.org/I45571689"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5008174505","display_name":"Margarita Viktorovna Melnik","orcid":"https://orcid.org/0000-0002-7428-9535","observed_orcids":["https://orcid.org/0000-0002-7428-9535"]},"institutions":[{"id":"https://openalex.org/I211738395","display_name":"Financial University","ror":"https://ror.org/01hnrbb29","country_code":"RU","type":"education","lineage":["https://openalex.org/I211738395"]}],"countries":["RU"],"is_corresponding":false,"raw_author_name":"M. V. \u041celnik","raw_affiliation_strings":["Financial University"],"raw_orcid":"https://orcid.org/0000-0002-7428-9535","affiliations":[{"raw_affiliation_string":"Financial University","institution_ids":["https://openalex.org/I211738395"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5091281754","display_name":"T. Petrovic","orcid":"https://orcid.org/0000-0001-6842-3032","observed_orcids":["https://orcid.org/0000-0001-6842-3032"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"T. Petrovic","raw_affiliation_strings":["\u00a0Innovation Project Management Center \u2014 IPM \u0421enter Ltd"],"raw_orcid":"https://orcid.org/0000-0001-6842-3032","affiliations":[{"raw_affiliation_string":"\u00a0Innovation Project Management Center \u2014 IPM \u0421enter Ltd","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":3.0382,"has_fulltext":false,"cited_by_count":10,"citation_normalized_percentile":{"value":0.91768914,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":94,"max":98},"biblio":{"volume":"26","issue":"3","first_page":"6","last_page":"18"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.6523000001907349,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.6523000001907349,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11621","display_name":"Fiscal Policies and Political Economy","score":0.19179999828338623,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13042","display_name":"Economic and Fiscal Studies","score":0.06300000101327896,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/modern-monetary-theory","display_name":"Modern Monetary Theory","score":0.8529999852180481},{"id":"https://openalex.org/keywords/public-expenditure","display_name":"government spending","score":0.75},{"id":"https://openalex.org/keywords/public-goals","display_name":"public goals","score":0.9200000166893005},{"id":"https://openalex.org/keywords/fiscal-policy","display_name":"fiscal policy","score":0.7870000004768372},{"id":"https://openalex.org/keywords/full-employment","display_name":"full employment","score":0.5429999828338623},{"id":"https://openalex.org/keywords/job-guarantee","display_name":"employment guarantee","score":0.47999998927116394},{"id":"https://openalex.org/keywords/taxation","display_name":"taxation","score":0.7419999837875366},{"id":"https://openalex.org/keywords/inflation","display_name":"inflation","score":0.8730000257492065},{"id":"https://openalex.org/keywords/national-currency","display_name":"national currency","score":0.6840000152587891},{"id":"https://openalex.org/keywords/government-regulation","display_name":"government regulation","score":0.593999981880188},{"id":"https://openalex.org/keywords/economic-crisis","display_name":"economic crisis","score":0.5789999961853027},{"id":"https://openalex.org/keywords/public-financial-management","display_name":"public financial management","score":0.7080000042915344}],"concepts":[{"id":"https://openalex.org/C2777617010","wikidata":"https://www.wikidata.org/wiki/Q18957","display_name":"Mainstream","level":2,"score":0.584193766117096},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5742266774177551},{"id":"https://openalex.org/C2778137410","wikidata":"https://www.wikidata.org/wiki/Q2732820","display_name":"Government (linguistics)","level":2,"score":0.5240369439125061},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.4866245687007904},{"id":"https://openalex.org/C100001284","wikidata":"https://www.wikidata.org/wiki/Q2248246","display_name":"Public economics","level":1,"score":0.4284096956253052},{"id":"https://openalex.org/C141121606","wikidata":"https://www.wikidata.org/wiki/Q8142","display_name":"Currency","level":2,"score":0.4160900115966797},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.3012550473213196},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.21132922172546387},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.11229211091995239},{"id":"https://openalex.org/C41895202","wikidata":"https://www.wikidata.org/wiki/Q8162","display_name":"Linguistics","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.26794/2587-5671-2022-26-3-6-18","doi":"https://doi.org/10.26794/2587-5671-2022-26-3-6-18","is_oa":true,"landing_page_url":"https://doi.org/10.26794/2587-5671-2022-26-3-6-18","pdf_url":null,"source":{"id":"https://openalex.org/S4306538827","display_name":"Finance: Theory and Practice","issn_l":"2587-5671","issn":["2587-5671","2587-7089"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","poland-20","russia-white-list-1"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Finance: Theory and Practice","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:4f143d4615164048a0a8db478074d173","doi":null,"is_oa":true,"landing_page_url":"https://doaj.org/article/4f143d4615164048a0a8db478074d173","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"\u0424\u0438\u043d\u0430\u043d\u0441\u044b: \u0442\u0435\u043e\u0440\u0438\u044f \u0438 \u043f\u0440\u0430\u043a\u0442\u0438\u043a\u0430, Vol 26, Iss 3, Pp 6-18 (2022)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.26794/2587-5671-2022-26-3-6-18","doi":"https://doi.org/10.26794/2587-5671-2022-26-3-6-18","is_oa":true,"landing_page_url":"https://doi.org/10.26794/2587-5671-2022-26-3-6-18","pdf_url":null,"source":{"id":"https://openalex.org/S4306538827","display_name":"Finance: Theory and Practice","issn_l":"2587-5671","issn":["2587-5671","2587-7089"],"is_oa":true,"is_in_doaj":true,"is_core":false,"listed_in":["doaj","poland-20","russia-white-list-1"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Finance: Theory and Practice","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":18,"referenced_works":["https://openalex.org/W2017723235","https://openalex.org/W2165109257","https://openalex.org/W2944837890","https://openalex.org/W2980137702","https://openalex.org/W2996434551","https://openalex.org/W2998739145","https://openalex.org/W2999661510","https://openalex.org/W3011772038","https://openalex.org/W3012351304","https://openalex.org/W3014892426","https://openalex.org/W3018668052","https://openalex.org/W3019659596","https://openalex.org/W3020110026","https://openalex.org/W3035284707","https://openalex.org/W3093681032","https://openalex.org/W3106422565","https://openalex.org/W3173877886","https://openalex.org/W4251437753"],"related_works":["https://openalex.org/W3024347845","https://openalex.org/W3016904210","https://openalex.org/W3158240832","https://openalex.org/W3164379652","https://openalex.org/W3014892426","https://openalex.org/W3015294447","https://openalex.org/W3140738548","https://openalex.org/W4205233950","https://openalex.org/W7221453905","https://openalex.org/W4405793152"],"abstract_inverted_index":{"The":[0,44,118,137],"relevance":[1],"is":[2,49,77,89,163,201,212,218,229,248],"determined":[3],"by":[4,57,331],"the":[5,15,47,72,84,87,92,95,98,102,106,131,134,140,147,151,156,160,175,191,222,227,230,262,266,275,293,300,307],"presence":[6],"of":[7,42,46,68,74,86,94,100,130,133,139,150,159,177,199,268,274,302,309],"discussions":[8],"among":[9],"economists":[10],"and":[11,66,111,125,128,216,225,245,253,286,315,323],"political":[12,157],"scientists":[13],"about":[14,39,97],"state":[16,270],"regulation":[17],"role,":[18],"especially":[19],"during":[20,40],"crises":[21],"when":[22,291],"governments":[23,58,168],"are":[24,36,190,256],"expected":[25],"to":[26,79,90,105,145,166,185,206,209,261,328],"provide":[27],"an":[28,170,233],"economic":[29,81,103,148,234,310],"miracle":[30],"solution":[31],"or":[32,211],"new":[33,152,263],"measures":[34],"that":[35,250,326],"not":[37,305,312],"thought":[38],"periods":[41],"growth.":[43],"subject":[45,207],"study":[48,88,141],"government":[50,197],"expenditures,":[51],"which":[52,75],"should":[53,304],"be":[54,306,329],"fairly":[55],"distributed":[56],"in":[59,114,221,226,259,281,295,319],"crisis":[60],"times":[61],"with":[62,169,174,196,287,297,321],"a":[63,183],"clear":[64],"vision":[65],"understanding":[67],"public":[69,115,187,241,298],"goals,":[70,242,299],"for":[71,193,204,236],"achievement":[73],"it":[76,143,164,202],"necessary":[78],"undertake":[80],"changes.":[82],"Therefore,":[83,290],"purpose":[85],"generalize":[91],"results":[93,138],"discussion":[96],"possibility":[99],"changing":[101],"\u201cmainstream\u201d":[104],"\u201cmodern":[107],"monetary":[108],"theory\u201d":[109],"(MMT)":[110],"its":[112],"prospects":[113,192],"finance":[116],"management.":[117],"research":[119],"methods":[120],"include":[121],"systematic,":[122],"critical,":[123],"comparative":[124],"cross-country":[126],"analysis":[127],"verification":[129],"realism":[132],"MMT\u2019s":[135],"proposals.":[136],"made":[142],"possible":[144,165,203],"analyze":[146],"solutions":[149],"theory":[153,161,264],"based":[154],"on":[155,239],"subtext":[158],"itself:":[162],"entrust":[167],"unlimited":[171],"budget":[172],"filled":[173],"issue":[176],"national":[178],"currency;":[179],"has":[180],"there":[181,213],"been":[182,279],"need":[184,327],"update":[186],"goals;":[188],"what":[189],"full":[194],"employment":[195],"funding":[198],"jobs;":[200],"society":[205],"taxes":[208],"increase":[210],"enough":[214],"transparency":[215],"collection;":[217],"inflation":[219],"dangerous":[220],"current":[223],"situation":[224],"future;":[228],"MMT":[231,276,294],"really":[232],"recipe":[235],"politicians":[237],"focused":[238],"achieving":[240],"including":[243],"ecology":[244],"inequality.":[246],"It":[247],"concluded":[249],"all-round":[251,254],"criticism":[252],"approval":[255],"equally":[257],"unacceptable":[258],"relation":[260],"from":[265],"standpoint":[267],"practical":[269],"regulation.":[271],"Some":[272],"elements":[273],"have":[277],"already":[278],"implemented":[280],"various":[282],"countries,":[283],"both":[284],"successfully":[285],"negative":[288],"consequences.":[289],"considering":[292],"unity":[296],"criterion":[301],"choice":[303],"quality":[308],"decisions,":[311],"their":[313],"elegance":[314],"validity,":[316],"but":[317],"enforceability":[318],"accordance":[320],"urgent":[322],"strategic":[324],"tasks":[325],"solved":[330],"politicians.":[332]},"counts_by_year":[{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":3},{"year":2023,"cited_by_count":5}],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2022-07-16T00:00:00"}