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This article provides a summary, analysis, and critique of John Smithin's recently published book Rethinking the Theory of Money, Credit, and Macroeconomics. The book can be viewed as Smithin's magnum opus. It focuses on how profits arise under capitalism and provides a sensible explanation in terms of money and the need to borrow. As with John's other writings, it provides deep insights into how capitalist economies work. It is also erudite and extremely well-written. On the other hand, I have concerns with some of the policy positions espoused in the book—controlling inflation via some monetary policy rule, opposition to the balanced budget multiplier, and how monetary policy can help with our contemporary distribution problem. [ABSTRACT FROM AUTHOR]

The University in Exile became the Graduate Faculty of the New School. After the war, money problems made New School faculty "easy pickings" for other universities wanting to enhance their faculty profile. As University in Exile faculty retired, the New School struggled to find replacements who might be able to replicate their breadth and prestige. And emphasis shifted to building divisions outside the Graduate Faculty, returning the New School to Johnson's original vision of a training ground for professionals. [Extracted from the article]

The University in Exile became the Graduate Faculty of the New School. After the war, money problems made New School faculty "easy pickings" for other universities wanting to enhance their faculty profile. As University in Exile faculty retired, the New School struggled to find replacements who might be able to replicate their breadth and prestige. And emphasis shifted to building divisions outside the Graduate Faculty, returning the New School to Johnson's original vision of a training ground for professionals. [Extracted from the article]

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