Abba P. Lerner

Abba P. Lerner was a notable economist known for his contributions to economic theory and public policy, particularly in the areas of price theory and monetary policy. He played a key role in developing the concept of functional finance, which suggests that governments should use fiscal policy to manage the economy rather than strictly balancing budgets. Lerner also contributed to the understanding of how income distribution and economic efficiency intersect. His work emphasized the importance of government intervention to achieve social objectives and maintain full employment, influencing both academic thought and practical economics.