Wednesday, February 19, 2020
Note: I have an article half-written on inflation and bond pricing that will either appear later today or tomorrow. I will return to Scott Fullwiler's article on debt sustainability this weekend (I hope). This will be a focus of the chapter on Fiscal Policy.
My next book is going to be an intermediate MMT handbook. I really, really, want to keep this one short (which is what I say every time...). At the minimum, it will be an ebook, and the ebook should be priced cheaply. Since my books are self-published, and cannot be browsed in bookstores, I want to have an introductory text at a low price point so that readers can get a sample at little risk. I hope that the MMT handbook will be popular, so the greater volume will make up for the shorter length. Unfortunately, a really short book is unattractive for paperback. There is a large fixed cost component to print-on-demand books, and the price for the book would end up only with a small discount versus my other paperbacks. This could generate unhappy customers.
The only way to fill out the MMT handbook to make it an acceptable length for paperback is to have a second part that is repackaged earlier articles that I have written on MMT. (The recent sequences of MMT articles are drafts that will make their way into the main handbook.) This would fill out the book, and provide some context for my summaries of online MMT debates. The book would be labelled "expanded edition." (Unfortunately, it is not easy to add text to existing ebooks, even though the technology supports that. Therefore, existing owners would not get the added articles.) I want to finish the main handbook before thinking about adding those articles; I also need to finish Volume II of Recessions (some chapters were written, but missing key parts).