In an article titled “OPEC—a Plan—If You Can’t Beat Them, Join Them,” Lerner advocated that the United States and other governments of oil-consuming countries impose a 100 percent excise tax on the difference between OPEC’s price and the pre-OPEC price adjusted for inflation. Based on effective demand principle and chartalism, functional finance, is a theory of purposeful financing (and funding) to meet explicit goals, including the attainment of full employment. He opposed Minimum Wage laws and other price controls because they interfered with the price system, which he called “one of the most valuable instruments of modern society.”1. One reason, wrote Tibor Scitovsky of Stanford, was “Lerner’s unrelenting logic,” which “overruled whatever loyalties he started with” and “made him seem like a cold fish to just about everybody.”6 Another reason was that Lerner rarely stayed in one university long; he taught at Columbia, the University of Virginia, Kansas City, Amherst, the New School for Social Research, Roosevelt, Johns Hopkins, Michigan State, and the University of California at Berkeley. On the Modern Economic Theory of Incentives, Markets, and Socialism. These thoughts are often attributed to Keynes, and they do follow from Keynes’s reasoning. Lerner, Abba P., "Functional Finance and the Federal Debt," Social Research 10 (February 1943): 38-51. Lerner was born in Romania and immigrated with his parents to Britain while still a child. At about the same time Abba Lerner, often in close collaboration with Lange, developed similar ideas (Lerner 1934, 1935, 1936). By age 16 he had begun a succession of jobs (as a … As for the socialist aspect of his synthesis, James Meade adopted the market socialist model of Fred M. Taylor, Oskar Lange, and Abba Lerner. His works provided the earliest model of market socialism. ABBA PTACHYA LERNER was born in Bessarabia (then in Russia) in 1903 and came to England as a child of three, one more lucky escapee from endemic and epidemic persecution of Jews. ... ‘Fiat socialism’ is my name for an open and prosperous society ruled by the principles of the modern monetary theory and functional finance. As for the socialist aspect of his synthesis, James Meade adopted the market socialist model of Fred M. Taylor, Oskar Lange, and Abba Lerner. It was his early association with the plethora of socialist movements prevalent March 1—Philosophy—Capitalism, Socialism, Laborism. Lerner, like Friedman, had a sharp analytical mind that made him follow an argument to its logical conclusion. March 29—Prophesy—Labor Under Full Employment. March 15—Theory—Bourgeoisie, Marxist and Laborist Economics. Ludwig von Mises, 1922[1936] Socialism, an Economic and Sociological Analysis, M. Kahane translator. MMT maintains that there is a particular state in the economy that is defined by Abba Lerner’s first law of functional finance. Lerner’s plan, if followed, would have caused the price to consumers to rise two dollars every time OPEC raised its price one dollar. Samuelson showed the same thing in an article much later. As capitalism lurches from crisis to crisis, combined with the heavy toll wrought by Covid-19, there are people talking about a concept called Modern Money Theory. Like Friedman, he praised private enterprise on the ground that “alternatives to government … Lerner married Alice Sendak in 1930. In 1932, they had twin children Marion and Lionel. 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