A remarkable work of scholarship。It would be very easy to dismiss the author as yet another modern monetary theorist， but this would be to miss this book's true value。 The author offers a detailed study in monetary mechanics， dating back to the earliest days of the Federal Reserve system and tracing its various evolutions in the century since。 He makes a convincing case that， up to a certain threshold， demand and supply shocks have a greater impact on inflation than changes in the money supply。 A remarkable work of scholarship。It would be very easy to dismiss the author as yet another modern monetary theorist， but this would be to miss this book's true value。 The author offers a detailed study in monetary mechanics， dating back to the earliest days of the Federal Reserve system and tracing its various evolutions in the century since。 He makes a convincing case that， up to a certain threshold， demand and supply shocks have a greater impact on inflation than changes in the money supply。 Mr。 Duncan also offers a timely reminder of the importance of public investment in innovation。 For readers with an advanced understanding of economics， this is a volume that will reward patient study。My one major criticism of this book is that the author has chosen to use the threat of strategic competition with China as the galvanising force for action。 Given the manifest benefits to the US （and other countries） of investing in its domestic infrastructure and R&D， why does there need to be a "bogey man" to drive change？ In fact， in light of the potential benefits to humanity as a whole， should the US not seek better cooperation with China on research into technologies and treatments that can tackle the most pressing problems of our time？Further， as an open-minded sceptic about MMT， I would have liked to see greater elaboration on the risks and mitigations for the potential downsides to embracing the Monetary Revolution that Mr。 Duncan identifies， namely:1） Consumer price inflation;2） Increased inequality associated with asset price inflation; and3） Undermining the dollar's status as an international currency。The book could also have addressed political reforms needed to realise these proposals， as well as the incentive structures that might give rise to resistance。Perhaps these could be the subjects of Mr。 Duncan's next book？ 。。。more