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Modern labor economics theory and public policy eleventh edition ronald g. Jan 11, 2018 8 ehrenbergsmith modern labor economics. Robert stewart smith this textbook surveys the field of labour economics, with the authors developing the modern theory of labour market behaviour, summarizing empirical evidence supporting or contradicting each. Introductory econometrics, and, of course, the handbook of labor economics hle. Modern monetary theory or modern money theory mmt or modern monetary theory and practice mmtp is a macroeconomic theory and practice that describes the practical uses of fiat currency in a public monopoly from the issuing authority, normally the governments central bank.