Modern monetary theorists hold the view that money was created by the state.
In Problems With Modern Monetary Theory: A Comment on Stephanie Kelton’s "The Deficit Myth", I took Kelton to task for this view.
Now a new archeological study supports the contention of Austrian school economists that money is a bottom-up, market-driven process rather than a top-down invention of the State.
Vijay Boyapati is the first to report on the finding:
Fascinating archeological study from the University of Göttingen, which confirms the contention of Austrian school economists that money is fundamentally a bottom-up, market driven process rather than a top-down invention of the State.
-RW
of course. this is obvious to those of us who follow mises
ReplyDeleteGee, MMT vs. common sense. As Gomer would say Soooprize sooprize!!!
ReplyDelete