The Austrian School Is Proved Correct: Money is fundamentally a bottom-up, market driven process rather than a top-down invention of the State.

 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