Mises Wire
Author:
Mark A. DeWeaver
Online Publish Date:
Listen to the Audio Mises Wire version of this article. Adherents of modern monetary theory (MMT) argue that money is “a creature of the state,” as the economist Abba Lerner famously put it back in 1947. As they see it, money initially comes into existence as a result of government spending and derives its value from the fact that it can be