Monetary Theory

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Joshua Mawhorter

In examining the Austrian regression theorem of money, Joshua Mawhorter takes on the chartalist/MMT claim that government gives money its value. The chartalist/MMT advocates lack a necessary cause-and-effect mechanism to prove their claims.

Joshua Mawhorter

While it is true that colonial era governments sometimes burned paper money after receiving it in the form of taxation, why they burned the money is for reasons other than what MMT advocates are claiming. In the end, the MMT promoters are telling a false history.

Joshua Mawhorter

Even when MMT advocates are correct that colonial governments at times burned money after receiving it for tax revenues, they still manage to get both the history and the causes wrong.