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.
Not only are modern monetary theory (MMT) cultists dishonest about the role of money, they also are dishonest about money‘s history. By taking issue with Carl Menger‘s historical version, they expose their own ignorance of how money came about.
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.
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.
Bob Murphy examines Hazlitt’s key insights on monetary expansion, Cantillon effects, and the distinction between nominal and real variables.
Bob Murphy and Jonathan Newman take on the rising popularity of Modern Monetary Theory and explain why it stands in direct opposition to Austrian economics.
Governments have so corrupted money that we forget that sound money, by providing both fungibility and privacy, has been a defense against overreaching governments. While sound money is in the interests of citizens, governments have managed to destroy it.
Governments have so corrupted money that we forget that sound money, by providing both fungibility and privacy, has been a defense against overreaching governments. While sound money is in the interests of citizens, governments have managed to destroy it.
Joshua Mawhorter joins us to talk about how the fiat-money theories of Modern Monetary Theory and chartalism aren't supported by the historical facts.
How much money does an economy need in circulation to function? Austrians believe that a growing economy does not need a growing supply of money, which sets Austrian economics apart from other schools of economic thought.
