The foundation of monetarism is the Quantity Theory of Money. The theory is an accounting identity—that is, it must be true. It says that the money supply multiplied by velocity (the rate at which ...

November 12, 2019, Paper, "Over the past year or so, much media attention has focused on a new approach to macroeconomics, dubbed Modern Monetary Theory (MMT) by its proponents. MMT burst on the scene ...

But willful foolishness usually has a cost. So it is with modern monetary theory. Ironically, this basket of economic fallacies, embraced by policymakers during the Biden-Harris administration ...

The common characteristic of all acatallactic monetary doctrines is a negative one; they cannot be fitted into any theory of catallactics. This does not mean that they involve a complete absence of ...

A new study challenges old theories, proposing that money was created for trade between strangers and not to collect taxes.

We discuss monetary thought in ancient China from the perspective of Western monetary theory. It sets out the structure of economic activity in the various dynasties of ancient China and emphasizes ...

Recently, a “heterodox” school of monetary economics known as Modern Monetary Theory, or MMT, has gained attention, and a debate between proponents of MMT and “mainstream” economists has raged in the ...

The subjective theory of value has been helpless in face of the task here confronting it. There are two theories of money which, whatever else we may think of them, must be acknowledged as having ...

The history of money, one of humanity’s most transformative creations, has been the subject of discussion for centuries. How ...

Stop worrying about debt and just go on a splurge. That's what proponents of an unorthodox economic theory called MMT, or modern monetary theory, are suggesting countries like Japan and the US ...