Read it at CNBC | NetNet
The Buckaroo and the Demand for Money
by John Carney | Senior Editor
Not surprisingly, John agrees with MMR rather than MMT, as he does with respect to the MMT JG.
I believe the dependency of the value of money on productivity is one of the insights that has driven some former MMT folks, such as Cullen Roche of Pragmatic Capitalism, away from the tax-driven money assumption. As Roche put it recently, “production and not taxation sits atop the currency demand hierarchy.”I read John as saying that he likes the MMT description of monetary operations that is the essence of MMR (so far), and rejects MMT monetary theory (Chartalism) and Post Keynesian macro (Hyman Minsky proposed a JG).