Tuesday, July 24, 2018

Peter Cooper — A Simple Modern Money Tale – Buckwell Island Establishes a Currency


Pass it on.

heteconomist
A Simple Modern Money Tale – Buckwell Island Establishes a Currency
Peter Cooper

2 comments:

Ralph Musgrave said...

I left a comment.

peterc said...

Thanks, Ralph. The MMT position is that effectively enforced taxes are sufficient to ensure a demand for a national currency; i.e., they are a sufficient condition but conceivably they might not be a necessary condition (though historically they have been present, as you acknowledge). In other words, enforcement of taxes is a way to guarantee an acceptance of the currency rather than hope that some other factor or combination of factors will kick in to bring about acceptance.