Another baseless "attack" on MMT by a central banker who thinks he is being clever.
DailyFT (Sri Lanka)
A Child's Guide to Modern Monetary Theory: Keynesianism in an old bottle?
Sarath Mahatthaya, an ex-officer of the Ministry of Finance and former Deputy Governor of the Central Bank of Sri Lanka
3 comments:
Refused to read through the whole thing. Seemed like a smart kid and a dumb grandfather as far as I got.
I left a comment after the article as follows.
The author of that article is not up to speed on this subject if he thinks John Law was the first to propose that government can produce money from thin air. King Henry I of England introduced tally sticks to England in a big way when he came to the throne in 1100AD (though tally sticks are of course far older than that). Tally sticks are inherently worthless bits of wood, much like inherently worthless $100 bills or £10 notes.
Plus according to anthropologists and historians, throughout history, when money appears, it normally does so because some king or ruler introduces it, and with a view to simplifying tax collection. In some cases that money has taken the form of a rare metal, but I'm fairly sure (though i'm not an expert on this) that as often as not, money has come in a "inherently worthless" form.
“In some cases that money has taken the form of a rare metal,“
They were degrees of corrosion resistant Ralph... malleable yet durable... useful...
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