Augusto Graziani, an Italian Professor of Economics, who died early last year ... understood what money is because he posed and correctly answered a simple question: how does a monetary economy differ from one in which trade occurs by barter?Forbes
In fact, he doesn’t even really have a widely-used clever acronym yet. He told us that monetary circuit theory/MCT is the best one, and it’s one that already has a Wikipedia entry with several Keen-related footnotes.
Oh, and we are not hating on Keen, but there’s a prize* for the commenter who most accurately guesses Izzy’s concern with his theories.Any takers?
