[T]he superstition that the budget must be balanced at all times, once it is debunked, takes away one of the bulwarks that every society must have against expenditure out of control. . . . [O]ne of the functions of old-fashioned religion was to scare people by sometimes what might be regarded as myths into behaving in a way that long-run civilized life requires.
Saturday, December 21, 2013
On the Nature of Money
An excellent introduction to the basic tenets of Modern Monetary Theory.
1 comment:
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Thanks for linking to that article. I'd never before known that research has actually failed to find examples of actual barter economies, much less understood the implications of pulling that myth out from under Monetarism.
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