Jonathan Newman joins Bob to discuss the debate between Austrians and MMTers on the origins of money. In the Anti-MMT panel at the Austrian Economics Research Conference (AERC), Jonathan presented his research on the archeological evidence that silver was used as money in ancient Mesopotamia and how the evidence vindicates Menger’s theory on the origins of money. Jonathan and Bob walk through various MMT responses and make the case that the Austrian school is especially suited to critique Modern Monetary Theory.
Yep, the MMTers declare that government makes money not the market while Menger says it is the people in the markets that determine the money. This is a discussion of pre-Mises money theories. It was interesting to me, and maybe to you. It may be a good way to reason the take-over of money by BTC when it happens.