by Summary:
One of the topics I discussed in Abolish Money (From Economics)! returned to Twitter today, and I just want to give a long form version of my arguments. The debate was with Eric Lonergan (web site) regarding where money should show up on the government's balance sheet. I discussed this topic in Chapter (Section?) 14 of Abolish Money -- "Money as Debt." I am keeping the core of my argument short, since I am actually just applying boring mainstream logic to the question. As that section of the book noted, there's a lot of complicated questions that arise in this area. I am only interested in a narrow technical question. The first thing to note is that all of the national accounting conventions that I am aware of treat money as a liability on the balance sheet of the issuing government.
Topics:
Mike Norman considers the following as important: Chartalism, theory of money
This could be interesting, too:
One of the topics I discussed in Abolish Money (From Economics)! returned to Twitter today, and I just want to give a long form version of my arguments. The debate was with Eric Lonergan (web site) regarding where money should show up on the government's balance sheet. I discussed this topic in Chapter (Section?) 14 of Abolish Money -- "Money as Debt." I am keeping the core of my argument short, since I am actually just applying boring mainstream logic to the question. As that section of the book noted, there's a lot of complicated questions that arise in this area. I am only interested in a narrow technical question. The first thing to note is that all of the national accounting conventions that I am aware of treat money as a liability on the balance sheet of the issuing government.
Topics:
Mike Norman considers the following as important: Chartalism, theory of money
This could be interesting, too:
Mike Norman writes State Money and Markets — Peter Cooper
Mike Norman writes The Monetary Monopoly Model — Brian Romanchuk
Mike Norman writes Michael Roberts Blog: blogging from a marxist economist — Minsky and socialism
Mike Norman writes The future of money and the payment system: what role for central banks? Lecture by Agustín Carstens
One of the topics I discussed in Abolish Money (From Economics)! returned to Twitter today, and I just want to give a long form version of my arguments. The debate was with Eric Lonergan (web site) regarding where money should show up on the government's balance sheet. I discussed this topic in Chapter (Section?) 14 of Abolish Money -- "Money as Debt."
I am keeping the core of my argument short, since I am actually just applying boring mainstream logic to the question. As that section of the book noted, there's a lot of complicated questions that arise in this area. I am only interested in a narrow technical question.
The first thing to note is that all of the national accounting conventions that I am aware of treat money as a liability on the balance sheet of the issuing government. Note that we cannot use the terms "debt" and "liability" interchangeably: debts are undoubtedly liabilities, but not all liabilities can be classified as debts. For example, a corporation might have a liability that is an accounting provision for potential legal liabilities; such a provision does not meet the definition of debt according to almost any definition (legal, accounting). Instead, what I am interested in here is: how should we treat the monetary base from the perspective of economic analysis (the accounting conventions be damned).Bond Economics
Understanding Why Fiat Money Is A Liability Of The State
Brian Romanchuk