In "Understanding Modern Money: the Key to Full Employment and Price Stability", in 1998, L. Randall #Wray repeats "that #money should fundamentally be understood as an IOU created by a currency issuer; specifies this through the idea of the state’s promise to accept the #currency it issues back as payment of a tax obligation."
⸺
https://strangematters.coop/history-of-chartalism-modern-monetary-theory-mmt-part-two/ #MMT #transition #inflation @economics #economics