Left - and Right- Endogenous Money. A Table of Two Books
Two books coming from opposite ends of the ideological spectrum stress the endogeneity of money, in terms of both the supply of money and its origins as an institution. Comparisons with the evolution and use of language are drawn. Wray, a neo-institutionalist, stresses the fragility of the financial system, resulting from the fact that 'loans cause reserves' and not, as tradition would have it, the converse, and urges basic changes in the forms of central bank surveillance. Horwitz, in the neo-Austrian free banking tradition, emphasizes the resiliency of the market economy and financial system which render central banking otiose if not downright injurious.
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