economics-that-works group (npub1xh2…u80r)
#SteveKeen #mmt #economics
"Before I show why he fails, I want to clarify what it means to say that banks create money “out of nothing” (Schumpeter 1934, p. 73). It definitely does not mean that banks create money via magic. What it means instead is that there is no other account from which a bank loan is financed, whereas there is such an account for a non-bank loan."
🧵
https://profstevekeen.substack.com/p/selgins-hot-air-on-bank-money-creation
GhostOnTheHalfShell /
npub1z3…rtxvc
2024-05-03 18:14:52
Author Public Key
npub1z3lxxu5tmqxp8vhd3tny9f0nqp5dljpynh9j6gzgeyes2ukmz0kq0rtxvcSeen on
wss://relay.noswhere.comPublished at
2024-05-03 18:14:52Event JSON
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