Now, I’ve heard even a prominent Keynesian say: “But I never think about taxes when I accept the currency. I accept it because I think BiffyBob will take it.” Obviously, not a particularly deep thinker, that one. This comment was made before an audience of legal history scholars, who broke out in hysterical laughter at the apparent shallowness of economists. That is to say, those who are supposed to be studying the economy and its institutions. I saw the look of sheer terror on his face. He’d killed with this line dozens of times, before audiences of economists. The ultimate take-down of MMT. But here he was, in front of people who actually knew the history of money, who could cite the court cases going back to Roman times that delineated the sovereign’s power to issue a sovereign currency. Guffawing at him. He looked for the exits. They all yelled at him: “It’s all about the taxes!” I was embarrassed for him. Forty years of studying economics down the drain. Not just economics, but macroeconomics. Not just macro, but monetary economics. “I accept dollars because I think BillySue will take them.” It was all he had. He mumbled as he left “I guess I’ll have to think about this a little deeper.” (True story.) I wonder how many Bitcoins he’s got in his wallet?
Posted on: Tue, 13 May 2014 15:54:29 +0000
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