Money was developed to economize on transaction costs

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Reference no: EM131366761

For the following, mark ‘T’ if the statement corresponds most closely with the traditional (mainstream/neoclassical/textbook) story of money, and 'M' if it corresponds to the story told by MMT (I've ended up getting a 3/7 on this and I'm not sure which one I got right or wrong.)

Money is inherently tied up with the state’s power to command society’s resources:

___M___

Money was developed to economize on (reduce) transaction costs:

___M___

Money is a credit-debt relationship whose value as money stems from its generally acceptability:

___T___

Government deficits must either crowd out private investment or devalue the currency:

___T___

Money in the US today can be likened to scorekeeping, in that the park never risks running out of points to put up on the scoreboard

___M___

Following Abba Lerner, the focus of government spending and taxing policy should be the real impact on the economy, not the size of the deficits or debt

___T___

The role of banks and government in money was initially to store and vouch for the purity of the commodity money

___M___

Reference no: EM131366761

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