Economics Atlas

How Wealth Is Ordered
Sign In
Text size
100%
Theme
Open Question

Did tax-driven, state-created money genuinely operate as chartalists describe in the writings of pre-Knapp economists such as Adam Smith, Say, Mill, Marx and Jevons, or is this a retrospective chartalist reading of isolated passages?

Open Question

Modern chartalists Randall Wray and Mathew Forstater argue that chartalist insights into tax-driven paper money appear in earlier classical writers, citing for example Adam Smith's observation in The Wealth of Nations that a prince could give paper money value by requiring a portion of taxes be paid in it, and Alfred Mitchell-Innes's 1914 credit theory of money describing government money as debt reclaimable by taxation. Whether these passages amount to a developed anticipation of chartalism or a modern re-reading of isolated remarks is not settled.

What would resolve this A closer textual and contextual study of whether Smith, Say, Mill, Marx and Jevons treated tax-driven acceptance as a general theory of money's value in the surrounding argument of each cited passage, rather than an isolated aside.
OpenChartalism (Wikipedia)
Connections

Question On

Source Chartalism (Wikipedia)
Sources
Chartalism (Wikipedia)
Comments (0)
No comments yet. Be the first to share a thought.
Reader Challenges (0)
No disputes yet. Spotted an error or a better source? Open the first one.