Daily Archives: December 27, 2013

Year-In-Review for NEP and MMT

By Stephanie Kelton

Another year has come to pass, and we at NEP would like to offer our sincere appreciation to all of you, our readers. NEP was launched in the summer of 2009 when Stephanie Kelton, Randy Wray and Bill Black teamed up to offer commentary and policy advice about the most dreadful economic meltdown of our time. Many of you have been with us from the beginning – engaging us in the comments section, challenging us to do more, and spreading our ideas beyond NEP – and some of you have even joined us as contributors. A lot has happened since 2009, and we could not have achieved all that we have without your support. So thank you!

Before we turn the page on another year, we’d like to take a moment to look back on some of our proudest moments from 2013.

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Essays in Monetary Theory and Policy: On the Nature of Money (7)

By Marilynne Meikenhous*

The debate surrounding the nature of money is an impassioned one. Our understanding of money and the policy implementation based on our beliefs differ momentously. Have our policies reflected a true understanding of how money functions in a modern society, and have these policies worked?  In order to answer this, it is first necessary to explore what money is. This typically depends on how you think money came into existence, what money is used for, and how money functions in the modern economy. The way that one incorporates money into a discussion of macroeconomics is arguably what indicates their economic background and beliefs.

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