Tag «economy»

Inflation in economic history

There were many periods of inflation in ancient history. The first of these historically attested periods dates back to the Ancient Kingdom of Egypt and the late Sumerian period, around 2100 BC, but we ignore the trigger causes (coinciding with historical periods of anarchy, the end of the Ancient Egyptian Kingdom, and the decline of …

What is modern monetary theory?

The term “modern” in modern monetary theory (MMT) is probably not the best choice of words, as it implies that there is something new in MMT. As many MMT critics point out, looking for something new in MMT is a pointless activity. Nothing new has been found. To understand this situation, it is important to …