Wray, L. Randall - Levy Economics Institute - 2010
his dissertation adviser, Joseph Schumpeter [1934]); the endogenous money approach of Basil Moore; the French …This paper advances three fundamental propositions regarding money: (1) As R. W. Clower (1965) famously put it, money … buys goods and goods buy money, but goods do not buy goods. (2) Money is always debt; it cannot be a commodity from the …