John Maynard Keynes's liquidity preference theory, Kregel argued that such rejection leaves the relation between money and … requires an extension of the circuit theory of money, along the lines of the credit and state money approaches of modern …. Kregel ; Chartalist ; Modern Money Theory ; State Money ; Credit Money ; Default …

This paper argues that the usual framing of discussions of money, monetary policy, and fiscal policy plays into the … generally. To put it the way that economists usually do, money "lubricates" the market mechanism - a good thing, because the … chance. The paper advances an alternative framing for money and shows how it can be used to reshape discussion. The paper …